GL Capital Partners' former CEO Daniel Thibeault pleads guilty to $15 million fraud tied to loan fund

GL Capital Partners' former CEO Daniel Thibeault pleads guilty to $15 million fraud tied to loan fund
Mr. Thibeault solicited investors to a fund that reported fake consumer loans.
JUN 22, 2016
Daniel Thibeault, former CEO of the asset management firm GL Capital Partners, has pleaded guilty to criminal charges he defrauded fund investors of $15 million, according to the Securities and Exchange Commission. Mr. Thibeault, 41, used money in the GL Beyond Income Fund to make fictitious consumer loans, the SEC said on Monday. He also pleaded guilty to obstruction of justice for making numerous false statements to the agency's staff during their investigation of the scheme he began in 2013 or earlier. His plea was entered in the U.S. District Court for the District of Massachusetts. Investors were led by Mr. Thibeault and others to believe that their pooled contributions would be used to make or buy consumer loans, and that they'd earn a return from the interest collected, according to the SEC. Instead, Mr. Thibeault reported “fake loans” as assets of the GL Beyond Income Fund to conceal the misappropriation of at least $15 million, the agency said. The guilty plea follows the SEC's January 2015 complaint of securities fraud, and his related arrest by the Federal Bureau of Investigation the year before.

Latest News

Ex-Texas advisor gets 11 years for Ponzi scheme, Travis Kelce among victims
Ex-Texas advisor gets 11 years for Ponzi scheme, Travis Kelce among victims

Siddharth Jawahar was sentenced 11 years in prison and $31M in restitution for running Swiftarc Capital fraud scheme

HSBC, Citi unveil new high-life and luxury offerings for affluent clients, family offices
HSBC, Citi unveil new high-life and luxury offerings for affluent clients, family offices

Wall Street banks expand wealth services as ultra-high-net-worth client demands extend further above and beyond investment management.

Cerity Partners enters Iowa with Gilbert & Cook deal
Cerity Partners enters Iowa with Gilbert & Cook deal

The acquisition of $2 billion Gilbert & Cook extends a buying spree for the ultra-high-net-worth firm that has already touched six states this year.

The financial industry has a saving problem
The financial industry has a saving problem

After years of encouraging sacrifice and delayed gratification, advisors have to do the next emotional lift: helping clients let go of a potentially harmful scarcity mindset.

Investment accounts fund nearly 7% of US household spending, JPMorgan finds
Investment accounts fund nearly 7% of US household spending, JPMorgan finds

A new JPMorganChase Institute report reveals how deeply stock market wealth now drives everyday American spending, especially for retirees.

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income