The U.S. Securities Exchange Commission has filed a civil enforcement action against an Alpharetta man, accusing him of fraudulently raising more than $2.4 million via a now-defunct unregistered investment fund.

The Feb. 13 SEC filing claims Timothy S. Batchelor, 44, misappropriated more than $1 million for his own personal use. Batchelor’s improper use of investors’ money included purchases of new vehicles, $225,000 he used to repay student loans, $29,000 for classes at Georgetown University in Washington, D.C., and $25,000 for luxury watches.