Silver Law Group Investigating Potential Claims Involving Utah-Based Hedgehog Investments

Silver Law Group is investigating claims on behalf of clients who lost money investing with Hedgehog Investments, a Utah-based company that raised millions of dollars from investors via promissory notes. Investors were promised their invested funds would be used to help growing companies obtain financing.

In May 2025, the Utah Division of Securities issued an Emergency Order to Cease and Desist to Hedgehog Investments and various affiliated individuals and entities, including current and former Stronghold Capital Partners investment advisors Jason Stock, Jared Prazen, and Thiel Ruperto.

Utah Division Of Securities Order To Cease And Desist

In May 2025, the State of Utah issued an Emergency Order to Cease and Desist. Amongst other things, the order made the following findings of fact:

• “Although Hedgehog Investments has never been licensed in any capacity with the Division to offer or sell securities or to provide investment advice, it purports to be an investment manager that manages securities offerings . . .”
• “the Division’s preliminary review of bank records received thus far does not show investor monies being used to obtain financing for growing companies. Rather, the records show misuse of investor funds by Vigil and no legitimate profit-making mechanism to support the payment of promised investor returns.”
• “Respondents directly or indirectly made untrue statements of material facts” and “Respondents directly or indirectly omitted to state material facts . . .”

The emergency order reached conclusions of law including that Respondents engaged in securities fraud and unlawful unlicensed activity.

Hedgehog Investments’ Principals Had A Checkered Past

In addition to the State of Utah’s findings above, the Order noted that certain of Hedgehog Investments’ principals had questionable backgrounds, including:

• Matthew Bates, Hedgehog Investments’ CEO is a convicted felon and required to be registered as a sex offender
• Will Vigil, who controlled various bank accounts that received investor money, “has a lengthy criminal history” and is on Utah’s Buyer Beware list following issues with a previous business he operated
• Frances Palacios, another Respondent named in the Utah order, was reprimanded by the Utah Bar for violating attorney rules of professional conduct

Did You Lose Money Investing In A Hedgehog Investments Promissory Note Or Other Investment?

Silver Law Group is a national securities and investment fraud law firm. Our partners routinely handle class actions and other cases involving Ponzi schemes, investment fraud, and financial advisor misconduct.

Call Silver Law Group toll free at (800) 975-4345, email ssilver@silverlaw.com, or visit us at www.securitiesfraudattorneys.com for a free and confidential consultation. Most cases are handled on a contingency fee basis, meaning you won’t owe us any money unless and until we recover for you. Your consultation is also free and confidential.