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Receiver Appointed in Florida Investment Fraud Case

On May 12th, 2020, the Securities and Exchange Commission (SEC) announced that a receiver has been appointed in the investment fraud case involving the Florida-based advisory firm TCA Fund Management and several of its affiliate companies. Regulators allege that TCA inflated its assets by approximately $130 million. Here, our Miami investment fraud lawyers provide an overview of the allegations against the company.

Fraud Charges: TCA Fund Management Inflated its Assets 

TCA Fund Management Allegedly Made False Representations to Investors

According to a complaint filed in the United States District Court for the Southern District of Florida, the SEC alleges that TCA Fund Management fraudulently inflated its assets and its returns in an effort to mislead investors. Specifically, investigators believe that the company improperly claimed revenue in an effort to overstate the performance of its funds.

In the marketing materials that were distributed to actual and prospective clients, TCA Fund Management is believed to have inflated its assets by more than $130 million. By doing so, the Aventura, FL-based company materially misled investors. Beyond that, the SEC contends that the investment advisory company distributed false financial statements to its customers—inaccurately showing inflated returns and account balances.

Appointment of a Receiver to Collect and Preserve Assets  

When a Ponzi scheme is uncovered or large scale investment fraud is alleged, the SEC can seek the appointment of a receiver. Essentially, a receiver is a qualified professional (or group of professionals) who helps to collect assets and information related to the fraud. In this case, the SEC sought (and obtained) the appointment of a receiver to help locate and preserve assets held by TCA Fund Management and its related firms. The goal of the receiver is to ensure that as many assets as possible are collected for the benefit of wronged investors.  

SEC Seeks an Injunction, Disgorgement, and Other Financial Penalties 

The SEC charges TCA Fund Management and the related companies with violating the anti-fraud provisions of federal securities law. Securities industry regulators are seeking relief on behalf of affected investors. Among other things, the SEC wants:

  • A permanent injunction in order to stop misconduct;
  • Disgorgement of ill-gotten gains and payment of financial restitution; and
  • Any other financial penalties that are deemed appropriate.

Investors who suffered losses working with TCA Fund Management or any related company may be entitled to recover financial compensation. If you have questions or concerns about your options for relief, an experienced Florida investment fraud lawyer can help. Take immediate action to protect your rights.

Get Help From Our Florida Securities Attorney for Help

At ​Carlson & Associates, P.A., our Florida investment fraud lawyers are experienced, skilled advocates for clients. We will protect your rights and help you take action to recover the maximum available compensation for your losses. To arrange your confidential consultation, please contact our law office now. With experience handling the complete range of securities fraud cases, we represent investors in Miami and throughout Florida.


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