New Jersey Investment Firm Accused of Bilking Investors Out of $12 Million

by Wall Street Fraud on August 24, 2012

Philadelphia securities fraud lawyerA New Jersey investment firm and its executives are facing charges that they defrauded investors and raised approximately $12 million through the sale of unregistered securities. Osiris Fund Limited Partnership, Osiris Partners, LLC, and 10 individuals are named in the securities fraud lawsuit.

According to New Jersey Today, the defendants created false investor account statements, overstated Osiris Fund’s net asset value to generate higher management fees and hide losses, and hired unregistered agents to sell limited partnership interests in the Osiris Fund. Approximately 76 investors were allegedly defrauded.

“The defendants allegedly lied to investors and then created false records to maintain their deception. We allege these defendants enriched themselves by pocketing at least $4 million of investors’ hard-earned money from the fund while they concealed substantial losses,” Attorney General Jeffrey S. Chiesa said. “We’re asking the court to freeze the defendants’ assets, with the goal of returning money to the defrauded investors.”

“This case clearly illustrates why we urge consumers to perform their due diligence before investing their money,” added Eric T. Kanefsky, Acting Director of the State Division of Consumer Affairs. “Unregistered people selling unregistered securities are serious red flags, as is any past criminal history in the securities industry.”

If you have been the victim of investment fraud or negligence, we may be able to help you recover your losses. Contact us today at 215-839-3953 for a free consultation.

At Wall Street Fraud, we are dedicated to offering assistance to those who have been hurt by improper corporate or investment practices.

If you have been the victim of stock brokerage fraud, securities fraud, mutual fund fraud, stockbroker fraud, annuities fraud, or any other type of investment fraud or negligence, please contact our securities fraud attorneys today for a free case evaluation. Our talented and aggressive legal and professional staff is eager to help you recover your losses.

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