Shareholders in The Classic Car Fund expressed anger upon discovering the fund's largest asset, a loan to a shareholder, was already in default when the fund was still marketing and accepting investments in 2018-2019. The shareholder's company had declared bankruptcy in July 2018 but the investment manager continued taking in money at inflated share prices. In 2019, the manager sold 7 classic cars held by the fund at firesale prices, recovering less than 50% of the assigned valuations. Investors accuse the manager of deception and prioritizing his own interests over shareholders.