Social Media App Scam Leads to Conviction for Indianapolis Resident

INDIANAPOLIS (November 16, 2021) – An investigation by Indiana Secretary of State Holli Sullivan’s Prosecution Assistance Unit and the Indianapolis Metropolitan Police Department has resulted in the conviction of Indianapolis resident David M. Betner for multiple felony counts of fraud.

“My office, through the Securities Division, works to protect your hard-earned money,” said Secretary Sullivan. “Hoosiers can check with our office to see if the business or individual seeking investment is properly registered, and you can contact us if anything seems suspicious.”

Documents filed in the case allege Betner committed fraud in offering and selling securities by soliciting over $383,000 in investments from six people to fund Darepoint, LLC, a company he claimed was designing a social media app. When investors grew anxious, Betner claimed the company was on the verge of being purchased by Facebook for hundreds of millions of dollars.

Securities investigators found Betner spent investors’ money on personal expenses. The allegations also stated that Betner failed to inform investors of his criminal history, including prior felony convictions for forgery and theft.

Betner pled guilty to one count of corrupt business influence, six counts of fraud in the offer or sale of a security, all level 5 felonies, and one count of check deception, a level 6 felony.

The plea agreement carries a possible maximum sentence of twelve years. Betner was ordered to pay $386,470 in restitution to seven individuals. Betner is scheduled to be sentenced January 14, 2022.

“I would like to thank our office’s investigators, the IMPD, and Marion County Prosecutor’s office for their work on this case,” Secretary Sullivan said.  “I encourage Hoosiers to research securities professionals and offerings by accessing the Indiana Securities Portal and contacting the Securities Division at (317) 232-6681. If you or anyone you know has been the victim of securities fraud, contact our office immediately.”

For more information on the agency’s efforts to promote financial literacy and prevent fraud visit IndianaMoneyWise.com.

About Brian Scott

I play on the radio from 7 am -1 pm weekdays on 98.9 FM WYRZ and WYRZ.org. Follow me on twitter @WYRZBrianScott or e-mail me at brian@wyrz.org.

Check Also

Vermont Street to close Wednesday

MARION COUNTY, Ind. – The Indiana Department of Transportation (INDOT) announced today the full closure …

Leave a Reply

Your email address will not be published. Required fields are marked *