Federal securities regulators filed civil fraud charges Friday against a Framingham man who is also facing criminal allegations for allegedly misappropriating $16 million in an investment scheme.
Daniel Thibeault, 40, ran a company called Graduate Leverage in Waltham that purported to invest in consumer loans, the Securities and Exchange Commission said in its complaint. Since at least 2013, Thibeault allegedly created fictitious loans to divert investor money from the GL Beyond Income Fund to himself and other related defendants, the SEC said.
Thibeault allegedly used the names and personal information of people who were unaware that fake loans were being originated in their names, the SEC said.
Thibeault was arrested last month on similar fraud charges brought by the US attorney’s office. Thibeault’s lawyer was not immediately available for comment.
Prosecutors have alleged that Thibeault founded his firm while a student at Harvard Business School, where he graduated in 2004. In all, he gathered about $40 million in assets, the SEC said, at least 40 percent of which went into the fictitious loans.
The SEC also named in its complaint related entities GL Capital Partners and GL Investment Services of Waltham, as well as Taft Financial Services, a Texas concern believed to be controlled by Thibeault.
The SEC also charged two other parties because they allegedly received investor funds: GL Advisor Solutions, Inc. based in the Philippines, and Thibeault’s wife, Shawnet.