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