Lars Soreide, Esq., of Soreide Law Group is bringing claims on behalf of investors through the Financial Industry Regulatory Authority (FINRA), against Ken Miller for the sale of the Hennessey Fund f/k/a the Hennessey Fund also known as Capital Solutions.
Ken Miller sold the Hennessey Fund while at NFP Securities, when he worked for NFP in their LaFayette, LA office from 12/03 through 11/09. The Securities and Exchange Commission (SEC) is investigating the Hennessey Fund. On or about September, 2008, the name of the fund was changed from the Hennessey Fund to Capital Solutions Monthly Income Fund, L.P. (CS). In March, 2009, CS informed investors that the monthly distribution rate would be reduced from 12% to 6% annually. In July of 2009, CS stopped all monthly distributions under the auspices of implementing a new strategy to increase liquidity by the assumption of the CS fund by True North Finance Corporation. Investors have not received any distributions since March 2009, and have lost 100% their original investment. True North Finance Corporation informed investors that it had assumed the CS fund as of October 15, 2009. True North Finance Corporation began sending quarterly statements to investors beginning with the third quarter of 2009. The last statement was sent out by True North Finance Corporation to investors in the second quarter of 2010. The Securities and Exchange Commission (SEC) as of September 22nd, 2010, has now charged CS with fraud. The Fund's sole purpose, was to make loans to a single borrower. The SEC alleges that the Fund never had any meaningful income and was using new investor funds to pay existing investors.
If you lost money in the Hennessey Fund/True North/Capital Solutions please contact Soreide Law Group at (888) 760-6552.
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