Pursuit Led $40M Asset Value Scam, Alpha Beta Says

Law360, New York (June 21, 2010, 7:49 PM EDT) -- Alpha Beta Capital Partners LP has accused Pursuit Investment Management LLC of committing a "bold and blatant fraud" when it inflated the value of loan debt assets it controlled in order to lure a $40 million investment from the plaintiff.

New York-based Alpha Beta first made the investments in 2006 but did not discover the alleged fraud until June 2009, when it sought to redeem its investment and learned the assets, said by Pursuit Investment to be worth $40 million, were in fact only worth $7...
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