Voyager Pacific Capital Management, LLC; Roger David

U.S. SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 26534 / April 21, 2026

Securities and Exchange Commission v. Voyager Pacific Capital Management, LLC, et al.

, Civil Action No. 1:26-cv-02985-JLT-SAB (E.D. Cal. filed April 20, 2026)

SEC Charges Real Estate Fund Manager and Three California Residents in Alleged Multimillion Dollar Fraud Scheme

The Securities and Exchange Commission charged Voyager Pacific Capital Management, LLC, its CEO, Roger David Hardcastle, its former CFO, John Giarmarco, and its then-COO, Vanessa Lung-Medlock, with allegedly engaging in a multi-year fraudulent scheme in connection with a real-estate investment fund managed by Voyager. Hardcastle and Giarmarco have agreed to bifurcated settlements in connection with this civil enforcement action.

The SEC's complaint, filed in the United States District Court for the Eastern District of California, alleges that, from September 2020 through March 2024, rather than investing equity investor money as promised, Hardcastle, Giarmarco, and Medlock caused Voyager to use more than $15 million dollars in new investor money to pay current investors in Ponzi-like fashion. According to the complaint, these Ponzi-like payments were necessary, in part, because Hardcastle and Giarmarco had taken millions of dollars of investor money from the real-estate investment fund and given that money to entities that they owned or controlled in a series of undisclosed and prohibited transactions. The complaint alleges that, in total, millions of dollars of investor funds were not invested as promised, resulting in losses to the fund, and ultimately its investors.

Voyager, Hardcastle, and Giarmarco are charged with violating the antifraud provisions of Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder and Medlock is charged with violating the antifraud provisions of Section 17(a)(1) and (3) of the Securities Act and Section 10(b) of the Exchange Act and Rule 10b-5(a) and (c) thereunder. The complaint seeks permanent injunctions, disgorgement with prejudgment interest, civil penalties, and a conduct-based injunction against each of the individual defendants permanently enjoining each from participating in the issuance, purchase, offer, or sale of any security except for purchases or sales for the defendant's own personal accounts. The complaint also names Adagio SPE LLC, Andante SPE LLC, Brighton Cove LLC, Cayucos Dream, LLC, GSD Equities, LLC, HGM Holdings LLC, Kastlemark LLC, Martin-Taylor Company LLC, and Premier Property Management Group, LLC as relief defendants and seeks disgorgement of ill-gotten gains with prejudgment interest from each.

Hardcastle consented to the entry of a judgment, subject to court approval, in which he agreed (1) to be permanently enjoined from violating the charged provisions of the federal securities laws, (2) to be permanently enjoined pursuant to the conduct-based injunction described above, and (3) that, upon motion of the Commission, the Court shall determine whether it is appropriate to order disgorgement of ill-gotten gains and/or a civil penalty. Giarmarco, without admitting or denying the allegations made in the complaint, consented to the entry of a judgment, subject to court approval, containing the same injunctive and monetary relief agreed to by Hardcastle.

In a parallel criminal proceeding, United States v. David Hardcastle, 1:25-cr-00016-JLT-SKO (E.D. Cal. filed Feb. 18, 2026), David Hardcastle pleaded guilty to one count of conspiring to commit wire fraud.

The SEC's investigation was conducted by Grace M. Osberg and Tracy W. Bowen, and was supervised by Kimberly L. Frederick and Nicholas P. Heinke, all of the SEC's Denver Regional Office. The litigation is being conducted by Jacqueline M. Moessner and Ms. Osberg, and supervised by Gregory A. Kasper.

The SEC appreciates the assistance of the U.S. Attorney's Office for the Eastern District of California and the Federal Bureau of Investigation's Sacramento Field Office.