PROPHECY ASSET MANAGEMENT and INDIE ASSET PARTNERS LAWSUIT
As recently reported in the Indianapolis Business Journal, Starr Austen and Miller, LLP has been retained by clients of Carmel Indiana financial advisory firm Indie Asset Partners LLC in connection with direct and indirect investments in two (2) funds managed by Prophecy Asset Management, LP recommended by Indie Asset Partners. The specific investments include, but are not necessarily:
- Prophecy Trading Advisors, LP (a Delaware limited partnership);
- Prophecy Special Opportunities Fund, LP (a Delaware limited partnership);
- First Land Fund, LLC (a Delaware limited liability company);
- Indie Diversified Income Fund, LLC (an Indiana limited liability company);
- Indie Diversified Absolute Return Fund, LLC (an Indiana limited liability company); and
- Indie Diversified Assets Fund, LP (a Delaware limited partnership)
In many cases, investors were assured that Prophecy presented a safe and conservative, “Steady Eddie” investment which would provide investors with relatively modest but reliable rates of return achieved by allocating invested funds amongst a diverse and talented group of third-party investment managers/subadvisors who would deploy a wide variety of investment strategies. However, based upon Starr Austen and Miller, LLP’s investigation, it appears that most of the funds invested in Prophecy ended up with a single subadvisor who incurred substantial losses and Prophecy’s investors now have hundreds of millions of dollars at risk in the aggregate. Starr Austen and Miller’s investigation has identified significant questions as to whether Indie Asset Partners’ recommendations resulted in over-concentration in Prophecy-related investments and whether Indie Asset Partners took adequate measures to monitor their clients’ in Prophecy investments.
Starr Austen and Miller, a successful history of securities fraud representation
Starr Austen and Miller has been representing investors against brokerage firms and investment advisors since 1983. Starr Austen and Miller’s list of Prophecy clients is growing. If you have a direct or indirect investment in Prophecy through Indie Asset Partners you should contact the attorneys at Starr Austen and Miller, LLP about potential claims you may have. Don’t delay as there will be time limits on filing claims.