A VC hired his kids’ nanny to run the back office. The SEC says she took $1.3 million
Source: Fortune ·
The money allegedly went towards online gambling, shopping, and meals at restaurants, regulators say.
From the source
Hi, it’s Amanda Gerut, pinch hitting for Allie. In late 2014, Ellen Polcari was nannying for a VC’s two young children. A decade later, she had branded herself the firm’s “controller,” and, according to the SEC, the person who allegedly moved about $1.28 million of investor money into her own accounts. The money went to online gambling, shopping, and restaurant meals, regulators say. That complaint, filed in federal court in New Jersey on Sept. 18, states that the funds raised about $28.7 million from at least 85 mostly high-net-worth investors and family offices between April 2023 and March 2025. The venture firms aren’t named; the SEC states that the two firms are based in Montana. It’s an extreme case if the allegations hold up. But the mechanics aren’t exotic. A small firm, a founder focused on deals, and one trusted person running the back end. For anyone who writes checks and works with emerging managers, it’s a question worth verifying every time: Who can move money, and who…