The SEC and the CFTC have commenced parallel civil enforcement actions against James Velissaris in federal court, claiming he perpetrated a massive valuation fraud by manipulating the models used by a pricing service to value over-the-counter swaps held by funds advised by Infinity Q Capital Management LLC, an investment adviser he founded and controlled. On the same day, investors in the funds filed a class action complaint in federal court against the adviser; the funds; their administrator, accountant and underwriter; and nine of their officers, directors and controlling persons. This article details the allegations in the class action complaint. For a closer look at the SEC and CFTC actions, see “SEC, CFTC and DOJ Take Action Against Alleged $1‑Billion Valuation Fraud” (Mar. 17, 2022).