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Grifphon Fund Lawsuit - Yosef Jawed

On September 20, 2012, the SEC announced that it had filed fraud charges against Yosef Jawed ("Jawed") a principal for the Grifphon Funds. The Complaint alleges that Jawed ran a $37 million fraudulent Ponzi scheme.

Brokerage Firms that recommend the Grifphon Funds to their clients may be held liable for client losses if they are found to have misrepresented the risks associated with the funds or if they failed in their due diligence requirements.

One Brokerage Firm, Raymond James, has already been found liable for a customer's losses that invested in the Grifphon Funds.