Infinity Q’s fund opacity leads to forced liquidation and now litigation

The Infinity Q entities are facing a private lawsuit that aims to become a class action, which was filed soon after the U.S. Securities and Exchange Commission charged those entities and other defendants with securities law violations, and one critical individual, James Velissaris, with fraud.

Velissaris is alleged to have maneuvered himself into a position as the sole decision maker for valuation, and then to have engaged in straightforward abuse of that position. 

The lawsuit illustrates that variance swaps in particular are complicated positions, and that their complexity can make them opaque to . . .

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