SEC Charges Adviser with Misappropriating Investor Funds

The SEC brought charges against Sentinel Growth Fund Management, LLC ("Sentinel") and its founder, Mark J. Varacchi ("Varacchi") for misappropriation of nearly $3.95 million of investor assets. The SEC alleges that Sentinel and Varacchi diverted investors' money intended for two private funds and commingled Sentinel and Varacchi's own assets with those of investors. The Complaint further alleges that Sentinel and Varacchi made unauthorized withdrawals for business and personal expenses and for payments to prior investors. Sentinel is not registered with the SEC or any state as an investment adviser.

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