Soreide Law Group is investigating claims into Kenneth R. Miller, who was selling the True North Fund while at NFP Securities.
Kenneth Miller entered into an Acceptance, Waiver, and Consent ("AWC" 2011029137801) with the Financial Industry Regulatory Authority, also known as FINRA, for his role in the sale of the True North Fund a/k/a Hennessey Fund.
True North Finance Corporation (f/k/a Capital Solutions Monthly Income Fund, LP, and Hennessey Financial Monthly Income Fund, LP) was in the business of making mezzanine real estate loans. The mezzanine real estate loans were loans in which True North's security interest in the real estate collateralizing the loan was subordinate to a more senior lender. In order to fund the mezzanine loans, True North sold limited partnership interests to individual investors. According to the terms of True North's Offering Memorandum, each purchaser of a limited partnership interest was to receive monthly income distributions "to the extent of available cash" of 1% (12% annualized) of principal used to purchase the limited partnership interest.
From approximately January 8, 2007, through approximately December 19, 2008, Kenneth Miller sold the True North limited partnership interests to approximately 22 customers in totaling $1,375,000.
In May 2008, True North began experiencing financial difficulties as a result of defaults on repayment of mezzanine loans extended by True North. Consequently, during 2009, True North ceased making income distributions to individual investors, including customers of Miller. On or about May 4, 2010, the Securities and Exchange Commission issued a subpoena for documents to True North. Finally, on September 21, 2010, the SEC filed a complaint alleging offering and accounting fraud on the part of True North. Investors in True North have been unable to liquidate their investments, and as a result, have effectively lost the entire amount of their principal investments.
If you purchased these investments through Kenneth Miller or another NFP broker please call (888) 760 6552 to discuss your legal rights.
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