TAMPA, FL – Scott Ilgenfritz, a partner with the Johnson, Pope, Bokor, Ruppel & Burns, LLP, law firm in Tampa, Florida, is investigating potential claims by investors who were sold secured notes issued by Odyssey Properties III, LLC, and other “Odyssey” limited liability companies. The other “Odyssey” limited liability companies affiliated with Odyssey Properties III, LLC, include Odyssey Residential II, LLC; Odyssey Diversified VI, LLC; Odyssey Diversified VII, LLC; and Odyssey Diversified IX, LLC. The “Odyssey” limited liability companies issued secured notes which were sold to investors to provide capital for real estate development projects undertaken by the “Odyssey” entities or their affiliates.
Beginning in November, 2006, Odyssey Properties III, LLC, began selling secured notes through a private placement offering of the notes. Odyssey Properties III, LLC, notified the Securities and Exchange Commission (“SEC”) that it intended to sell $28,500,000 of the secured notes. The broker/dealers that sold the Odyssey Properties III, LLC, secured notes to investors include Odyssey Securities, LLC; Allen & Company of Florida, Inc.; Capital Financial Services, Inc.; Calton & Associates, Inc.; and VSR Financial Services, Inc. Odyssey Residential II, LLC, notified the SEC that it intended to sell $13,500,000 of secured notes through a private placement offering. Each of Odyssey Diversified VI, LLC; Odyssey Diversified VII, LLC; and Odyssey Diversified IX, LLC, informed the SEC that they intended to sell $20,000,000 of secured notes.
Investors to whom these secured notes were sold may have sought yields on a fixed income investment which were higher than those available on traditional fixed income investments such as U.S. Treasury bonds, tax-free municipal bonds, and taxable bonds. The sales presentations made to potential investors may well not have disclosed the risk associated with the secured notes or the illiquidity of the secured notes.
On August 2, 2010, Odyssey Properties III, LLC, filed a petition for Chapter 11 bankruptcy protection in Tampa, Florida. The filing of the Chapter 11 bankruptcy by Odyssey Properties III, LLC, could adversely affect investors’ receipt of interest payments and the repayment of principal on the secured notes.
The securities arbitration and litigation attorneys of Johnson, Pope, Bokor, Ruppel & Burns, LLP, represent investors across the nation who have been victims of the negligence or fraud of stockbrokers, broker/dealers, and investment advisors. The firm’s securities arbitration and litigation attorneys have in excess of sixty years experience in representing institutional and individual investors seeking to recover losses caused by the negligence or fraud of financial professionals and their firms.
About Scott C. Ilgenfritz
Scott Ilgenfritz is a securities arbitration and litigation lawyer, and in 1997, was designated by The Florida Bar as a Board Certified Business Litigation Specialist. He has achieved an AV® rating in the Martindale-Hubbell Law Directory – the very highest peer-review rating in the legal profession, for professional ability and adherence to professional standards of conduct and ethics, reliability, and diligence.
Contact:
Scott C. Ilgenfritz, Esq.
Board Certified Business Litigation Specialist
403 E. Madison Street, Suite 400
Tampa, Florida 33602
scotti@jpfirm.com
Info: http://www.florida-securities-fraud-lawyer.com
Telephone: 813-225-2500
Toll Free: 800-775-0005
