May 21, 2014
Posted January 26, 2016
The SEC charged Gaeton “Guy” S. Della Penna, a Sarasota, Florida-based private fund manager, with defrauding investors in a Ponzi scheme that ensued after he squandered their money on bad investments and personal expenses. The SEC alleges that Della Penna raised $3.8M from investors in three private investment funds that he operated but then lost nearly all of their money by making unsuccessful investments and diverting more than a million dollars to himself and his girlfriend. In an effort to cover up his fraud as it unraveled, Della Penna began operating a Ponzi scheme by using money from newer investors to pay fake returns to prior investors. SEC
Tagged in: Ponzi Schemes, Securities Fraud,