FIRM NEWS and PRACTICE UPDATES

NYAG Brings Martin Act Proceeding Against Laurence G. Allen Concerning Allen Capital Partners and AC

On December 5, 2019, the New York Attorney General filed an action against Laurence G. Allen, ACP Investment Group, LLC and related entities, arising out of fraudulent misconduct committed as general partner in managing ACP X, LLC. A copy of the Complaint can be found here. According to the Complaint, beginning in 2004 Allen raised over $17 million in capital contributions from investors for a “fund of funds” strategy. Over the ensuing 15+ years, Allen diverted at least $5.7 million in funds from ACP to NYPPEX Holdings, LLC, a failing broker-dealer that Allen owned and controlled. Allen misrepresented the value of the NYPPEX assets, and other assets, in order to win ACP investors’ support fo

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