The Securities and Exchange Commission has settled its civil case against Vincent Lenarcic Jr., a Charlottean accused of investment-adviser fraud. Lenarcic has been ordered to pay $808,274 in restitution, but that payment will be deemed satisfied if Lenarcic pays restitution in a parallel criminal case. Lenarcic consented to the order without admitting or denying any of the allegations of the SEC's complaint.

The SEC contended Lenarcic committed securities and investment-adviser fraud in connection with the sale of securities held by Fundamental Growth Investors. The complaint alleged that from June 2000 to December 2003, Lenarcic misappropriated at least $807,000 by selling securities in Fundamental Growth's account and misappropriating the proceeds.