Have you suffered investment losses in a Odyssey limited partnership or secured note investment? If so, The White Law Group may be able to help.
An affiliate of Century Realty Funds, Odyssey Diversified IX, LLC, filed for chapter 11 bankruptcy back in 2012 along with Odyssey Diversified VI and VII.
According to a letter from the Trustee of Odyssey Diversified IX to some investors, all properties of the company have been liquidated and final distributions have been made as of July 2013. The Palm Center and Wabash Shopping Center was the last of the properties to be sold and allowed the company to fund $2,200,000 toward the repayment of the Notes.
Unfortunately for some investors, investments in real estate limited liability companies, like Odyssey Diversified LLC, are portrayed as safe, when in many cases they are speculative investments appropriate for sophisticated investors.
Brokers dealers that sold Odyssey Diversified investments have a fiduciary duty to disclose all the risks to investors. In addition, brokerage dealers have an obligation to make investment recommendations that are suitable for an individual given their age, net worth, investment experience and objectives, liquidity needs and risk tolerance. It appears that many brokerage firms failed to perform the necessary due diligence with respect to Odyssey Diversified investments prior to recommending them to their clients.
The White Law Group is investigating potential securities fraud claims on behalf of investors in Odyssey limited liability companies. Specifically, the firm is reviewing the liability that brokerage firms and financial professionals may have for recommending that investors purchase these risky investments.
According to Odyssey Diversified IX form Reg-D, broker dealers that sold these investments include Gramercy Securities, Calton & Associaties, VSR Financial, Allen & Company of Florida, and Sage Rutty and Company, among others.
Broker-dealers that have not done their fiduciary duty or performed adequate due diligence when selling investments may be liable for investment losses.
If you invested in the Odyssey Diversified and would like to discuss your litigation options, please call the securities attorneys at The White Law Group at (312)238-9650 for a free consultation.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Boca Raton, Florida.
For more information on The White Law Group, please visit our website at https://www.whitesecuritieslaw.com.