Is the Federal Government investigating Prime Storage Fund II or Prime Storage Fund I?
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Did you invest in Prime Storage Fund II or Prime Storage Fund I issued by Prime Group Holdings? A recent article in the Wall Street Journal suggests that the funds may be under scrutiny by federal authorities. Call our experienced securities attorneys for a free consultation to determine whether you may have purchased an unsuitable investment and could be eligible for compensation.
As reported in the Wall Street Journal on August 15th, 2018, federal authorities have been investigating the business practices of Robert C. Morgan in connection to potential large-scale commercial mortgage fraud. The article can be found here, https://www.wsj.com/articles/u-s-pursues-one-of-the-biggest-mortgage-fraud-probes-since-the-financial-crisis-1534357872
Other individuals and business entities are being drawn into the probe. One of the other entities being scrutinized in the federal inquiry, according to the Wall Street Journal, is Prime Group Holdings. This Saratoga Springs, New York-based company, which specializes in self-storage facilities, is owned by Robert J. Moser. It should be noted that at this time neither Robert C. Morgan nor Robert J. Moser have been accused of any wrongdoing.
According to the Wall Street Journal, Prime Group Holdings’ owner, Robert J. Moser touted his business ties with Robert C. Morgan – noting on his company’s website that he and Mr. Morgan had acquired a $4 billion real-estate portfolio (the entry regarding ties to Mr. Morgan has since been removed).
According to Prime Group Holdings’ website, goprimegroup.com – the company has issued two private placement real estate funds: Prime Storage Fund I and Prime Storage Fund II. Prime Group Holdings touts that it has accepted $825 million in subscriptions from the two funds.
According to SEC filings, Prime Storage Fund I subscriptions may have been sold to investors by Alternative Access Capital, LLC (CRD# 129469 – SEC# 66226), a brokerage firm in California. Further, according to SEC filings, Prime Storage Fund II subscriptions may have been sold to investors by Champlain Advisors, LLC (CRD# 129560 – SEC# 66233), a brokerage firm based in Puerto Rico.
If you, or a loved one, invested in Prime Storage Fund I or Prime Storage Fund II, you may be interested in speaking to the experienced securities attorneys at Epperson & Greenidge, LLP. For a free and confidential consultation, contact us online, or call our law offices at (877) 445-9261 today. We have specific experience in assisting individuals or entities who have lost money after purchasing subscriptions in private placement investments (also called private equity or alternative investments). Let our firm help you recover any losses from these investments.