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SEC Charges Investment Adviser & Owner with Stealing Investor Funds
The SEC charged Sentinel Growth Fund Management and its founder, Mark Varacchi, with stealing money from investors to settle a private lawsuit among other misuses.
The CT-based investment advisor and its owner allegedly misrepresented to investors that money they deposited with the firm would be allocated to up-and-coming hedge fund managers for investment purposes. Apparently not all of the money was transferred as promised, and instead at least $4 million was stolen from investors - including over $1 million that was used to settle litigation brought by Varacchi’s prior employer.
The SEC’s complaint seeks disgorgement and penalties against Varacchi and Sentinel Growth Fund Management. The complaint also names 2 hedge funds as relief defendants for the purposes of recovering investor assets in their possession.
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