HOUSTON, Feb. 28, 2019 (GLOBE NEWSWIRE) -- Our firm is investigating Brett Pittsenbargar and his various financial companies on behalf of a number of his investors. Pittsenbargar is the founder and principal of BP Financial & Tax Design Group, Ironbridge Asset Fund, LLC, and Ironbridge Asset Fund 2, LLC. In January 2017, Pittsenbargar was disciplined by the Texas State Securities Board for selling investments issued by the Woodbridge Mortgage Investment Fund 3, LLC. Pittsenbargar was allegedly selling these investments to Texas residents, despite the fact these investments were securities, and Pittsenbargar was not properly licensed to sell securities. Ultimately, Woodbridge was found to be a massive Ponzi scheme for over $1 billion in investor assets. The Securities and Exchange Commission in January 2019 obtained a $1 billion court judgment against various operators of Woodbridge.
Additionally, Ironbridge 1 & 2 are believed to be Pittsenbargar’s private hedge funds. Pittsenbargar allegedly purchased substantial amounts of Woodbridge investments for these funds as well, putting additional investor funds at risk to this Ponzi scheme. Hedge funds, along with other securities which are not registered with the Securities and Exchange Commission, include substantial protections intended to protect the retain investing public from unscrupulous advisors, among others. These include specific limitations about who can be solicited to invest in these funds.
Despite these legal limitations, upon information and belief, Pittsenbargar solicited numerous Texas investors to invest in his Ironbridge funds who were not properly accredited investors to whom hedge funds can legally be offered and sold. Others may have been convinced to invest in Ironbridge based upon misrepresentations or unsuitable recommendations to invest. These investors may have a claim to recover funds lost to these investments.
If you are or were a client of Brett Pittsenbargar or any of his financial entities or have any information about these investments that were offered and sold, please contact the law firm of Shepherd, Smith, Edwards & Kantas LLP. Any information you provide will be kept strictly confidential, and you will not be charged in any way for contacting the firm.
Contact Info: 800-259-9010
Samuel Edwards sedwards@sseklaw.com
Ryan Cook rcook@sseklaw.com