Velissaris for violating the anti-fraud and other provisions of the Commodity Exchange Act. The Commodity Futures Trading Commission (“CFTC”) also filed a civil action against Mr. Velissaris for violating the anti-fraud and other provisions of the federal securities laws. Īlso on February 17, 2022, the Securities and Exchange Commission (“SEC”) commenced a civil action against Mr.
Velissaris’s alleged orchestration of a scheme to defraud investors, mismark securities, and falsify documents. Regulatory Update: On February 17, 2022, the United States Attorney’s Office for the Southern District of New York (“SDNY”) unsealed an indictment charging James Velissaris, the founder and former chief investment officer of Infinity Q Capital Management LLC (“IQCM”), with securities and other frauds, making false statements to auditors, and obstruction of justice. The Fund has provided the A&M revaluation results to the SLC for its investigation and pursuit of potential claims on behalf of the Fund. When A&M’s valuations are used for calculation of the Fund’s NAV, the Fund’s reported month-end NAV was overstated by less than 10% prior to October 31, 2019, more than 10% from Octothrough January 31, 2021, and for most months in 2020 it was more than 30% overstated. Based on A&M’s independent valuation, A&M concluded that the Fund’s Bilateral OTC Positions were overstated at each month-end date from February 2017 through January 31, 2021. Re-Valuation of Fund Assets: Alvarez & Marsal (“A&M”) recently finalized its evaluation of the extent to which the Fund’s Bilateral OTC Positions were overstated in prior periods and the effect on the Fund’s NAV for prior periods. However, shareholders should expect it will take several days for the intermediaries and custodians to credit the shareholder accounts.
Liquidation sites update#
The Fund will update the website once the distribution is made. The Fund anticipates it will begin sending checks and distributing amounts to intermediaries with respect to the interim distribution in April 2022. After the completion of the second interim distribution, the Fund will have distributed more than 50 percent of the Fund’s assets after completion of the liquidation mandated under the SEC’s Order of February 22, 2021. As of June 27, 2022, the Fund has distributed more than $160 million in the Second Interim Distribution.įund Announces Second Interim Distribution of $170 Million: The Fund has commenced the process of making an interim $170 million distribution to the Fund’s shareholders in accordance with the Fund’s Plan of Distribution (the “Plan”), a copy of which can be found at Plan of Distribution. The Fund is awaiting additional trading data from NATC and upon receipt, funds will be wired for payment to shareholders who held shares at NATC. Funds for UMB accounts were wired on May 10, 2022, and funds for SEI Private Trust were wired on June 24, 2022.
:max_bytes(150000):strip_icc()/BStock-9fd630da6bf0478c8477191e9282d70f.jpg "liquidation sites")
On May 4, 2022, the Fund disbursed funds for the distribution allocated to accounts at Fidelity. Checks for the shareholders who have direct accounts were mailed the week of May 2, 2022. In total, there are more than 30,000 distinct shareholder accounts holding shares of the Fund, and it will take several days and likely weeks for the intermediaries and custodians to credit the shareholder accounts.
Update on Second Interim Distribution: On April 28, 2022, the Fund wired funds for the Second Interim Distribution to all intermediaries and custodians with a few exceptions described below. Shareholders with account-specific maintenance questions or requests may call the Fund at 84 for more information. All questions about the distribution process should be directed to the website and not the Fund's telephone line, which is limited to maintenance questions or requests. The Fund will strive to answer as many inquiries as it can through the FAQ section of the website.
Shareholders or their representatives who have questions about the Fund can submit them using the “ Submit Inquiry” link above. This website is operated by the Infinity Q Diversified Alpha Fund (the “Fund”) to provide information on the Fund’s liquidation and distribution process.* Please check this website regularly for future updates and information, as well as for certain Fund documents relating to the Fund’s liquidation and distribution.
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