Michael Weisz’s YieldStreet faces litigation of over £100 million 

Several Pakistani and Indian investors have lost huge amounts of investments and they are part of the litigation

10:48 PM | 6 Jul, 2022
Michael Weisz’s YieldStreet faces litigation of over £100 million 

LONDON/NEW YORK – The fintech firm YieldStreet is facing litigation filed by investors who lost more than $100 million in a spectacular series of defaults of high-risk and misleadingly marketed alternative investment products – just seven years after it was created to take advantage of US Securities and Exchange Commission (SEC) rules relaxing the definition of supposedly sophisticated “accredited investors”.

The lawsuit has been filed by Peiffer Wolf Carr Kane & Conway (“Peiffer Wolf”) and Sonn Law Group against the YieldStreet. It’s believed that several Pakistani and Indian investors have lost huge amounts of investments and they are part of the litigation.

The class action lawsuit, which has been brought by four investors in US District Court for the Southern District of New York, states: “The end result is that, claims of no principal loss, in-depth ‘diligence,’ and reliance on ‘asset class experts’ notwithstanding, YieldStreet’s products are poorly sourced and structured, with a default rate five times higher than even that of so-called ‘junk bonds.’

YieldStreet’s junk bonds, however, are mass-marketed to the general public and may be purchased within a matter of minutes by anyone with access to a computer who self-certifies that they earn over $200,000 a year.”

The law firm giant Peiffer Wolf Carr Kane Conway & Wise said in a statement that the FBI and SEC have both been seeking information about the fintech firm’s practices, interactions with customers, marketing of its crowdfunded products and overall business dealings. The lawsuit filed focuses on false and misleading statements YieldStreet made to investors to induce them to purchase certain YieldStreet investment products, including vessel deconstruction funds, oil & gas wells, commercial real estate, and modern art.

Peiffer Wolf Carr Kane & Conway has said that Michael Weisz is the soul and life of YieldStreet and he has been running the operations with total control over affairs of the firm. Indian origin Milind Mehere is the Founder and CEO of YieldStreet and co-founder of Yodle.

Joseph Peiffer, attorney and managing shareholder, Peiffer Wolf, said in a statement: “Simply put, YieldStreet’s overexposed, concentrated loan model was doomed to fail—a ‘sinking ship,’ both literally and figuratively. Duped investors were purchasing YieldStreet’s vessel deconstruction products at a fever-pace, but none of them knew that the same borrower was on the other end of every deal. YieldStreet and Mr. Weisz were utterly unconcerned with this risk.”

Michael Tecku, an Austin, Texas man who lost a substantial amount of money in YieldStreet, said: “The dream of Yieldstreet was beautiful, but the reality is a nightmare. These investments were marketed as low risk asset-backed institutional investments run by experts with reasonable returns, but the truth is, there are no experts and there is no institution. It’s just one group of hustlers being out-conned by another.”

YieldStreet aggressively markets its “innovative products” to the general public through social media and direct email campaigns that drive potential investors to YieldStreet’s online investment portal, That online portal serves as a one-stop shop through which investors can peruse, self-accredit, and purchase investments.

YieldStreet tried to deflect its investment team’s lack of experience by claiming reliance on “asset class experts” to help originate, structure, and service YieldStreet’s deals.  

However, the experts’ recommendations and warnings were ignored by YieldStreet’s president, Michael Weisz, who exercises complete control over YieldStreet’s investment decisions and, in a classic ‘other people’s money’ paradigm, bases those decisions on what will maximise YieldStreet’s fee receipts, without regard to the potential loss of investor funds.

YieldStreet’s mismanagement started to come to light in March 2020, when one by one its vessel deconstruction funds started to default. Instead of owning up to its misdeeds, YieldStreet has instead gone on the offensive, accusing the borrower and the expert YieldStreet consulted to structure the deal (whose advice YieldStreet ignored) of “fraud” and “mismanagement.”  In reality, Mr. Weisz and Yieldstreet are to blame, as they have built an entire portfolio on the premise of ill-founded and/or poorly sourced deal structures.

