When a private fund stops answering your emails, what can a limited partner actually do? In this Vyzer Weekly conversation, Litan Yahav sits down with Adam August and Chris Kirkpatrick of Wick Phillips' investment funds group to break down LP rights, GP removal, fraud vs. plain mismanagement, and what really happens once the SEC or FBI gets involved. Chris is a former SEC Enforcement Division attorney who later spent a decade as a hedge fund general counsel, so he's seen these fights from every side.

Highlights:

- Why "the government is involved" rarely means you get your money back — investigations run ~14 months while assets disappear

- The statutory information demand: a low-cost tool where, in many states, the fund pays your attorney's fees if you win

- The indemnification carve-out sophisticated LPs negotiate so a GP can't use fund money to defend their own bad acts

- How a deal's state of formation (Wyoming, Montana, Nevada vs. Delaware/Texas) can be a quiet red flag

- Unregistered securities, missing Form D, and general solicitation can trigger a rescission right — your money back, plus interest

- What you can and can't safely say about a bad operator on LP forums without inviting a defamation suit

Guests: Adam August (Partner) and Chris Kirkpatrick (former SEC Enforcement; former hedge fund GC) of Wick Phillips, Dallas.

Listen on Spotify: https://open.spotify.com/show/7F0JHBoB5SWvAi12WNmR2e

Listen on Apple Podcasts: https://podcasts.apple.com/us/podcast/vyzer-weekly/id1859061480

Watch on YouTube: https://www.youtube.com/playlist?list=PLVH9Pz5-HyDBtJSrgG6tbZhhdX1v-6G6E

Subscribe to weekly calls: https://luma.com/vyzerweekly