Class action filed by Silver Law Group related to Hedgehog Investments promissory notes

Silver Law Group has recently taken legal action by filing a class action lawsuit in federal court in Utah against Hedgehog Investments related to promissory notes. This move comes after the Utah securities regulator issued an emergency order in May 2025. The lawsuit, filed by Attorney Scott Silver, represents investors nationwide who have lost money in Hedgehog Investments’ promissory notes.

The lawsuit, titled Robert Klingler v. Matthew Morrison Bates et al., was filed on January 15, 2026, and names multiple defendants, including Hedgehog CEO Matthew Morrison Bates and other affiliated entities. Hedgehog Investments allegedly raised significant funds through promissory notes, promising investors that their money would be used to support growing companies and generate returns. However, the complaint alleges that instead of fulfilling these promises, investor funds were misused in a manner similar to a Ponzi scheme, with new investor funds being used to pay returns to earlier investors.

Following the emergency order issued by the Utah Division of Securities in May 2025, serious red flags were raised regarding Hedgehog Investments and its affiliated individuals and entities. The order accused them of engaging in unlicensed securities activity, securities fraud, making false statements, and omitting material facts. A detailed examination of bank records revealed little evidence of investor funds being utilized for the stated purpose of financing growing companies. Additionally, the backgrounds of key individuals associated with Hedgehog Investments, such as Bates and Vigil, further raised concerns due to criminal histories and professional reprimands.

Based on the allegations presented in the lawsuit, plaintiffs believe that Hedgehog Investments operated as a massive Ponzi scheme, impacting investors across the country. Attorney Scott Silver expressed his commitment to representing investors and victims affected by this scheme and assisting them in recovering their losses. The lawsuit, part of Silver Law Group’s ongoing efforts to combat fraudulent private investment schemes, seeks to recover losses for impacted investors and proceed as a class action. While no class certification has been granted yet, the court has yet to make a ruling on the substance of the allegations.

In collaboration with co-counsel from JurisLaw LLP and Peiffer Wolf Carr Kane Conway & Wise LLP, Securities Fraud Attorneys are actively investigating claims and aiming to represent additional investors who have suffered losses due to Hedgehog Investments’ deceptive practices. The lawsuit, filed in the U.S. District Court for the District of Utah under case number 2:2026cv00043, reflects the ongoing efforts to hold accountable those behind fraudulent investment schemes and recover losses for defrauded investors.