Financial advisor sentenced for defrauding investors

WHITE PLAINS – A former financial advisor, who convinced clients to invest in his company in expectation of making a guaranteed nine percent return on their investment, is going to state prison for from one to three years.

Mark Henningsen, 47, of Rye, pled guilty Friday to scheme to defraud in the first degree as a felony.

Westchester County District Attorney Janet DiFiore said that over a period of 6 ½ years, Henningsen advised clients to invest in his company, Benefit Partners LLC. He told them it was worth nearly $5 million.

But, it was alleged that the company wasn’t worth that much and that he used the money from his victims to pay his own debts and personal expenses.

Henningsen was indicted by a
Westchester County grand jury and he surrendered in June 2006. His trial was set for March of this year.

In addition to the prison time, Henningsen must make restitution to his victims of $580,000.