The Securities and Exchange Commission (SEC) has filed charges against a Framingham man, alleging he misappropriated at least $16 million from an investment fund he managed.

Along with Daniel Thibeault, the SEC also charged in its complaint Waltham-based Graduate Leverage LLC, of which Thibeault is the principal owner, president and CEO; GL Capital Partners LLC, a Waltham-based investment advisor controlled by Thibeault; GL Investment Services LLC in Waltham, which is indirectly owned by Thibeault; and Texas-based Taft Financial Services LLC, which the SEC believes to be controlled by Thibeault.

According to the SEC’s complaint, filed late last week in federal court in Boston, Thibeault and GL Capital Partners served as the investment advisers to a fund named the GL Beyond Income Fund, whose assets were largely comprised of individual variable rate consumer loans. The SEC said Thibeault solicited investors by telling them their money would be pooled and used to make or purchase consumer loans, which would then provide them with returns as consumers paid down the loans.

Instead, the SEC said that Thibeault and other defendants created fake loans to divert investor money from the fund and reported those phony loans as assets of the GL Beyond Income Fund. Furthermore, Thibeault and others fabricated paperwork using the names and personal information of people who did not know loans were being made in their names, the SEC charged.

While money from the GL Beyond Income Fund was disbursed to fund the fictitious loans, the cash did not find its way to the purported borrowers whose names appeared on the paperwork, but instead to Thibeault and others, who used it for personal expenses, the SEC said.

The SEC charged the defendants with violating Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder and Section 17(a) of the Securities Act of 1933 and Thibeault, GL Capital Partners LLC and GL Investment Services LLC with violating Sections 206(1) and 206(2) of the Investment Advisers Act of 1940. The SEC is seeking permanent injunctions, disgorgement of ill-gotten gains plus prejudgment interest and civil penalties against each of these defendants.

The SEC also charged two other parties as relief defendants based on their receipt of investor funds: GL Advisor Solutions Inc., a corporation based in the Philippines that is controlled by Graduate Leverage LLC and Thibeault; and Shawnet Thibeault, who is Thibeault’s wife.