The perpetrator is Waterton Global Resource Management and the victims include 10’s of thousands of public investors together with public pensions from Michigan, Louisiana, Hawaii and Nevada. In addition, according to Cheryl Brandon of Waterton, the endowment funds of Harvard, Stanford and Berkeley are also significant investors in Waterton Precious Metals Fund II where US$2.1 billion is allegedly ‘at risk’ of asset mispricing.

Eide Bailly LLP, in their 2016 public audit of the Nevada Capital Investment Corp (“NCIC”) stated “We consider Finding 2016-A described in the accompanying Schedule of Findings and Responses to be a material weakness.” The annual report goes on to say. “In August 2012, NCIC contracted with the firm of Hamilton Lane to serve as the professional fund-of-funds manager for the program. Together with the NCIC, Hamilton Lane formed the Silver State Opportunities Fund (SSOF) LLC to serve as the investment vehicle to make private equity investments. Hamilton Lane also contributes equity to the SSOF. As the fund-of-funds manager for SSOF, Hamilton Lane has discretionary authority to make all investments within the statutory, regulatory and contractual parameters set by Nevada.” 

In 2014 Hamilton Lane invested in Waterton Precious Metals Fund II on behalf of the NCIC.

Canada has become the world’s playground for financial fraud. Bockhold Investment Management (“BIM”) and the BIM Committee, representing 150 client families of BIM, have been on a relentless…

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