NEWARK — An investment fund manager from Philadelphia who orchestrated a $100 million securities fraud scheme has been sentenced to more than nine years in prison, according to federal prosecutors in New Jersey.
Brenda Smith, 61, must also pay $47.2 million in restitution. She had pleaded guilty last September to a securities fraud count.
Prosecutors said Smith operated the scheme from February 2016 through August 2019, using her investment fund, Broad Reach Capital. They say she lied to investors about the fund’s assets and performance.
Smith collected more than $100 million in investments, prosecutors said, but instead of investing the money as promised, she diverted millions for other purposes, including paying other investors.
Smith received a 109-month sentence on Wednesday. She will also have to serve three years of supervised release once she's freed.
Every NJ city and town's municipal tax bill, ranked
A little less than 30 cents of every $1 in property taxes charged in New Jersey support municipal services provided by cities, towns, townships, boroughs and villages. Statewide, the average municipal-only tax bill in 2021 was $2,725, but that varied widely from more than $13,000 in Tavistock to nothing in three townships. In addition to $9.22 billion in municipal purpose taxes, special taxing districts that in some places provide municipal services such as fire protection, garbage collection or economic development levied $323.8 million in 2021.
2021 NJ property taxes: See how your town compares
Find your municipality in this alphabetical list to see how its average property tax bill for 2021 compares to others. You can also see how much the average bill changed from 2020. For an interactive map version, click here.
And for the full analysis by New Jersey 101.5, read this story.
Every NJ pizza joint Barstool's Dave Portnoy has reviewed
Dave Portnoy, commonly known as El Presidente, is the founder of Barstool Sports. Somewhere along the way, he decided to start reviewing local pizzerias, and the concept took off. Here is every New Jersey pizzeria Dave has stopped in, along with the score he gave them.