Have you suffered losses investing in the Maize Fund LP? If so, the securities attorneys of The White Law Group may be able to help.
According to PonziTracker.com, Scott M. Ross was sentenced to six years in prison for orchestrating a Ponzi scheme. Ross operated a purported insurance investment business called Harbor Wealth Management in Illinois. Between 2006 and 2009 Ross offered and sold three investment funds: the Elucido Fund, LP, the Moondoggie Fund, LP, and the Maize Fund LP. Ross pled guilty to mail fraud in connection with the $5 million he allegedly swindled from investors.
According to an action filed by the Illinois Secretary of State Department of Security, “Maize Fund L.P.” allegedly involved commodities trading in foreign exchange, energy, precious metals and interest rate products. Reports indicate the fund set up an account with a third party foreign currency dealer involving euro and dollar exchanges.
PonziTracker.com reports that $2.7 milion was recovered from the liquidation of Ross’s business and personal assests. In addition to his six year prison sentence Ross was ordered to pay restitution in the amount of $3,699,834. It is unclear if or when Ross will be able to make the payment.
As such, The White Law Group is investigating other avenues of recovery, including potential claims against the brokerage firms that recommended these investments or employed advisors that recommended these investments. Broker dealers have a responsibility to perform adequate due diligence on any investment they recommend to determine that the investment is sound and has a reasonable likelihood of success. They also have a responsibility to make suitable investment recommendations to investors.
If your broker sold you Maize Fund LP without performing the necessary due diligence, they may be liable for investment losses. To speak with a securities attorney to discuss your litigation options, please call The White Law Group at (312)238-9650 for a free consultation.
The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Vero Beach, Florida.
For more information on the firm, visit www.WhiteSecuritiesLaw.com.