August 10, 2022
By Charlie Innis (December 15, 2021, 5:58 PM EST) — The U.S. Securities and Exchange Commission accused the owner of Fusion Hotel Management of conning investors with fake balance sheets and using fraudulently raised money to gamble at casinos in an alleged $15 million Ponzi scheme.

The SEC on Tuesday hit Denny T. Bhakta and two California-based entities he founded and controlled — Fusion Hotel Management LLC and Fusion Hospitality Corp. — with an enforcement action alleging securities fraud, according to the suit filed in California federal court.

The federal agency claims Bhakta lied to more than 40 investors by telling them they were backing his business of buying blocks of…

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