Visionary Private Equity Group (VPEG) Investment Loss Investigation

Peiffer Wolf has filed a proposed class action complaint in the U.S. District Court for the Eastern District of Missouri concerning Visionary Private Equity Group I, LP (“VPEG”), a Missouri private equity fund that allegedly raised about $90 million from roughly 1,000 investors, many through self-directed IRA accounts.

The complaint alleges that Husch Blackwell LLP, through partner Michael A. Cosby, knowingly assisted VPEG’s misconduct. Cosby allegedly served as VPEG’s General Counsel and Senior Managing Director, co-controlled bank accounts, prepared tax filings, executed wire transfers, and helped administer the investor subscription process.

If you invested in VPEG through subscription materials connected to Husch Blackwell or Michael Cosby and suffered losses, contact Peiffer Wolf today by filling out a Contact Form or calling 585-310-5140 to schedule a FREE case evaluation.

VPEG Investment Loss Investigation | What Happened

VPEG pooled investor capital to invest in private companies. Visionary PE GP I, LLC was VPEG’s sole general partner and had authority to manage its business and affairs, while Visionary Fund Manager, LLC was empowered to manage and direct portfolio investments. According to the complaint, its operations were directed primarily by Ronald W. Zamber, Michael A. Cosby, and Robert Grenley.

VPEG allegedly represented strong performance and, at its peak, valued its portfolio at more than $328 million. Its Private Placement Memorandum (“PPM”) promised “above average long-term appreciation” and an 8% annual priority return.

A receiver was appointed in June 2025 after allegations and evidence of gross mismanagement, self-dealing, apparent insolvency, and risk of further asset dissipation. According to the Receiver’s Report, VPEG had not been independently audited since 2011, used unsupported internal valuations, diverted funds to insiders and affiliates, and continued soliciting investors despite liquidity problems.

Key Events According to the Receiver Report

Unsupported Valuations — VPEG allegedly used an internal “mark to market” method that the receiver found unsupported by independent analysis or market-based metrics.
Misleading Projections — VPEG principals allegedly prepared at least 28 versions of distribution projections, repeatedly moving liquidity events farther into the future as near-term projections failed.
Portfolio Company Red Flags — The complaint alleges that VPEG projected substantial distributions from companies with severe financial issues, including POP! Gourmet, Shop4E, Visionary Media Group, and Victory Clean Energy.
Insider Payments — Since January 2021, VPEG allegedly received about $55 million, spent about $57.4 million, and paid millions to insiders while limited partners received about $3 million.
Affiliate Payments — The complaint alleges VPEG paid more than $10 million to affiliates and another $1.2 million in related expenses.
Alleged Ponzi-Like Use of Investor Funds — The complaint alleges that new investor money was sometimes used to fund payments to existing investors. In one example, the complaint alleges that on the same day two $500,000 investments were deposited, $82,000 was immediately paid to prior investors.
IRA Investors Harmed — VPEG allegedly failed to meet obligations to IRA investors, who were owed approximately $100,000 in required minimum distributions in 2024 and approximately $81,000, plus about $14,000 in accumulated penalties, in 2025.
Fund Collapse and Receivership — By the end of 2023, VPEG allegedly had only approximately $218,000 in bank accounts and net losses exceeding $10 million. By August 2025, according to the complaint, VPEG’s cash balance reached $0. A receiver was appointed on June 4, 2025.

Husch Blackwell and Michael Cosby’s Alleged Role

The complaint alleges that Husch Blackwell,through Cosby, assisted certain alleged misconduct involving VPEG, including by:

Cosby serving as VPEG’s General Counsel and Senior Managing Director.
Cosby allegedly overseeing the subscription process through which VPEG obtained new investors.
Cosby allegedly preparing VPEG tax filings and co-controlled VPEG bank accounts with Zamber.
Cosby allegedly executing wire transfers of investor funds to individuals and entities identified in the complaint as insiders oraffiliates.
Directing investors to submit subscription paperwork and questions to Cosby at Husch Blackwell LLP.
Subscription materials allegedly identifying Husch Blackwell as legal counsel in connection with the management and operation of the partnership.
Hush Blackwell allegedly receiving legal fees while its name, office, and communications systems were used in connection with VPEG’s offering process.

The complaint asserts claims against Husch Blackwell for aiding and abetting fraud, aiding and abetting breach of fiduciary duty, and violation of the Missouri Securities Act, including alleged control-person liability based on Cosby’s alleged role in the offer and sale of VPEG securities.