CLEVELAND - A Cleveland-area investment fund manager has been charged with seven counts related to securities fraud.
The U.S. Securities and Exchange Commission has filed a complaint against David Dadante, who managed the IPOF Fund. The charges would carry only financial penalties.
According to the SEC complaint, Dadante -- an unregistered investment adviser from Gates Mills -- raised about $50 million from at least 110 investors.
He is accused of using new investor money to pay guaranteed returns to older investors and misappropriating millions of dollars for his own use.
Dadante's investors have filed a lawsuit in U.S. District Court and say they lost millions.