MANHATTAN (CN) - Massachusetts-based money manager Michael Regan took $16 million from investors in a nationwide Ponzi scheme, the SEC claims in Federal Court. His firm, Regan & Co., of Wayland, got the money by selling securities in Regan's now-defunct River Stream Fund, the SEC says.
Regan promised returns of up to 20 percent, but stole investors' money and spent it on himself, the SEC says.
He created bogus account statements, did no securities trading at all for several years, lost money on investments he did make, falsely claimed to have an MBA and falsely claimed to have a successful trading record and expertise, though he is not registered as an investment adviser with the SEC or any other agency, the SEC says.
Regan, who spent at least $2.4 million on himself and his family, settled the complaint for $8.7 million in disgorgement and interest, the SEC said.
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