The Oppenheimer Global Resource Private Equity Fund, L.P. (the "Global Resources Fund") was launched by Oppenheimer Holdings, Inc. (Oppenheimer) in April 2008. Oppenheimer raised over $200 million for the Global Resources Fund from investors throughout the United States. Over the life of the fund, Oppenheimer has reported valuations and performance to existing and new investors. The question recently raised by the United States Securities and Exchange Commission (SEC) is whether Oppenheimer misrepresented the valuation and performance of the Global Resources Fund to retain old investors, to avoid lawsuits, and attract new investors. The SEC and Massachusetts Attorney General's office have been actively investigating Oppenheimer and the Global Resources Fund.
It has been reported that the investigation of Oppenheimer is focused on its overvaluation of a single holding within the Global Resource Fund. Apparently, the overvaluation transforms the fund's actual loss of 6.3% in 2009 into a profit of over 38%. If that is what Oppenheimer did, then the overstatement is nothing short of a gross misrepresentation of the fund's performance.
During the relevant period, Oppenheimer continued to market and sell investments in the Global Resource Fund. It appears that Oppenheimer raised an additional $55 million from investors with false and misleading information during the same period. If true, investors relying on the false and misleading performance information would have a good claim for fraudulent misrepresentations and omissions, breach of fiduciary duty, negligence and breach of contract.
Have you suffered losses resulting from an investment in the Global Resources Fund? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation. Mr. Pearce is actively investigating and accepting clients with valid claims against Oppenheimer and it's stockbrokers who fraudulently offered and sold the fund to investors.
The most important of investors' rights is the right to be informed! This Investors' Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 30 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors' rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.
It has been reported that the investigation of Oppenheimer is focused on its overvaluation of a single holding within the Global Resource Fund. Apparently, the overvaluation transforms the fund's actual loss of 6.3% in 2009 into a profit of over 38%. If that is what Oppenheimer did, then the overstatement is nothing short of a gross misrepresentation of the fund's performance.
During the relevant period, Oppenheimer continued to market and sell investments in the Global Resource Fund. It appears that Oppenheimer raised an additional $55 million from investors with false and misleading information during the same period. If true, investors relying on the false and misleading performance information would have a good claim for fraudulent misrepresentations and omissions, breach of fiduciary duty, negligence and breach of contract.
Have you suffered losses resulting from an investment in the Global Resources Fund? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation. Mr. Pearce is actively investigating and accepting clients with valid claims against Oppenheimer and it's stockbrokers who fraudulently offered and sold the fund to investors.
The most important of investors' rights is the right to be informed! This Investors' Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 30 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors' rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.
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