Did You Lose Money on Advanced Technology Select Funds?

Kurta Law is investigating recommendations of Advanced Technology Select Funds sold by PHX Financial, also known as Phoenix Financial Services.

Depending on which fund you invested in, it may have been managed by JJC Asset Management, KAJJ Management, or JJFT Management, all affiliates of Weathervane Asset Management.

If you lost money on any of the Funds listed below, contact Kurta Law for a free case evaluation. Call (877) 600-0098 or email info@kurtalawfirm.com.

High-Risk Investments

Weathervane Asset Management formed the following limited liability corporations to operate as private equity funds:

• Advanced Technology Select Fund XVI
• Advanced Technology Select Fund XIX
• Advanced Technology Select Fund XII
• Advanced Technology Select Fund XXII
• Advanced Technology Select Fund XI

Most of these funds offered Series A, B, and C interests to investors. These investments are private placements, which allow private companies to raise money from investors without going public. However, this also limits their liquidity, as private placements can’t be traded on public exchanges.

That also makes these investments Regulation D offerings and therefore exempt from registering with the Securities and Exchange Commission. Unregistered securities don’t face the same disclosure requirements as public securities offerings, making them harder for investors to evaluate.

PHX Financial has sold other Advanced Technology Select Funds in the past, under the management of L3 Capital Advisors. Those funds included shares of Palantir, Jawbone/AliphCom, Airbnb, and Square, Inc.

What Can I Do If I Lost Money?

Brokers’ investment recommendations must comply with FINRA Rule 2111, which requires brokers to evaluate the suitability of their recommendation for an investor’s profile. Investment recommendations must be appropriate for an investor’s risk tolerance, liquidity needs, and financial goals.

Similarly, Regulation Best Interest requires brokerage firms to perform due diligence on investments and assess their risks before allowing their brokers to recommend them.

If you believe your financial professional recommended an unsuitable investment product, contact an experienced investment fraud lawyer today.

Call (877) 600-0098 or email info@kurtalawfirm.com.