The Securities and Exchange Commission has announced that former GL Capital Partners CEO Daniel Thibeault has pleaded guilty to charges of allegedly defrauding investors of roughly $15 million.
According to the case, Thibeault allegedly used the money from the firm’s Beyond Income Fund in loans that were not real. Thibeault also entered a guilty plea on charges of obstruction of justice. During the SEC’s investigation, Thibeault allegedly made false statements to the staff.
Thibeault was accused of leading investors to believe the contributions they were pooling together would be used for the purpose of transactions in consumer loans. Investors also believed that their return would be made from the amount of interest collected. Thibeault allegedly reported fake loans as assets belonging to the fund and hid the misappropriation of about $15 million.
Thibeault was arrested by the Federal Bureau of Investigation in 2014 and the SEC filed a formal complaint in 2015.
If you lost money while investing with former GL Capital Partners CEO Daniel Thibeault, call Meyer Wilson to discuss your options. You can meet with our securities fraud lawyers in a free consultation and learn more about your rights to seek a recovery of your losses.