Philadelphia Investment Adviser Admits to $100 Million Fraud

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(Bloomberg) -- An investment adviser from Philadelphia admitted to defrauding dozens of investors out of more than $100 million.Brenda A. Smith, 61, was...
(Bloomberg) -- An investment adviser from Philadelphia admitted to defrauding dozens of investors out of more than $100 million.

Brenda A. Smith, 61, was charged two years ago and accused of misleading investors in her hedge fund, Broad Reach Capital LP. She falsely claimed the fund made money and sent tens of millions of dollars out of the firm -- including about $2 million which she used to pay American Express bills, according to prosecutors.

Smith pleaded guilty to a single count of…
Chris Dolmetsch
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