Philadelphia fund manager sentenced to 9 years in prison for $100 million investment fraud

Brenda Smith, 61, of Philadelphia, has been sentenced to more than nine years in prison for defrauding roughly 40 investors out of $100 million through her firm Broad Reach Capital LP. She told customers she was investing their funds in unique trading strategies but instead used millions to pay out other investors, make a $10 million investment in a mineral mining operation and pay off $2 million in credit card bills.

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