Investment Adviser’s Wife Ordered to Pay Over $500,000 in SEC Fraud Case
The U.S. District Court for the District of Massachusetts entered a final judgment against the wife of barred investment adviser Daniel Thibeault.
The U.S. District Court for the District of Massachusetts entered a final judgment against Shawnet Thibeault, the wife of barred investment adviser Daniel Thibeault, who was convicted of investment fraud and sentenced to nine years in prison.
The SEC complaint charged Daniel Thibeault and others with fraud for misappropriating at least $15 million from an investment fund that he managed called the GL Beyond Income Fund.
Daniel Thibeault told investors that their money would be pooled and used to make or purchase consumer loans. The complaint alleged that he and the other defendants (not including Shawnet Thibeault) engaged in a scheme to create fictitious loans to steal money from the fund, and to report those fake loans as assets of the fund.
Daniel Thibeault pled guilty to securities fraud and obstruction of justice in the summer of 2015. The obstruction charge arose from false statements he made to SEC staff during their investigation. He was later sentenced to 9 years in prison, three years of supervised release, and restitution of $15.3 million.
The final judgment against Shawnet Thibeault orders her to pay disgorgement of $468,236, representing misappropriated investor money that she received, along with prejudgment interest of $49,826, for a total of $518,062. The funds will be added to the restitution fund in her husband’s related criminal case.
