SEC v. Jeffrey Arsenault

Jeffrey Arsenault, Old Greenwich Capital Advisors, LLC and OGCP Management Co, LLC allegedly conducted a fraudulent scheme to misappropriate at least $4.1 million from two private funds they advised and ultimately from the investors in those funds. According to the SEC’s complaint, between October 2014 and the present, Arsenault and his co-defendants misappropriated the assets of two private funds the defendants advised and controlled to pay for Arsenault’s personal expenses and to make unauthorized payments for the defendants’ benefit. The complaint further alleges that, to conceal their misappropriation from investors, the defendants falsely overstated the value of the funds’ investments in investor account statements and tax documents, including by falsely claiming that one of the private funds defendants controlled held substantial investments in the other private fund under their control even after the latter fund had ceased operating.

Summary generated from official Securities and Exchange Commission press release