Beneficient is a Ponzi scheme
Anyone else following this dumpster fire of a firm in Texas called Beneficient? They basically convince low tier funds or funds like Hatteras to sell them their LP stakes in funds and instead of paying them cash they give them stock in Beneficient. Only issue is beneficient's stock is down like 80% from its IPO this summer so all these fools that did deals with them are now under water.
It's come out that these folks are just building the firm like a classic ponzi and management has been misappropriating funds.
One of the first firms to have negative revenue, too
Hope no one has to encounter them on the secondary market as it seems like whoever works there is currently blacklisted from the industry
A client of mine is invested in Hatteras Funds he is down big now after being up big in his holdings. Im trying to figure out if a order by a judge could possibly unlock the assets of the mom and pop investors that are now caught up in this investement. It seems crazy that Hatteras would actually go through with the deal when the house was burning down. What is even crazier is that this is not news? Finally, Hatteras has no seat on the board after forking over $300MM ?
I am trying to figure out if there is a way for a judge to freeze this POS company and just give the hatteras assets ie. good quality Private Equity investments back to the mom and pop investors in sort of a conservatorship?
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