AMERICAS DISTRESS DAILY: Prophecy Collapse Brings Guilty Pleas

The collapse of Prophecy Asset Management will bring more guilty pleas, a prosecutor said, as the US seeks to hold accountable those responsible for the $294 million loss. The disclosure came at a federal court hearing to set a trial date for Prophecy executive Jeffrey Spotts.

• Prosecutors are also pursuing a lawsuit against Prophecy adviser Brian Kahn, who allegedly helped run a “multiyear investment adviser fraud” and is an unindicted co-conspirator in the firm’s collapse.
• The trial for Jeffrey Spotts has been set for January 12, after the judge rejected the prosecution’s request to delay the trial until March or ...