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Tuesday, February 24, 2015

Santa Cruz Investment Fund Charged $2.7M For $60M Ponzi Scheme

February 24, 2015 -- On February 23 the SEC imposed a final judgement against John A. Geringer and GLR Advisors, LLC (GLR Advisors) which renders a charge of $2.7 million. The SEC says Geringer and GLR Advisors managed the GLR Growth Fund, L.P., which is based in Scotts Valley, California, as a Ponzi scheme by reporting fictitious trading profits. The group raised $60 million from investors, mostly in the Santa Cruz, California area. Geringer pleaded guilty on June 4, 2014 and awaits sentencing.

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