Michael G. Hull; Christopher J. Nohl; Bluepoint Investment Counsel, LLC; Chrysalis Financial LLC; and Greenpoint Asset Management II LLC

U.S. SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 26422 / November 19, 2025

Securities and Exchange Commission v. Bluepoint Investment Counsel, LLC, et al., No. 3:19-cv-00809 (W.D. Wis. Oct. 6, 2025)

Court Orders Managers of a Wisconsin Investment Fund and Their Related Entities to Pay Over $27 Million Following Jury Trial Verdict

On October 6, 2025, a federal district court in Madison, Wisconsin entered final judgments against investment managers Michael G. Hull, Christopher J. Nohl, Greenpoint Asset Management II LLC (“GAM II”), Chrysalis Financial LLC (“Chrysalis”), Bluepoint Investment Counsel LLC (“Bluepoint”), Greenpoint Tactical Income Fund LLC (“Greenpoint Tactical Income Fund”), and Greenpoint Rare Earth Trading Account LLC (collectively ”Defendants”), following an August 2, 2022, jury verdict holding Defendants liable for securities fraud. 

The SEC’s first amended complaint, filed in February 2020, charged Hull, Nohl, and their related entities, Bluepoint, Chrysalis, and GAM II, with securities fraud in connection with their operation and promotion of the Greenpoint Tactical Income Fund, a Wisconsin-based private investment fund that claimed fraudulently inflated returns on its investments in an illiquid portfolio of gems, minerals, and private equity. 

The Court ordered that Hull, Nohl, GAM II, Chrysalis, and Blueprint are jointly and severally liable for disgorgement of $12,560,647 and $3,537,378 in prejudgment interest. The Court also ordered Hull and Nohl to pay $5 million each in civil penalties, and it ordered GAM II, Chrysalis, and Bluepoint to pay $500,000 each in civil penalties, for total monetary relief exceeding $27.5 million. In addition, the Court ordered permanent injunctive relief against Hull, Nohl, GAM II, and Chrysalis. 

The SEC’s litigation was led by Timothy Stockwell of the SEC’s Chicago Regional Office.