Investors in Indie Asset Partners are experiencing losses due to the firm’s recommendations. Indie Asset Partners, an Indiana-based investment adviser firm, for recommending investments that have recently experienced substantial losses and illiquidity, including:
- Indie Diversified Asset Fund (IDAF)
- Indie Diversified Absolute Return Fund (IDARF)
- Indie Diversified Income Fund (IDIF)
- First Landing Fund, LLC (First Landing)
- Prophecy Asset Management, L.P. (Prophecy)
All Roads Lead To Prophecy, Which Is The Subject Of Allegations Of Serious Financial Misconduct
Silver Law Group’s investigation has revealed that Indie Asset Partners was recommending that its clients invest in Prophecy Asset Management, L.P. (“Prophecy”), an investment fund that purported to spread investor funds across several sub-advisors that would in turn manage investors’ money. Prophecy is now the subject of a Delaware lawsuit that alleges, among other things, that:
- Prophecy has kept limited partners in the dark as a series of distressing developments has mounted.
- There is credible evidence to infer wrongdoing, mismanagement or breach of duty by Prophecy.
- Prophecy committed obvious violation of applicable risk and concentration limits.
These allegations stem from Prophecy directing millions of dollars of investor funds to several problematic sub-advisors. One is Brenda Smith, who has been sued by the Securities and Exchange Commission for perpetrating multi-million-dollar Ponzi scheme. Another is Brian Kahn, who Silver Law Group’s investigation has revealed may have lost millions in investors’ money through First Landing.
The issue for Indie Asset investors is that in addition to recommending that clients invest in Prophecy, Indie Asset also recommended that clients invest in First Landing Fund, which in turn invests 100% of its money with Prophecy. Similarly, Indie Asset curated several “house funds” – IDAF, IDARF, and IDIF – which each contributed a percentage of their capital to Prophecy. Silver Law Group is investigating whether Indie Asset Partners was exposing its clients to serious risk by recommending these funds.
You May Be Able To Bring A Claim Against Indie Asset Partners For Your Losses?
If Indie Asset Partners recommended that you invest in Prophecy, First Landing, IDAF, IDARF, and/or IDIF, you may have a claim for recovery of your losses against Indie Asset. Silver Law Group currently represents Indie Asset clients and is continuing to investigate potential claims and learn more.