Four defendants accused of Ponzi-like payments misappropriating investor funds over three years.
The SEC filed a civil enforcement action in the Eastern District of California charging Voyager Pacific Capital Management LLC, CEO Roger David Hardcastle, former CFO John Giarmarco, and then-COO Vanessa Lung-Medlock with securities fraud. The complaint alleges that from September 2020 through March 2024, over $15 million in new investor money was misappropriated through Ponzi-like payments to existing investors, while millions more were diverted to entities controlled by Hardcastle and Giarmarco through undisclosed prohibited transactions. Hardcastle and Giarmarco have agreed to bifurcated settlements subject to court approval, while Medlock and the relief defendants continue to face the full complaint. A parallel criminal proceeding shows Hardcastle pleaded guilty to one count of conspiring to commit wire fraud.
Sources
SEC Charges Voyager Pacific Capital $15M Fraud Scheme
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