Global Money Management LP and Zenith Capital
The SEC has frozen the remaining assets of Global Money Management LP, a La Jolla, CA based hedge fund. Investors should look into legal action to recover money.
The SEC complaint named San Diego-based Global Money Management, L.P., (GMM) an unregistered private hedge fund, LF Global Investments, LLC (LF Global), which operated GMM, and Marvin I. Friedman, 65, of La Jolla, California, who controlled both entities.
The Commission's complaint alleges that since 1993, the defendants have sold, in an unregistered offering, limited partnership interests in GMM, a purported private hedge fund that invested in securities, such as stock and stock options. While the amount of money actually raised is not known, Friedman has told investors at various times over the last several months that the hedge fund held assets ranging from $60 million to over $100 million. GMM's brokerage records, however, show that, since at least December 2002, the securities it holds have been worth no more than $11 million. In addition, Friedman touted his investment experience but failed to inform investors about his disciplinary history, including that he has been barred from association with any member of the NASD.
Shepherd Smith Edwards & Kantas LTD LLP is in the process of helping them recover their losses.
If you lost money in this fund, or with another fraudulent fund or stockbroker, contact us as soon as possible to learn how we may be able to help you recover your investment losses.