Robert Banks Quoted in Feature Article Regarding SEC Grifphon Investigation

Matthew Kish

Business Journal staff writer – Portland Business Journal

The U.S. Securities and Exchange Commission    U.S. Securities and Exchange Commission Latest from The Business Journals Granite City rejects last two Cadillac Ranch locationsSmithfield broker loses securities licenseHair salon operator Regis ousts COO Bortnem Follow this company has launched a formal investigation of Portland hedge fund Grifphon Asset Management, according to Bob Banks, a lawyer who represents some of the fund’s disgruntled investors.

In legal filings, Banks has maintained Grifphon “is a fraudulent ponzi scheme.”

Grifphon reportedly managed $63 million for 150 investors. It first ran into trouble around 2009 when investors started trying to withdraw money from its various funds. Several investors have since sued the company, saying it has failed to return their money.

A formal SEC investigation means the government plans to file subpoenas for documents and force …

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