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 Prophecy Asset Management for allegations that the investment fund may have lost hundreds of millions of dollars over the past two years. Prophecy investors may suffer from investment losses or illiquidity.
Our firm is also investigating an Indie Asset Partners Lawsuit and First Landing Fund Lawsuit for involvement with Prophecy. If you invested in Prophecy, First Landing, or Indie Asset you may have a claim. Speak to a securities fraud lawyer to learn more about your options.
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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.
Prophecy Asset Management Lawsuit; Jeffrey Spotts' Fund Sued
Prophecy is a New York-based investment operation owned and operated by Jeffrey Spotts. In July 2020, two investment funds that invest with Prophecy filed a lawsuit against Prophecy and its managers in Delaware. The lawsuit alleges that Prophecy cannot account for the money these funds invested in Prophecy, and that Prophecy has kept partners in the dark. Further, the lawsuit states that Prophecy may have committed obvious violations of risk and concentration limits.
The lawsuit also raises concerns about the sub-advisors managing Prophecy investors’ monies. The people in question include:
- Brenda Smith, who has been sued by the Securities and Exchange Commission for perpetrating a multi-million-dollar Ponzi scheme.
- Jeffrey Spotts, who, according to the lawsuit, had improper financial relationships with Smith that led to Prophecy’s investment in her fund.
- Brian Kahn, who may have lost millions in investors’ money through First Landing, according to our investigation.
If the allegations in the Delaware lawsuit are correct, Prophecy may have lost hundreds of millions of dollars for investors. If you invested in Prophecy, or with Jeffrey Spotts, you may be able to recovery your money. Speak to an experienced securities fraud lawyer to learn if you have a claim.
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