Fraud Charges Brought Against Vineet Kalucha and Aphelion Fund Management for Allegedly Providing Falsified Performance Reports to Investors

Vineet Kalucha, Aphelion Fund Management’s chief investment officer, fraudulently altered an outside firm’s report reviewing the performance of an investment account he managed, according to a complaint filed by the Securities and Exchange Commission (“SEC”).

The Peiffer Rosca law firm’s securities practice attorneys Alan Rosca and Joe Peiffer are investigating the matter.

Kalucha’s falsifications essentially changed an investment loss into a major investment gain in the account, according to the complaint. The falsified report showing the false gain instead of the actual loss was provided to prospective investors, according to the complaint.

The fraudulent report distributed to investors showed an investment gain of 30-percent over an 18-month period in an account managed by Kalucha, however, the outside auditor’s report showed an investment loss of more than 3-percent during a 15-month period.

Kalucha also used investor proceeds for luxury car payments and used the proceeds to pay for settlements of legal actions brought against him that were unrelated to Aphelion, according to the SEC.

Kalucha also misled investors concerning the amount of assets Aphelion had under management, according to the complaint. Kalucha allegedly told investors that Aphelion had $15 million or more in assets under management in 2013, but the firm never managed more than $5 million in assets that year, according to the SEC.

The Peiffer Rosca attorneys often represent investors who lose money as a result of Ponzi schemes, investment fraud, or stockbroker misconduct. They are currently investigating the possibility of assisting investors with the recovery of any losses they may have suffered in connection with Vineet Kalucha Aphelion Fund Management. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.

Investors who believe they may have lost money as a result of their investment with Vineet Kalucha and Aphelion Fund Management may contact the securities lawyers at Peiffer Rosca, Alan Rosca or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 888-998-0520.

Alan Rosca (1159 Posts)

Alan is a securities lawyer. He also teaches Securities Regulation at the Cleveland-Marshall College of Law. He focuses his legal practice on complex commercial and financial litigation and arbitration, particularly in the areas of securities and investment fraud. His office is in Cleveland, Ohio.


In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow cases about which we report, and/or to publish subsequent blogs regarding various developments that may occur in such cases. Readers are encouraged to conduct their own research regarding any such cases and any developments that may or may not have occurred in such cases.