Defendant RAM Capital Resources, LLC (RAM Capital), is a New York-based asset manager that specializes in so-called “PIPE” investments (private investments in public equity).  RAM Capital matched potential investors with PIPE issuers and also formed hedge funds to invest in PIPE offerings.  Defendants Stephen E. Saltzstein (Saltzstein) and Michael E. Fein (Fein) are the principals of RAM Capital.  Saltzstein was introduced to plaintiff Stacy Frati through Saltzstein’s sister, who was a childhood friend of Ms. Frati.  Eventually Ms. Frati and her husband invested $2 million in RAM Capital’s Shelter Island Opportunity Fund, LLC.  On behalf of a client, plaintiff Banco Popolare Luxembourg, S.A. invested $1.5 million with RAM Capital’s Truk International Fund, LP.  In April 2009, plaintiffs requested redemption of their entire interests in those funds, but only $150,000 was eventually returned to Banco Popolare.  This action ensued.  Plaintiffs claim the defendants committed securities fraud, RICO violations and breach of fiduciary duty by allegedly misrepresenting the amount of personal capital they had at stake in their funds, engaging in self-dealing, charging multiple and excessive fees and failing to disclose that they were not registered broker-dealers.  Plaintiffs seek return of their investments, punitive damages, an accounting and other relief.  We detail the plaintiffs’ claims.