Smart Money Secured Income Fund, LLC, Turnkey Investment Fund, LLC and Accelerated Asset Group, LLC and Ronald A. Fossum, Jr. – Goodman & Nekvasil P.A. May Recover Investor Losses
Securities and Exchange Commission Enters Final Consent Judgment against Ronald A. Fossum, Jr., owner of Smart Money Secured Income Fund, LLC, Turnkey Investment Fund, LLC and Accelerated Asset Group, LLC
According to the SEC’s complaint, Fossum misappropriated hundreds of thousands of dollars of investor funds he raised through unregistered securities offerings of three investment funds he owned and controlled: Accelerated Asset Group, LLC; Smart Money Secured Income Fund, LLC; and Turnkey Investment Fund, LLC. The complaint alleged, among other things, that Fossum used fraudulent statements and material omissions to induce more than one hundred investors to invest in his funds, and that he repeatedly breached his fiduciary duties to the funds by indiscriminately commingling fund assets to satisfy the funds’ liquidity needs.
According to the complaint, from approximately March 2011 through at least June 2016, Fossum raised over $20 million from over one hundred investors in three pooled investment funds that he managed: (a) Smart Money Secured Income Fund, LLC (“Smart Money Fund”), which invested principally in real estate, websites, oil and gas ventures, and securities; (b) Turnkey Investment Fund, LLC (“Turnkey Fund”), which invested in oil and gas ventures; and (c) Accelerated Asset Group, LLC (“Accelerated Asset”), which invested in distressed consumer debt (Smart Money, Turnkey Fund, and Accelerated Asset are, collectively, the “SMFG Funds”).
According to the complaint, in connection with raising investor money and managing the SMFG Funds, Fossum engaged in multiple fraudulent and deceptive acts, including misappropriating money for various personal expenses, misrepresenting the financial condition of the funds, concealing one fund’s inability to redeem investments as promised in offering documents to investors, and indiscriminately commingling fund assets and transferring money between funds. According to the complaint, Fossum and Cahoon also made material misstatements and misleading omissions in offering documents regarding compensation they received from one of the funds.
In June 2016, according to the complaint, Fossum caused the SMFG Funds and the Managing Entities to file for bankruptcy. According to the complaint, the consolidated bankruptcy estate, which includes the SMFG Funds, is presently being liquidated, and it is not probable that it has sufficient assets for any meaningful repayment of the more than $20 million in principal contributed by investors.
Smart Money Secured Income Fund, LLC, Turnkey Investment Fund, LLC and/or Accelerated Asset Group, LLC May Recover their Losses with Goodman & Nekvasil, P.A.
If you purchased your Smart Money Secured Income Fund, LLC, Turnkey Investment Fund, LLC and/or Accelerated Asset Group, LLC investment from a licensed financial advisor, Goodman & Nekvasil, P.A. can help you. Goodman & Nekvasil, P.A., a Clearwater, Florida, law firm with a national practice representing victimized investors, has filed hundreds of cases against brokerage firms selling high-risk or fraudulent investments such as Smart Money Secured Income Fund, LLC, Turnkey Investment Fund, LLC and Accelerated Asset Group, LLC and has recovered more than $180 million dollars on behalf of victimized investors.
All our cases are handled on a purely contingency fee basis by Kalju Nekvasil, Esq., formerly regional counsel with the NASD, now known as FINRA. Kalju Nekvasil, Esq. has practiced in this area of the law for more than 35 years.
There is no charge for an evaluation of your case. Further, we handle our cases on a contingency fee basis. This means that unless we recover money for you, we charge no attorney’s fee. Unless you recover any money, you pay us nothing, not even the costs and expenses which the firm will advance on your behalf. Finally, the filing of such a case should not affect your ownership of your Smart Money Secured Income Fund, LLC, Turnkey Investment Fund, LLC and/or Accelerated Asset Group, LLC investment.
If you incurred losses on your investment in Smart Money Secured Income Fund, LLC, Turnkey Investment Fund, LLC and/or Accelerated Asset Group, LLC and would like your case evaluated by a securities attorney (again, there is no charge for an evaluation and all cases are handled on a purely contingency fee basis), please contact us.
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