Nutmeg Group Diverted Funds, SEC Claims

     CHICAGO (CN) – Investment adviser The Nutmeg Group misappropriated clients’ assets, transferred more than $4 million to third parties, overstated the performance of its 15 funds and failed to keep accurate records, the Securities and Exchange Commission claims in Federal Court.

     The SEC seeks an injunction preventing the investment group, owner Randall Goulding and chief compliance officer David Goulding from violating securities law. The government also demands disgorgement of profits and an order imposing civil penalties on the defendants.
     Robert Move is representing the SEC.

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