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

Tags:

Return to Archive

TESTIMONIALS

Previous
Next

Jim, Stephany and the whole team were a God send.  We felt like we were put into a situation where we had no advocate. Jim’s team came in with a strong, well laid out strategy on how to get our story heard. Where our outside compliance company had no ability to help, our Broker Dealer was impenitent, and the regulators were aggressive pursuing vague rules, Jim came like a barricade against an assault we did not understand. Though you pay member dues to be affiliated with FINRA and a B/D, you have no voice. The only thing that is truly heard in this un-level playing field is a bulldog’s bark like Jim’s. I would encourage anyone to call Jim and his team to find a real ally in the tough and complicated world of securities regulation. They are truly the best.

Greg P.

LATEST NEWS AND ARTICLES

August 16, 2022
SEC Warns Financial Advisory Firms Regarding Conflicts of Interest Tied to Compensation

The Securities and Exchange Commission (SEC) has sent a warning to financial advisory firms that they must go above and beyond solely disclosing conflicts of interest related to employee pay programs in order to avoid regulatory scrutiny. 

August 15, 2022
FINRA Proposal Would Permit Private Homes to Serve as Non-Branch Offices

The Financial Industry Regulatory Authority (FINRA) has filed proposed changes to FINRA Rule 3110 with the Securities and Exchange Commission (SEC).

August 12, 2022
SEC Charges J.P. Morgan, UBS, and TradeStation for Deficiencies Pertaining to the Prevention of Customer Identify Theft

The Securities and Exchange Commission (SEC) has charged J.P. Morgan Securities, UBS Financial Services, and TradeStation Securities over deficiencies in their programs designed to prevent client identify theft, which violates the SEC’s Identity Theft Red Flags Rule, or Regulation S-ID.