October 22, 2025

Federal Judge Orders Repayment in Milwaukee Securities Fraud Case

here-intlog
October 22, 2025
6:35 am
Milwaukee

News Summary

A federal judge has ruled that Christopher Nohl and Michael Hull must repay over $27.5 million for securities fraud linked to the Greenpoint Tactical Income Fund. The SEC initiated the case in 2019, revealing that the fund misled investors about its financial performance. The ruling includes civil penalties and a permanent injunction against the defendants managing the fund, which falsely reported gains and relied on new investor contributions. This case highlights ongoing risks in investment schemes promising unrealistic returns.

Milwaukee – A federal judge has ordered Christopher Nohl and Michael Hull to repay a total of more than $27.5 million for securities fraud related to their operation of the Greenpoint Tactical Income Fund. This ruling, made on September 5, marks the conclusion of a six-year civil case initiated by the U.S. Securities and Exchange Commission (SEC).

The legal proceedings began when the SEC sued Nohl and Hull in September 2019. After a seven-day trial held in July and August 2022, Nohl and Hull were found liable on all counts. The judge’s decision imposes a permanent injunction that prevents them from managing or liquidating the Greenpoint Tactical Income Fund, which has since been renamed Alluvium.

The Greenpoint Tactical Income Fund was established in 2013 with the claim that it could generate income from selling gems and minerals. However, the fund primarily relied on contributions from new investors to maintain its operations. The court found that Nohl and Hull had intentionally inflated the value of the fund’s investments, misleading investors about its actual financial performance.

Between its inception and the time the fraud was revealed, the fund attracted approximately $62 million in investments. However, investors received only around $9 million back. The SEC’s complaint stated that the fund reported gains of approximately $93 million, most of which were derived from “unrealized gains” stemming from improper valuations. These financial discrepancies were critical in the court’s determination of wrongdoing.

The ruling also requires Nohl and Hull, along with their associated entities, to jointly repay around $16.1 million for the funds they wrongly obtained, along with pre-judgment interest. Each defendant has been ordered to pay an additional $5 million in civil penalties, and their affiliated companies have been levied with further civil penalties of $500,000 each.

This ruling sheds light on the defendants’ extravagant lifestyles, reportedly funded by the investments they misappropriated. Over the years, Nohl and Hull lived lavishly while contributing to a misleading image of the fund’s performance. The scale and nature of the fraud led the judge to emphasize the intentionality and duration of the defendants’ actions, pointing out their failure to acknowledge any wrongdoing.

Prior to these legal troubles, Christopher Nohl was already involved in controversies surrounding the Wisconsin Funeral Trust, which state regulators had described as resembling a Ponzi scheme. The SEC’s investigation into the funeral trust incident played a significant role in uncovering the fraud linked to the gem fund and led to a comprehensive inquiry into Nohl and Hull’s activities.

This ruling serves as a reminder of the extensive risks involved in investment schemes that promise unusual returns on investment, particularly those relying on unrealistic financial strategies. The court’s decision not only seeks to hold Nohl and Hull accountable for their fraudulent activities but also aims to restore some measure of justice to the affected investors.

The case highlights the importance of rigorous regulatory scrutiny in the investment industry and the need for investors to exercise caution when considering options that seem too good to be true. As the landscape of investment continues to evolve, authorities remain vigilant in their efforts to protect investors from fraudulent schemes.