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February 14, 2020 at 10:30 AM
A federal judge in Illinois has ruled that a former chief compliance officer acted recklessly by taking on a compliance role despite “his complete lack of qualifications for that job.”
In a Jan. 21 ruling, the court found that David Goulding, former CCO of The Nutmeg Group LLC, an advisory firm near Chicago, helped the firm commingle investor funds with personal assets, misled investors about the value of their investments, oversaw flawed internal systems and methods for valuing and reporting investments, and transferred investor money to companies controlled by his family.
An Illinois federal court entered a final judgment on Jan. 30 against Goulding.
The Securities and Exchange Commission had previously charged him with fraud.
