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Articles Tagged with LP

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Investors in private funds formerly managed by defunct Chicago options trading firm LJM Partners, including funds known as LJM Investment Fund LP, LJM Preservation & Growth Fund, LP, LJM Aggressive Fund LP, LJM Fund LP, LJM Master Trading Fund, LP, PEC-LJM Fund LP, and PCF-LJM Preservation & Growth Fund, LP (“LJM Private Funds”) may have litigation or arbitration claims against stockbrokers or investment advisers who sold them or placed their funds in the LJM Private Funds.

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The Commodity Futures Trading Commission and the Securities and Exchange Commission (“SEC”) recently filed litigation against LJM Partners Ltd. alleging the enterprise mismanaged $1 billion in assets by misleading investors about its short options trading strategy and risk management practices.  According to the government lawsuit, LJM Partners unlawfully misled investors for two years about the risk management protocols and “worst case” losses investors could expect from the options trading strategy they employed in  certain commodity pools and private investment funds (as well as in an open-end  mutual fund also managed by LJM Partners, the LJM Preservation and Growth Fund (“LJM Fund”)).

In early February 2018, the LJM Fund dropped more than 80% over the course of just two days during a spike in the volatility index (VIX), losing more than $600 million for investors.  While the losses in the LJM Private Funds varied, the LJM Private Funds also experienced substantial losses during this time frame as a result of utilizing the same general trading strategy.

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Investors in Energy 11, L.P. (“Energy 11” or the “Partnership”) may be able to recover investment losses through FINRA arbitration. if their investment was recommended by a financial advisor who lacked a reasonable basis for the recommendation, or if the nature of the investment was misrepresented by the stockbroker or advisor.

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Energy 11 has published an estimated per common unit  net asset value (NAV) of its common units of $7.23 per unit as of December 31, 2020.  On January 25, 2021, the Partnership filed a Form 8-K with the Securities and Exchange Commission announcing the drop in estimated NAV and explaining its assumptions and valuation methodology.

The Form 8-K is accessible here Form 8-K.

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As we previously reported, the U.S. Securities and Exchange Commission (“SEC”), Financial Industry Regulatory Authority (known as “FINRA”), the FBI, and the State of Massachusetts are investigating GPB Capital Holdings LLC (“GPB”) in probes reportedly concerning the accuracy of GPB’s disclosures of financial information to their investors.  GPB, a New York asset management firm, focused on private placement investments, has reportedly been under investigation by Massachusetts since September 2018.

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According to public documents filed with the SEC, there are approximately 80 broker-dealers that may have sold, or were authorized to sell investments for GPB.  As registered broker-dealers, any firms who actually sold GPB securities were required to conduct adequate due diligence in investigating potential investments and also to ensure their clients understood the risks associated with any GPB potential investment.

The broker-dealers who appear in the SEC filings for GPB offerings are listed below.  It is important to note that none of these broker-dealers has been found to have engaged in any wrongdoing.

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