Press Release – After years of investigating claims of ponzi scheming and fraudulent valuation, primarily lodged by two disgruntled former employees who had been terminated for improper conduct, The NIR Group and its Managing Partner, Corey Ribotsky have been vindicated in part by the fact that the Securities Exchange Commission’s (SEC’s) long running investigation failed to make a case in support of these specious claims.

There are no claims that NIR fraudulently valued the assets of the funds or that NIR took fees that it was not entitled to take. Rather, the SEC’s complaint focuses on an alleged misappropriation of approximately $1 million dollars against the backdrop of a fund that had in excess of $800 million in total assets in addition to tens of millions of dollars of fees paid to NIR.

The vast remainder of the Complaint “cherry picks” emails from 2007 and 2008 in an attempt to allege that NIR and Mr. Ribotsky mislead a very small number of investors or potential investors about the time it would take to liquidate the portfolio of the NIR funds. The SEC’s complaint makes no mention of the offering memorandum given to potential investors or the risk warnings set forth in said memorandum addressing the very risks they claim are at the center of their allegations.

“I think the complaint appears to be a stretch in an attempt to justify approximately two years of time and resources poured into the investigation,” says Ribotsky’s lawyer and spokesperson Brad Gerstman. NIR and Ribotsky look forward to defending these allegations in court.