Did your broker/dealer or financial advisor recommend Hedgehog Investments LLC?
The Utah Division of Securities issued a cease-and-desist order to Lehi-based Hedgehog Investments LLC, following allegations that the company and its subsidiaries were not licensed to sell securities and had been allegedly operating a classic Ponzi scheme.
According to an article from the Salt Lake City Tribune, Hedgehog Investments LLC, a Lehi-based firm that allegedly promised returns on investments as high as 49%, and its associates, were never licensed to sell securities. All the money it obtained, the state claims, was allegedly obtained illegally. “The Division’s preliminary analysis of financial records showing misuse of investor funds presents a grave and immediate harm to investors and the investing public,” the order says. “The Division believes that Respondents will continue to illegally solicit investor funds from Utah investors as they continue to promote and offer these illegal investments to the unsuspecting public and will continue to do so if not ordered to cease and desist.” According to the cease-and-desist order, Hedgehog CEO Matt Bates ran Hedgehog Investments alongside Joshua Bishop. Hedgehog Investments branched into Hedgehog I and Hedgehog II, all three businesses are registered to the same address and list Bates and Bishop as the principal managers. Will Vigil, who managed Hedgehog’s investments as a principal at his own business, Sunnyside Equity Holdings.
Allegedly, Hedgehog Investments LLC owners misappropriated investor funds, and prior investors were allegedly paid from new investor funds in a typical Ponzi style. According to the investigation, none of the investors’ funds ever generated any dividends.
If you’ve suffered losses in Hedgehog Investments LLC or its related affiliates due to your broker/dealer or financial advisor’s recommendation, contact Soreide Law Group and speak to an experienced securities lawyer at no cost: 888-760-6552.
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