# VC's nanny stole $1.3 million from investor funds

> Ellen Polcari went from childcare to running back office operations, then allegedly looted two Montana venture firms of investor money.
- Title: VC's nanny stole $1.3 million from investor funds · Fortune
- Summary: Ellen Polcari went from childcare to running back office operations, then allegedly looted two Montana venture firms of investor money. The SEC alleges Ellen…
- Keywords: ellen polcari, venture capital, sec, fraud, montana, fund management, embezzlement, VC's, nanny, stole, million, investor
- Source: Fortune — https://fortune.com/2026/09/24/vc-nanny-fund-accounts
- Author: Amanda Gerut
- Read time: 3 min
- Topics: ellen polcari, venture capital, sec, fraud, montana, fund management, embezzlement
## From nanny to fund controller
Ellen Polcari started as a nanny for a venture capitalist's two children in late 2014. A year later, the VC brought her into the firm as an executive assistant. Over the next decade, her responsibilities expanded to cover fund administration.
## She took control of the bank account
By April 2023, Polcari became the sole signatory on a new fund's bank account. She described herself on the application as a partner with control of the entity and an eighty percent owner, unbeknownst to the VC owner, the SEC says.
## The SEC filed charges in New Jersey
On September eighteen, the SEC filed a complaint in federal court in New Jersey. The two Montana-based venture firms had raised twenty eight point seven million dollars from at least eighty five mostly high-net-worth investors and family offices between April 2023 and March 2025.
## She listed herself as the owner
Polcari listed the fund's mailing address as her own home. In 2024, the firm's Form A D V listed her as controller and regulatory contact person. When the owner opened a second VC firm in summer 2024, she again named herself as beneficial owner of some accounts.
## Stealing started immediately
On October first, 2024, one fund received its first two hundred fifty thousand dollar investment. Within a day, Polcari allegedly moved twenty eight thousand dollars to her own bank account. Two days later, the fund got eight hundred thousand dollars in investments.
## Gambling and shopping sprees
That fund raised one point three four million dollars total. The SEC says about seven hundred sixty eight thousand dollars allegedly went to Polcari and her bills, including about one hundred thirty one thousand dollars in online gambling expenses paid straight from the fund's account.

> online gambling, shopping, and restaurant meals
## Moving money between funds
By December, that fund had insufficient capital for its designated portfolio company investment. The SEC alleges Polcari moved nearly one million dollars out of four other funds to plug the gap. She also allegedly forged the owner's Docusign signature to transfer portfolio company shares to her business, Forks Up L L C.
## The scheme unravels
In late February 2025, the VC owner and Polcari learned the SEC was conducting a probe. Three weeks later, Polcari's lawyer informed the owner she had taken a significant amount from the firms and funds. She was fired on March thirtieth, when the SEC says Polcari called the owner and admitted to some of it.
## A lesson in trust and oversight
The case exposes a common vulnerability in small venture firms. A founder focused on deals, one trusted person running the back end, and no checks on who can move money. The SEC complaint shows what happens when verification fails at every step.
## Key takeaway

The SEC alleges Ellen Polcari, hired as a nanny in 2014, stole about one point two eight million dollars from two Montana venture firms by positioning herself as sole signatory on fund accounts and diverting investor capital to personal expenses.