Articles Tagged with Indie Asset Partners

Chicago-based Stoltmann Law Offices has represented investors who’ve suffered losses from broker-advisors who’ve sold their clients money-losing hedge fund investments. Often a broker’s pitch is almost entirely focused on high potential returns with little attention paid to the risk of losing money. Such was the case when brokers sold a hedge fund managed by Prophecy Asset Management. The investment firm was “supposed to spread out funds to dozens of separate money managers, but instead concentrated the money with a single Florida manager whose performance tanked when the pandemic threw markets into turmoil early last year,” according to Indianapolis Business Journal (IBJ).

Two funds managed by Prophecy ran aground last spring when news of the COVID pandemic roiled world markets. The two funds then suspended redemptions, which prevented investors from withdrawing their money. Brokers who sold Prophecy funds, led by a company called Indie Asset Partners, are now suing Prophecy.

The plaintiffs say in the suit that Prophecy CEO Jeffrey Spotts told them that “ostensibly due to the market volatility surrounding the coronavirus pandemic, the Trading Advisors Fund’s assets in their entirety—totaling approximately $363 million—have been placed at risk,” adds the IBJ. Spotts, who cofounded Prophecy Asset Management in 2001 after spending 12 years at Merrill Lynch, declined to comment to IBJ. Prophecy, which listed $561 million in assets under management in a February 2020 regulatory filing, shuttered its website recently.

CNBC
FOX Business
The Wall Street Journal
Bloomberg
CBS
FOX News Channel
USA Today
abc NEWS
DATELINE
npr
Contact Information