Berger Montague Investigates Claims on Behalf of Investors in TCA Global Credit Master Fund
PHILADELPHIA, Jan. 23, 2020 /PRNewswire/ -- Berger Montague announces that it is investigating claims on behalf of investors in TCA Global Credit Master Fund, the main credit hedge fund of TCA Fund Management Group Corp.
If you wish to discuss your investment in the TCA Global Credit Master Fund or have any information about the Fund, please contact our attorneys Barbara A. Podell, Esq. at (215) 875-4690 or Michael Dell'Angelo, Esq. at (215) 875-3080, or visit www.bergermontague.com.
TCA Fund Management Group Corp. announced on January 23, 2020 that it is shutting down its main credit hedge fund, TCA Global Credit Master Fund, after the Securities and Exchange Commission ("SEC") initiated an investigation into its accounting and customers asked to withdraw their money. According to media reports, a letter to TCA Global Credit Master Fund investors informed them that the Fund has "received redemption and withdrawal requests in excess" of available cash. The liquidation comes amid an ongoing SEC investigation relating to TCA Management Fund Group Corp.'s accounting practices.
Also according to media reports, three employees of TCA Fund Management Group Corp. filed a whistleblower complaint with the SEC and then went public by speaking with NBC News. According to the whistleblowers, the TCA Fund Management Group Corp. has $300 million in assets—not $500 million—and is earning 1.92% per year—not 7 to 8%, as claimed in communications with investors. The TCA Global Credit Master Fund, which lends money to small and mid-sized companies in distress, has failed to book losses on defaulted loans and has recorded fee revenues it has not received and never will receive, according to the employees.
Berger Montague, with offices in Philadelphia, Minneapolis, Washington, D.C., and San Diego, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for five decades and serves as lead counsel in courts throughout the United States.
Contacts
Barbara A. Podell, Shareholder
Berger Montague
(215) 875-4690
[email protected]
Michael Dell'Angelo, Managing Shareholder
Berger Montague
(215) 875-3080
[email protected]
SOURCE Berger Montague
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