A Massachusetts investment advisor has been sentenced to nine years in prison for misappropriating at least $15 million that was supposed to go into a fund he was managing, the Securities and Exchange Commission announced Tuesday.

Daniel Thibeault of Framingham, Mass., was sentenced Thursday by U.S. District Court Judge Leo T. Sorokin to 9 years in prison, three years of supervised release, and ordered to pay restitution of $15.3 million for the criminal charges to which he pled guilty. He also faces civil charges of fraud filed by the SEC.

Thibeault, who was the president and CEO of a group of Massachusetts-based investment advisory companies, was charged with securities fraud, wire fraud, aggravated identity theft, and obstruction of justice. He was the principal of a GL Capital Partners LLC. The SEC civil complaint charges that he and the firm were the investment advisors to a fund called the GL Beyond Income Fund, and that they misappropriated money that belonged to this fund

The GL Beyond Income Fund's assets consisted primarily of individual variable rate consumer loans. According to the complaint, Thibeault and the firm solicited investments in the GL Beyond Income Fund by representing that investors' money would be pooled and used to make or purchase consumer loans. These consumer loans would then constitute assets of the GL Beyond Income Fund, and would provide a return to the investors when interest and principal payments were made on the loans.