experience with Hughes Private Capital
I would like to know the experience of other people with Hughes Private Capital. In recent days I have been contacted by several investors and lawyers who claim to have a problem with Hughes Private Capital.
We do not have any NDA with Hughes Private Capital and we filed a lawsuit against them to get part of our principal back. Never received any interest after lawyer fees. Everything I am expressing here was part of a deposition where either Hughes Private capital owners or their CPA were engaged. During deposition they never refuted any of the facts that I mention here. We have proof of everything below. If you have similar experience, please contact my lawyer Noel Stout (Nstout at abdmlaw dot com) or Rich at NVlawyers dot com.
We invested in one of their funds (assuravest llc). We had to sue to get our money back. In the discovery process we found that most of the things they said were lies and they even misrepresented their experience credentials in the note world. Both the owners are uneducated in the finance world (one has a high school degree only). They used our principle to pay other investor's investment returns (which is very definition Ponzi scheme). They created a second fund using the same name and invested in similar instruments (non-performing notes). The notes they bought were not recorded in proper databases and they used 2 tabs of an excel document to track the 2 funds (how easy it is to cheat). While the fund was performing very poorly, they sent us statements every quarter regarding how our fund was growing as intended. When we asked for documents through court, they created a folder called (investor_name_waste of time). They gave away millions of our money to some note broker without getting much of the actual notes. So, the money was never put in any escrow account (which idiot would do so). The notes they received were never recorded anywhere other than excel documents. They also mocked us by sending us a book called "how we sleep at night" etc. We have all the documents and proof in black and white. They paid themselves fat fees even though fund was losing money hand over fist. We were promised that we can withdraw any time after a certain period. When we asked for our money back they immediately halted all payments (or they said so). Does this ring a bell? That is when we decided to sue them. They settled with us just before the actual trial date. We did not get any interest, so it was a loss for us. The extra money we got went to lawyer and we had to pay some from our pocket. There were many many more inappropriate actions as related to financial transactions and record keeping
They also mixed funds by lending to other funds and then draining our principal in paying interest to themselves and other funds. If you decide to sue them, please include their CPA firm because this firm enables these 2 owners. The CPA firm knew about much of the fraud. I hope at some point Nevada Securities Commission will look into this case because this is pure play ponzi.
I can be reached through this website or pinaki at utexas dot edu. I will be more than happy to help anybody who may have questions about this company.