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Our law firm is investigating the trading practices and supervision by Deutsche Bank in connection with its sale of the Aravali Fund. The Aravali Fund was sold by Deutsche Bank and other brokerage firms to investors whose primary investment objectives consisted of income and preservation of capital. Investors have reported that Deutsche Bank represented the Aravali Fund to be a “virtually ‘risk free’” investment that invested in high quality municipal bonds and served as an alternative to a municipal bond portfolio. However, the Aravali Fund, an Alternative Investment, was actually a speculative fund that engaged in a complex arbitrage strategy which involved a significant short position in treasury bonds, interest rate swaps and a highly leveraged pool of municipal bonds. As a result of this risky investment strategy, the Aravali Fund declined more than 90% and investors in the Fund have sustained significant damages.
In late 2008, a Deutsche Bank broker who sold the Aravali Fund to his clients was driven to commit suicide due to the losses in the Fund. In his suicide letter, the broker recommended that his client contact his attorney to seek redress, and stated that he “was told by [Deutsche Bank] and Aravali that this strategy [employed in the Fund] was conservative, and would deliver excess returns with minimal market risks.”