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.
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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.
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