The Securities and Exchange Commission sued to impose additional penalties on a Manhattan-based investment adviser who carried out a $10.5 million fraud scheme involving false promises about his access to Anduril Industries Inc. securities.
The complaint, filed Monday in the US District Court for the Southern District of New York, comes two weeks after Giovanni Pennetta was sentenced to four years in prison for misleading clients to invest millions in his private fund. He ultimately used $6.2 million in investor funds to pay for personal expenses such as vacations, luxury fashion items, and ATM withdrawals, despite representations the investments would ...