Investor pleads guilty in criminal case that felled hedge fund, damaged B. Riley [Los Angeles Times (CA)]
B. Riley Financial, Inc. (RILY)
NASDAQ:AMEX Investor Relations:
ir.brileyfin.com/investor-relations
Company Research
Source: Los Angeles Times
bankruptcy of a retailer and damaged West Los Angeles investment bank B. Riley Financial. Kahn, 52, admitted in a Trenton, N.J., federal court Wednesday to hiding trading losses that brought down Prophecy Asset Management in 2020. The Securities and Exchange Commission alleged the losses exceeded $400 million. An investor lawsuit has accused Kahn of funneling some of the fund's money to Franchise Group, a Delaware retail holding company assembled by the investor that owned Vitamin Shoppe, Pet Supplies Plus and other chains. B. Riley provided $600 million through debt it raised to finance a $2.8-billion management buyout led by Kahn in 2023. It also took a 31% stake in the company and lent Kahn's investment fund $201 million, largely secured with shares of Franchise Group. Kahn had done deals with B. Riley co-founder Bryant Riley before partnering with the L.A. businessman on Franchise Group. However, the buyout didn't work out amid fallout from the hedge fund scandal and slo
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RILY
Sec Filings
- 12/15/25 - Form 10-Q
- 12/15/25 - Form 8-K
- 12/3/25 - Form 8-K
- RILY's page on the SEC website