Oregon JV LLC v. Advanced Investment et al. was filed in the United States District Court for the District of Oregon on March 2, 2022. Plaintiff asserts claims sounding in fraud and requests compensatory and equitable relief against a construction lender and other individuals and entities that funded various loans to a homebuilder with a history of fraud and embezzlement.

Plaintiff is a company that managed a construction loan pool for non-party Joseph Russi.  Defendant Advanced Investment Corp (“AIC”) is an Oregon-based corporation that previously managed the loan pool at issue. The remaining Defendants consist of trustees of various trusts, Oregon-based financial institutions, and several Oregon residents, all of which were investors in the subject loan pool (the “Defendant Lenders”).

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Andersen, et al. v. Gigapix Studios, Inc. was filed in the Superior Court of California, County of Sacramento on January 13, 2022 seeking civil damages for claims of fraud and misrepresentation.

Plaintiffs are a group of individuals who invested in Defendant Gigapix Studios, Inc. (“Gigapix”).  Gigapix is an animation company that solicited investors by advertising that it would generate large profits from prospective projects.

Plaintiffs allege that Gigapix was founded by Christopher Blauvelt and led by David Pritchard, who purchased investor lead lists and hired telemarketers to solicit potential investors.  Investors were told that Gigapix was an animation company on the verge of an initial public offering or reverse merger with a public company that would net high returns for investors.  In reality, however, Plaintiffs allege that Gigapix was a Ponzi scheme that materially misrepresented the funds that would be spent on producing shows and movies, the anticipated timing of returns on investment, the level of risk involved, and the success of prior Gigapix projects.

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Geoff Winkler, as Receiver for Profit Connect Wealth Services, Inc. v. William Roshak, et al.  was filed in the United States District Court for the District of Nevada on November 4, 2021 asserting claims for (1) fraudulent transfer; (2) unjust enrichment; (3) declaratory relief; and (4) attorneys’ fees and costs.

Plaintiff is the court-appointed receiver of Profit Connect Wealth Services, Inc. (“Profit Connect”) in an action titled Securities and Exchange Commission v. Profit Connect Wealth Services, Inc., et al., Case No. 21-cv-01298-JAD-BNW (D. Nev.) (the “SEC Action”). Plaintiff was appointed as the Receiver in that matter and granted broad authority to investigate claims and institute actions and legal proceedings on behalf of Profit Connect and its investors. This action is against Defendants William Roshak in his individual capacity and d/b/a/ William George Photography, Melissa Roshak, Tetiana Luzhanska, and Tina M. Leiss, in her sole capacity as the executive officer of the Public Employees’ Retirement System of Nevada (“PERS”).

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IMG Memorial Fund 1 was filed in the Southern District of New York on April 14, 2021, alleging that various defendants, including individuals and investment funds, violated federal securities laws and the common law through their use of a proprietary trading platform.  Specifically, the complaint alleges violations of Sections 10(b) and 20(a) of the Securities Act, along with common law claims for breach of fiduciary duty and negligent misrepresentation.

Plaintiff IMG Memorial Fund 1 is a family investment fund.  Defendant Jeffrey Spotts is the principal individual who created various investment funds, including the Prophecy Special Opportunities Fund and Prophecy Special Ops GP LLC (collectively, “Prophecy”).  Defendant Vantage Consulting Group is an investment advisor with an ownership interest in defendant investment fund First Landing Fund LLC, which is co-controlled by individual defendants, Mark Finn and David Schippers (collectively, “First Landing”).

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The SEC filed SEC v. Silver in the United States District Court, Southern District of New York on April 13, 2021, claiming Defendant Silver orchestrated and carried out a string of frauds to cover up tens of millions of dollars in losses on bad bets to keep his investment advisory business afloat. Specifically, the complaint alleges violations of Sections 206(1) and 206(2) of the Investment Advisers Act of 1940, Section 10(b) of the Securities Exchange Act of 1934, and Rule 10b-5 thereunder, and Section 17(a) of the Securities Act of 1933.

Defendant Silver was the co-founder, managing partner, and chief operating officer of his business, International Investment Group LLC (“IIG”), which specialized in advising clients in investments in emerging market economies. IIG formed three private funds with stated strategies of investing trade finance loans marketed to qualified institutional investors.

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