SEC Obtains Receiver Over Florida Investment Adviser Charged With Fraud

The Securities and Exchange Commission today announced that it has obtained the appointment of a receiver over Florida-based investment adviser TCA Fund Management Group Corp., its affiliate TCA Global Credit Fund GP Ltd. (TCA-GP), and several funds managed by TCA to protect investors from a fraudulent scheme allegedly conducted by TCA. The SEC’s complaint, filed in the U.S. District Court for the Southern District of Florida on May 11, 2020, alleges that TCA improperly recognized revenue in order to fraudulently inflate net asset values and performance for several funds it managed, resulting in the funds always reporting positive returns. TCA allegedly distributed promotional materials to current and prospective investors that included the inflated asset values and false performance results.