Massachusetts –Based Fund Manager Accused of $16 Million Ponzi Scheme

Posted on February 6th, 2015 at 11:58 AM
Massachusetts –Based Fund Manager Accused of $16 Million Ponzi Scheme

From the Desk of Jim Eccleston at Eccleston Law Offices:

Daniel Thibeault, a Massachusetts-based fund manager, and his registered investment advisory firm GL Capital, allegedly misappropriated at least $16 million from a closed-end interval fund that they managed, known as the GL Beyond Income Fund.  The Fund’s assets consist primarily of individual variable rate consumer loans.

From at least 2013 to the present, Thibeault created fictitious loans to divert investor money from the Fund and reported those fake loans as assets of the Fund. In truth, the money went to the Thibeult’s own pocket for personal and business expenses, and also to make interest payments on the outstanding, fictitious loans. It appears that those fictitious loans comprised at least two-fifths of the Fund’s total reported assets of approximately $40 million as of September 2014.

The attorneys of Eccleston Law Offices represent investors and advisers nationwide in securities and employment matters. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services.

Related Attorneys: James J. Eccleston

Tags: SEC, FINRA, Massachusetts, GL Beyond Income, Ponzi scheme

Return to Archive



Thank You from the bottom of our hearts for all you have done for us. When we realized this was a very bad investment - we did not know where to turn for help. Then we received your name. When we called you - you were so kind to us and then agreed to help us. For this we are so very grateful. The world would be a much nicer place if there were more people like the two of you in it. We will always remember all the help and kindness you have shown us. Thank you so very very much for everything.

Wayne and Judy S.


June 23, 2022
Former Credit Suisse Advisor Prevails in Deferred Compensation Claim

A former Credit Suisse advisor has prevailed on a $2.2 million arbitration claim after alleging that the firm improperly withheld his deferred compensation when it discontinued its U.S. brokerage business in 2015. 

June 23, 2022
Eccleston Law LLC Investigates Recovery Options for NRIA Investors

Headquartered in Secaucus, NJ, National Realty Investment Advisors (NRIA) recently declared bankruptcy amid investor redemption requests, federal and state investigations, and unsustainable debt.

June 22, 2022
SEC Charges Three Additional Advisors for Recommending Horizon Ponzi Scheme to Investors

The Securities and Exchange Commission (SEC) has filed suit against Michael Mooney, Britt Wright, and Penny Flippen pertaining to their engagement with a Ponzi scheme, which raised at least $110 million from nearly 400 investors.