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Wall Street firm dangled 175% returns to investors using U.S. aid programs, Reuters says
By Lawrence Delevingne
Thursday, April 9, 2020
BOSTON -- A New York investment firm pitched wealthy investors in recent days on a way to make returns of 22% to 175% using U.S. government programs designed to help Americans keep their jobs and boost the coronavirus-stricken economy, according to a marketing document seen by Reuters.
Following questions posed by Reuters, Arcadia Investment Partners LLC, which has about $1 billion under management, said it had put its plans on hold.
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The idea was in "formative stages" and the firm was not “moving forward with this strategy given reasons that include uncertainty surrounding the regulations," Dahlia Loeb, managing director at Arcadia, told Reuters in an email on Wednesday. She did not elaborate further.
The firm had sent the pitch as recently as this weekend to "a limited number of sophisticated investors," according to the marketing materials, which are dated April 4 and marked confidential. In an email sent Sunday, and seen by Reuters, Loeb wrote it was a "highly time sensitive opportunity" and had offered to discuss it with investors that day or early in the week. ...
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