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Phila. man settles SEC fraud complaint

Philadelphia resident Otto Sam Folin, 62, agreed to settle a Securities and Exchange Commission complaint that he defrauded investors of $8.7 million in a Ponzi-like scheme, according to the SEC.

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Philadelphia resident Otto Sam Folin, 62, agreed to settle a Securities and Exchange Commission complaint that he defrauded investors of $8.7 million in a Ponzi-like scheme, according to the SEC.

As part of the agreement, Folin, who operated through two companies, Benchmark Asset Managers L.L.C. and Harvest Managers L.L.C., did not admit or deny the findings of an SEC investigation.

According to court and public documents, Folin defrauded clients, friends and family who thought they were making "socially responsible" investments.

Folin, Benchmark and Harvest have agreed to repay $8.7 million, plus interest of $1.45 million. Folin has agreed to a $150,000 fine and to be barred from working in the securities industry.

Richard Levan Wiggan, Folin's attorney, had no comment. The agreement must be approved by a U.S. District Judge Legrome D. Davis.

- Bob Fernandez