Harvard Business School grad Daniel Thibeault Founder of Waltham Massachusetts company Graduate Leverage LLC was charged on a securities fraud charge in connection with an alleged scheme to use his mutual fund’s money to issue fictitious loans. Thibeault he founded his company while a student at Harvard Business School, from which he graduated in 2004.
Thibeault is also the co-portfolio manager of the GL Beyond Income Fund, a mutual fund launched in March 2012 that purports to invest in consumer loans to medical doctors, dentists, veterinarians, attorneys and business owners. This year, the fund reported net assets of about $31 million – a number that the complaint alleges has increased since that time.
The Government alleges that Thibeault caused his fund to issue, or acquire, a number of fictitious loans to people who never requested and did not, in fact, receive such loans. Thibeault allegedly falsified or caused to be falsified the documentation related to those loans.
The charging statute provides for a sentence of no greater than 20 years in prison, three years of supervised release, and a fine of $5 million.
Jeffrey Newman represents whistleblowers