Three months ago, we posted a blog about former GL Capital Partners CEO Daniel Thibeault pleading guilty to fraud charges. Now, the Securities and Exchange Commission (SEC) has accepted an Offer of Settlement submitted by Thibeault.
As a result, Thibeault has been barred from association with any broker, dealer, municipal advisor, municipal securities dealer, transfer agent, investment adviser, or nationally recognized statistical rating organization.
On March 3, 2016, Thibeault pleaded guilty to charges of allegedly defrauding investors of $15 million, using investors’ money in loans that were not real. He also pleaded guilty of obstruction of justice after allegedly making false statements to the SEC during the agency’s investigation. He was accused of inducing investors to pool together contributions for consumer loans transactions. He allegedly made false promises that the returns would be made from interest. Instead, Thibeault allegedly reported the fake loans as assets and concealed the misappropriation of roughly $15 million.
He was arrested by the Federal Bureau of Investigation (FBI) in 2014, and in 2015, the SEC filed their formal complaint against him.If you lost money investing with former GL Capital Partners CEO Daniel Thibeault, you may be able recover your losses. Call our securities fraud lawyers at Meyer Wilson for a free consultation today.