The financial statements for Brighthouse Financial and Prestige Financial, the company that manages Prestige’s investment portfolio, are pretty interesting.
For starters, the Prestige Investment Company’s annual report shows that the company was in “active operation” for nearly three years, but that it didn’t have any revenue or income until May 2018, when it filed for bankruptcy protection.
That’s a good indication that the investment company’s assets were not as valuable as the company claimed, and it was not operating at a profit for nearly a full year, either.
It also shows that Prestige had “gross debt” of $1.5 million.
The company was liquidated by its owners in October 2017.