Illinois Court enjoins owner of The Nutmeg Group LLC to refrain from Investment Activities
An Illinois federal court issued a preliminary injunction, on December 20,2022, against Randall Goulding. Goulding is the managing member and owner of The Nutmeg Group LLC. (Nutmeg), an investment adviser registered with the state. Goulding is prohibited from engaging in various investments-related activities by the court’s ruling. This includes trading securities for an investment adviser, pooled investment vehicle or managing securities investments on behalf of others.
The Securities and Exchange Commission had charged Goulding previously with fraud, for misappropriating clients’ assets and misrepresenting 15 investment pools that Nutmeg and Goulding advised. After a two week trial in 2018, Magistrate judge Jeffrey T. Gilbert of the United States District Court for the Northern District of Illinois determined that Goulding commingled investors’ funds with his own assets, implemented flawed systems for valuing assets and reporting them, and transferred millions of dollar from the investment pool to himself and family-controlled businesses. The court found Goulding guilty of violating Sections 206(1),206(2), and 206(4) Investment Advisers Act, 1940. He was permanently barred from committing future violations. Goulding had to pay civil penalties and disgorgement in excess of $1.8 million.
A permanent injunction has been imposed by the United States Court of Appeals of the Seventh Circuit following a ruling on July 7, 2022. The appeals courts upheld all findings and conclusions from the district court, but ordered an injunction to prohibit specific conduct.
The SEC also permanently denied Goulding’s right to appear or practice as an attorney in front of the Commission.
Andrew Shoenthal and Robert M. Moye of the Chicago Regional Office handled the litigation, with Sheila Meaders, Sara L. Renardo, and Sheila Meaders’ assistance. Under the supervision of Paul A. Montoya, Mr. Shoenthal of the Chicago Regional Office and Ann Tushaus conducted the investigation that led to the SEC action.
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Securities and Exchange Commission is the regulatory agency that enforces and oversees securities laws in the United States. Its main goal is to protect investors and maintain fair, efficient, and transparent markets. The SEC accomplishes these goals by a variety of activities, including regulating the securities offering, ensuring disclosure, monitoring trading, and enforcing securities laws. The commission is also crucial in maintaining market integrity, and in preventing fraudulent practices within the securities industry. SEC’s role is crucial in protecting investors and promoting transparency and stability of U.S. markets.
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