BOULDER - Agile Group, the Boulder-based wealth-management firm that suffered deep investor losses, is closing its physical office here as it continues to face investigation and a lawsuit.

A spokesman for Agile confirmed the office will close it doors at 4909 Pearl East Circle by Jan. 31 when the lease expires. He declined to comment further, saying only that Agile was winding down its investments, and any remaining accounts would be handled offsite.

Agile, headed by Neal Greenberg, managed more than $600 million in client assets before reportedly suffering near total losses in late 2008 due to bad investments with Bernard Madoff and Tom Petters.

Colorado Division of Securities Deputy Commissioner Gerald Rome said his office continues to investigate Agile. Because the investigation is ongoing, Rome declined to comment further.

Meanwhile, four of Agile's clients recently filed a lawsuit against the firm and Greenberg in Boulder County District Court. The clients allege that Agile placed their money in "unsuitable" investments, instead of "low-risk" investments as allegedly pitched to the clients.

At the center of the allegations is one of Agile's investment annuities known as the Agile Safety Variable Fund.

"The Safety Fund was, in fact, anything but 'safe' as Agile and Greenberg touted," the lawsuit alleges. It goes on to claim that Agile and Greenberg "either knew the Safe Fund was too risky for the plaintiffs or knew they had no meaningful ability to control, monitor or assess the risks being taken by the investment managers of the hedge funds who were given the plaintiffs' money."

In its response to the charges, and a motion to dismiss the case, Agile claims that the fund's disclosures clearly stated the "risky nature of the fund's investments and use of leverage." It went on to say that nowhere in the disclosures did the fund claim to be a safe investment.

The plaintiff's claim that the Agile fund was a safe investment was "based on nothing more than the fact that Greenberg's fund was called the "Agile Safety Variable Fund," defendant attorneys said in court documents.

Boulder County District Court Judge Lael Montgomery is presiding over the case.