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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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.

Our Securities Lawyers Have a Winning Record Against the World's Largest Companies Like Prophecy

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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Federal judge in our Chase lawsuit (resulting in $100 million settlement):

They “fought tooth and nail, down to the wire” to achieve “the best settlement that they could under the circumstances.”

Read more about what judges say about us.

Scott Silver

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.

Michael Schrag

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.

Eileen Epstein

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 Stein

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 Karl

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 CaliforniaTop Plaintiff Lawyers in CaliforniaThe 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.