A Massachusetts financier who authorities say defrauded investors and misappropriated more than $15 million from an investment fund is headed to prison.
The Boston Globe reports that a federal judge on Thursday sentenced 41-year-old Daniel Thibeault to nine years in prison. Thibeault pleaded guilty to fraud in March.
Thibeault is a 2004 graduate of Harvard Business School and the founder and owner of Graduate Leverage LLC, a Waltham-based asset management and financial advisory firm. He was also co-portfolio manager of GL Beyond Income Fund, a mutual fund that purported to invest in consumer loans to individuals with graduate degrees.
Prosecutors said many of the loans were fictitious and that Thibeault diverted some of the fund's assets for use on business and personal expenses.
Thibeault apologized in court.