Tomislav Vukota; Vukota Capital Management, LLC; VCM Global Asset Management Ltd.
U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 26393 / September 9, 2025
Securities and Exchange Commission v. Tomislav Vukota, Vukota Capital Management, LLC, and VCM Global Asset Management Ltd., No. 25-cv-02821 (D. Colo. filed Sept. 9, 2025)
Tomislav Vukota and His Two Advisory Firms Settle Charges for Breaches of Fiduciary Duty and Misrepresentations
The Securities and Exchange Commission filed settled charges against former Colorado resident Tomislav “Tom” Vukota (Vukota) and the two investment adviser entities he controls, Vukota Capital Management, LLC (VCM) and VCM Global Asset Management Ltd. (VGAM), for breaching their fiduciary duties and making material misrepresentations to private funds and investors who purchased limited partnership interests in those funds.
According to the SEC’s complaint, the Defendants engaged in three distinct types of negligent misconduct. First, the complaint alleges that from at least 2017 through May 2022, Vukota and VCM caused various private funds they advised to make short-term loans to VCM at below-market rates to, among other things, cover cash shortfalls at other private funds. The complaint further alleges that the private funds’ partnership agreements prohibited these loans, and neither the practice of providing such loans nor the resulting conflict of interest was disclosed to investors. Second, per the complaint, during February and March 2021, Vukota and VCM sent misleading letters to the investors in four private funds in connection with Vukota’s attempt to buy the investors’ interests. According to the complaint, the buyout letters failed to disclose Vukota’s conflicts of interest, and Vukota and VCM failed to obtain investors’ consent to those conflicts. Third, the complaint alleges that from at least 2017 through 2023, Vukota and VGAM made material misstatements in marketing and offering materials for the Vukota Multi-Strategy Fund concerning the existence of an auditor, the amount of assets under management, the investment strategy, and the filing status as an exempt reporting adviser.
The SEC’s complaint, filed in the United States District Court for the District of Colorado, charges all Defendants with violating Sections 17(a)(2) and 17(a)(3) of the Securities Act of 1933, Vukota and VCM with violating Section 206(2) of the Investment Advisers Act of 1940, and Vukota and VGAM with violating Section 206(4) of the Advisers Act and Rule 206(4)-8 thereunder. Without admitting or denying the SEC’s allegations, the Defendants agreed to settle the SEC’s charges, consenting to injunctions and total combined monetary relief of $6,943,212 in disgorgement, prejudgment interest of $1,766,582, and penalties of $1,000,000. The settlement is subject to court approval.
The SEC’s investigation was conducted by John Mulhern, Jeffrey Felder, Tracy Bowen, and Brian Fitzpatrick, with the assistance of Gregory Kasper, and was supervised by Corey Schuster and Kimberly Frederick of the Division of Enforcement’s Asset Management Unit and Nicholas Heinke of the Denver Regional Office.