BOSTON – The Harvard-educated founder of a Boston-based financial services firm, Daniel Thibeault, 40, has been indicted on multiple charges of fraud and obstruction of justice for his alleged role in a $40 million mutual fund scam.
Thibeault was charged with securities fraud, wire fraud, aggravated identity theft, and obstruction of justice in an eight-count indictment. He had previously been arrested on a complaint charging him with a single count of securities fraud in December 2014.
The defendant, a 2004 graduate of Harvard Business School, is accused of being the founder and principal owner of Graduate Leverage, LLC, which managed the GL Beyond Income Fund. This fund claimed to invest in loans to individuals with graduate degrees but was said to be involved in fictitious loan schemes. The indictment claims Thibeault used these fictitious loans to divert assets into his company’s accounts for personal use.
In an attempt to conceal his scheme, Thibeault is alleged to have misled SEC examiners about the fund’s operations, providing false information during an unannounced examination in 2014. U.S. Attorney Carmen M. Ortiz emphasized the importance of protecting investors and maintaining the integrity of securities markets.
“The defendant’s alleged lies didn’t stop with investors but continued even when regulators showed up,” said Ortiz. Special Agent in Charge Vincent B. Lisi echoed this sentiment, stating that the FBI hopes this case serves as a warning to those considering using their positions for personal gain. The charges carry sentences of up to 20 years and fines totaling millions.
U.S. Attorney Ortiz and SAC Lisi announced the charges today, underscoring the gravity of the allegations against Thibeault.
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Key Facts
- State: Massachusetts
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes
- Source: Official Source ↗
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