Michael has over 20 years of experience representing individual and small business plaintiffs against the world’s large financial institutions, including Visa, Mastercard, and Chase.
Gibbs Law Group is investigating First Landing Fund, a “feeder fund” which invested all its capital in Prophecy Asset Management. Prophecy is now part of a lawsuit alleging serious financial issues and misconduct.
First Landing Sues Prophecy Asset Management; "Feeder Fund" May Be at Risk
First Landing is a “feeder fund” managed by Vantage Consulting Group, Inc., which means that the fund was formed solely for the purpose of investing all of its investible capital in another entity or fund. Since First Landing invested all its capital in Prophecy Asset Management, the performance of any investment in First Landing is 100% tied to the performance of Prophecy.
Due to recent allegations in a lawsuit against Prophecy, First Landing investors now fear significant investment losses and illiquidity of the fund. First Landing has filed a books and records request in Delaware Chancery Court to learn more about these issues.
Although First Landing appears to be blaming Prophecy for the issues with the fund, First Landing had obligations to conduct due diligence, investigate, and understand Prophecy before soliciting funds to be invested with Prophecy. As a result, First Landing investors may be eligible to pursue recovery from First Landing for potential misconduct. Our law firm will continue to investigate.
February 23, 2022 Prophecy Letter to Investors:
On February 23, 2022, Prophecy announced it anticipates finalizing a settlement agreement with all investors in the next 30 days to resolve an arbitration against one of Prophecy’s former sub-advisors. While Prophecy shared some initial “elements” of the future settlement, it says it will not provide a full, detailed explanation of settlement terms with investors until it is already finalized.
Prophecy insists they believe the settlement will help investors “avoid…the risks associated with arbitration,” but the tentative terms of their letter may leave investors with a shortfall as high as $250 million. Gibbs Law Group and Silver Law Group are still actively investigating legal claims on behalf of direct Prophesy investors, as well as investors who invested in Prophesy through Indie Asset or First Landing feeder funds.
Our Securities Lawyers Have a Winning Record Against the World's Largest Companies Like First Landing
Our securities lawyers have recovered over a billion dollars on behalf of our clients against behemoths, such as Chase Bank, Mastercard, and Anthem Blue Cross Blue Shield. Read more about our results.
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Our Featured Securities Attorneys
Scott focuses his law practice on securities arbitration and litigation and plaintiff-side class action litigation, representing individual investors and institutions in claims against brokerage firms, investment advisors, commodities firms, hedge funds and others.
Eileen is involved in the firm’s securities practice and has over a decade of experience in the legal world. She received her law degree from American University in 2005.
David’s advocacy has generated major recoveries for consumers impacted by financial fraud. He was named to the Top 40 Under 40 by Daily Journal and a “Rising Star in Class Actions” by Law360.
Amanda is spearheading a securities lawsuit against NantHealth concerning fraudulent statements to investors about the success of its key product.
Our Financial Fraud Experience
Gibbs Law Group
Gibbs Law Group’s financial fraud and securities lawyers have more than two decades of experience prosecuting fraud. The firm has successfully litigated against some of the largest companies in the United States, and has recovered more than a billion dollars on clients’ behalf.
Gibbs Law Group attorneys have fought some of the most complex cases brought under federal and state laws nationwide, and have been recognized with numerous awards and honors for their accomplishments, including Top 100 Super Lawyers in Northern California, Top Plaintiff Lawyers in California, The Best Lawyers in America, and rated AV Preeminent (among the highest class of attorneys for professional ethics and legal skills).
Silver Law Group
Silver Law Group is a team of securities lawyers, forensic accountants, and support staff who are dedicated to helping investors recover losses through securities arbitration and litigation.
The firm is led by Scott Silver, a former Wall Street defense attorney who has been representing customers in securities and investment fraud cases since 2002. Scott is admitted to practice in New York and Florida and the firm’s FINRA arbitration attorneys represents investors nationwide.
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