March 23, 2024

The U.S. Securities and Exchange Commission filed a complaint against Fusion Hotel Management and Denny T. Bhakta Tuesday in California Southern District Court for allegedly defrauding investors of $15 million. The complaint accuses Bhakta of engaging in a Ponzi scheme in which he misrepresented to investors that they were putting money into Fusion’s supposed business of buying blocks of hotel room reservations. Attorneys have not yet appeared for the defendants. The case is 3:21-cv-02085, Securities and Exchange Commission v. Fusion Hotel Management LLC et al.

This suit was surfaced by Law.com Radar, a source for high-speed legal news and litigation updates personalized to your practice. Law.com Radar publishes daily updates on just-filed federal cases like this one. Click here to get started and be first to know about new suits in your region, practice area or client sector.

Read more…

Leave a Reply

Your email address will not be published. Required fields are marked *