Shuttered Fund, Auditor Withum Hit With Suit Over Valuations (1)

The Wildermuth Fund’s owners ran the closed-end investment vehicle for their own benefit with the help of WithumSmith&Brown PC’s clean audits before its liquidation, an investor’s proposed class action alleges.

Daniel and Carol Wildermuth, a married couple who owned the fund, failed to disclose risks associated with a strategy shift to private equity, according to the lawsuit filed Wednesday in the US District Court for the District of New Jersey.

Plaintiff Rochelle Cramer also accused the Wildermuths of having conflicts of interest and of “grossly” overvaluing the fund’s assets.

Her complaint names Withum as a defendant along with the Wildermuth ...