Massachusetts investment adviser, companies accused of misappropriating $16M

Economic Indicators Associated Press

Officials with the Securities and Exchange Commission say they've charged a Massachusetts investment adviser and his companies on allegations they misappropriated at least $16 million belonging to a fund managed by some of the defendants.

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The SEC announced the charges Friday against 40-year-old Daniel Thibeault of Framingham and several companies the agency said he controls, including Graduate Leverage LLC, GL Capital Partners LLC and GL Investment Services LLC, all based in Waltham.

The SEC alleges Thibeault and GL Capital Partners were the investment advisers to a fund called the GL Beyond Income Fund and misappropriated at least $16 million from the fund to use for personal expenses and to run other businesses.

Thibeault and his lawyers didn't immediately return messages Friday.

Thibeault also was charged with securities fraud last month.