QFA, a multimillion-dollar pooled investment fund, and its chief analyst and trader, the late Michael Anderson, who was based in Vail, Colorado, are facing several lawsuits alleging negligence. Allegedly, he and the company recommended investors put their money in a now defunct company, Bighorn Wealth Fund. The client say they would not have lost money if QFA had “properly and diligently vetted” Anderson before telling him to recommend and sell the fund. QFA failed to say that Anderson never attended Harvard or obtained a master’s degree in business, had not connections to the Jaguar Fund and never held a securities license, filed for Chapter 7 bankruptcy, had a judgment and tax lien against him in the state of New York, had an offense that required him to register as a sex offender and had set up a fake third-party administrator to send Bighorn investors rosy weekly performance updates. All of these are against securities laws.
Bighorn Wealth Fund is an exchange-traded fund and trade like common stocks, but are more risky and illiquid investments, like those in precious metals or commodities. Anderson touted the investment as low risk and would be exited in “under 20 minutes and returned to cash to eliminate risk to the portfolio and that Bighorn’s goal was to be in cash at the end of the trading day.” The Securities and Exchange Commission (SEC) and police are investigating him and his business practices. He was found dead in his home in February, with hard drives pulled from computers, documents destroyed and client files missing. He is thought to have committed suicide.
A broker such as Michael Anderson has a duty to only recommend and sell those investments that are suitable to clients. If he does not, his brokerage firm may be held liable for losses. To find out how to sue his firm, QFA, please call our securities law firm to speak to an attorney. The call is free with no obligation. We take cases on a contingency fee basis only. Please call today as there is a statute of limitations on most cases.
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