Sarasota Private Fund Manager Pleads Guilty to Ponzi Scheme

Posted on May 22nd, 2014 at 2:15 PM

From the Desk of Jim Eccleston at Eccleston Law Offices:

Gaeton “Guy” S. Della Penna, a Sarasota-based private fund manager, was charged with defrauding $3.8 million from investors in three private investment funds that he operated.

From 2008 to 2013, Della Penna solicited investors to purchase notes in in A-G Hedge Group LLC, The Contrarian Fund LLC and The New Economy Fund LLC, by promising 5 percent annual returns along with 80 percent of the trading profits. Della Penna lost nearly all of investors’ money by making unsuccessful investments and diverting more than a million dollars to pay the mortgage on his 10,000 square foot home.

In an effort to cover up his fraud as it unraveled, Della Penna transferred some investors’ funds into accounts at Gaeton Capital Advisors LLC for the purpose of recovering other investor funds in its possession. He provided some investors with false account statements to mislead them into believing they were profiting by investing in his private funds.

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 50 years in delivering the highest quality legal services.

Related Attorneys: James J. Eccleston

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