Jeff Sonn, managing partner, Sonn Law Group, said: “As of the end of the first quarter of 2020, nearly one-third of Yieldstreet’s portfolio was in default. At best, this was a case of the ‘blind leading the blind.’ YieldStreet falsely claimed to have a track record, specialized insights, and a history of success handling tens of millions of dollars of investors who were termed ‘accredited,’ but often not very sophisticated.”

In July 2013, the SEC enacted Rule 506(c) permitting general solicitation of accredited investors. YieldStreet was formed soon thereafter, promising to provide accredited investors with “access to innovative income generating products.”

The law firm Peiffer Wolf Carr Kane & Conway, which maintains officers across the world, has called on the Yieldstreet investors to get in touch to join the mega action.


Rupee remains stable against US dollar, Euro, Pound, Dirham and Riyal; check forex rates

Pakistani rupee remained stable against US dollar in the open bank market on Friday.

Dollar Rate in Pakistan Today

On Friday, the US dollar was being quoted at 285.3 for buying and 288.15 for selling.

Euro moves down to 311 for buying and 314 for selling. British Pound rate stands at 358.5 for buying, and 361.5 for selling.

UAE Dirham AED stands at 78 whereas the Saudi Riyal rate stands at 76.20.

Today's currency exchange rates in Pakistan – 1 December 2023

Currency Symbol Buying Selling
US Dollar ‎USD 285.3 288.15
Euro EUR 311 314
UK Pound Sterling GBP 358.5 361.5
U.A.E Dirham AED 78 78.7
Saudi Riyal SAR 76.2 77
Australian Dollar AUD 187.2 189
Bahrain Dinar BHD 759.67 767.67
Canadian Dollar CAD 209 211
China Yuan CNY 39.59 39.98
Danish Krone DKK 41.38 41.78
Hong Kong Dollar HKD 36.63 36.98
Indian Rupee INR 3.39 3.5
Japanese Yen JPY 1.49 1.56
Kuwaiti Dinar KWD 926.7 935.7
Malaysian Ringgit MYR 60.38 60.98
New Zealand Dollar NZD 173.44 175.44
Norwegians Krone NOK 26.25 26.55
Omani Riyal OMR 741.26 749.26
Qatari Riyal ‎QAR 77.63 78.33
Singapore Dollar SGD 211 213
Swedish Korona SEK 26.93 27.23
Swiss Franc CHF 325.9 328.4
Thai Bhat THB 8.23 8.38

Gold rates drop in Pakistan; Check today’s gold rates 1 December 2023

KARACHI – The gold price continues to climb up in the local market in line of upward trend in international market.

Gold Rates in Pakistan Today - 1 December 2023

On Thursday, the single tola of 24 Karat gold was available at Rs217,400, and the price for 10-gram gold reached Rs186,390.

Meanwhile, the 22 Karat Gold price stands at Rs199,282, 21 karat rate for each tola is Rs190,225 and 18k gold rate hovers around Rs163,050.

In international market, the price of precious metal hovers around $2,045 per ounce.

Today Gold Rate in Pakistan

City Gold Silver
Lahore PKR 217,400 PKR 2,696
Karachi PKR 217,400 PKR 2,696
Islamabad PKR 217,400 PKR 2,696
Peshawar PKR 217,400 PKR 2,696
Quetta PKR 217,400 PKR 2,696
Sialkot PKR 217,400 PKR 2,696
Attock PKR 217,400 PKR 2,696
Gujranwala PKR 217,400 PKR 2,696
Jehlum PKR 217,400 PKR 2,696
Multan PKR 217,400 PKR 2,696
Bahawalpur PKR 217,400 PKR 2,696
Gujrat PKR 217,400 PKR 2,696
Nawabshah PKR 217,400 PKR 2,696
Chakwal PKR 217,400 PKR 2,696
Hyderabad PKR 217,400 PKR 2,696
Nowshehra PKR 217,400 PKR 2,696
Sargodha PKR 217,400 PKR 2,696
Faisalabad PKR 217,400 PKR 2,696
Mirpur PKR 217,400 PKR 2,696


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