February 2, 2017

The SEC charged Connecticut-based investment advisory business Sentinel Growth Fund Management and its founder Mark J. Varacchi with misrepresenting to investors that money deposited with the firm would be allocated to up-and-coming hedge fund managers for investment purposes.  Instead, according to the SEC’s complaint, Varacchi and Sentinel did not transfer all the money as promised, co-mingled investor assets, and manipulated account activity, account balances, and investment returns as part of a scheme to siphon away investor funds.  Varacchi and his firm allegedly stole at least $3.95 million from investors, including more than $1 million to settle litigation brought by Varacchi’s prior employer.  SEC

Tagged in: Misrepresentations,