SEC Accuses San Diego-Based Fusion Hotel Management of Defrauding Investors of $15M
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.
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