Ellen Polcari, who was caring for a Montana venture capitalist’s children starting in late 2014, gradually became the sole signatory on fund bank accounts and designated herself as « partner with control of the entity » with 80% ownership, according to the SEC. Between April 2023 and March 2025, the two funds raised approximately $28.7 million from at least 85 high-net-worth investors and family offices, of which nearly $1.28 million was allegedly diverted to her own accounts for personal expenses, including $131,000 in online gambling. She also allegedly forged the owner’s Docusign e-signature to transfer portfolio company shares to her own business, Forks Up LLC, for $56,000. In February 2025, after the SEC investigation began, Polcari admitted to having taken a « significant amount » before being fired on March 30.
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