The Securities and Exchange Commission has entered an Order permanently barring Atlas Capital Management adviser Craig Arsenault, of Laguna Niguel, California, for defrauding his clients.
The SEC Complaint alleges that Atlas clients invested $5.7 million in ACT Global Investments, a company controlled by Arsenault. According to the allegations, Mr. Arsenault told the clients that their funds would be used to make loans to doctors to purchase medical equipment while generating substantial income. Instead, Arsenault and ACT used the money to make unsecured loans to other ventures, including a used car dealership, and to acquire real estate.
Making matters worse, Mr. Arsenault also sent clients false account statements making it appear as though the investments were profitable when they were not, according to the SEC. The SEC also alleges that Mr. Arsenault misappropriated over $1 million of his clients’ money.
If you or someone you know lost money as a client of Craig Arsenault or Atlas Capital Management due to unsuitable, misrepresented, or unauthorized transactions, please call the Frankowski Firm at 888.741.7503 or fill out this contact form.