News from Banks Law Office | Blog

Banks Law Office is investigating claims that may potentially be brought on behalf of people who invested in SimTradePro. The Commodity Futures Trading Commission announced a civil enforcement action alleging that SimTradePro Inc. defrauded more than 100 U.S. customers out of at least $2.3 million. SimTrade Pro Inc. allegedly acted as an unregistered commodity trading…

On September 30, 2024, the Commodity Futures Trading Commission filed a lawsuit in the Southern District of Florida against Traders Domain (“TD”) and other defendants. The complaint alleged that Traders Domain operated a Ponzi scheme. That is, Traders Domain used new investor money to pay back old investors to create the illusion that the investments…

In April, a Court froze bank accounts controlled by Wealth Assistants or its principals Max K. Day, Max O. Day, Michael Day, and Ryan Carroll. Earlier this month, Wealth Assistants and its principals requested permission to spend the frozen assets on attorneys’ fees. Banks Law Office filed the brief shown below in opposition to Wealth…

Banks Law Office previously announced that it filed a putative class action lawsuit on behalf of victims of Wealth Assistants, a fraudulent enterprise whose scheme involved offering “passive income” to people who invested in Amazon e-commerce stores that Wealth Assistants managed. Banks Law Office filed a motion to amend the complaint. The defendants in the…

Understanding the Electronic Funds Transfer Act: Protecting Consumers from Unauthorized Transactions The rise of electronic banking and digital payments has transformed the way we manage our finances, offering convenience and speed. However, it has also brought challenges, including the risk of unauthorized transactions and errors. Enter the Electronic Funds Transfer Act (EFTA), a federal law…

This year, the Federal Trade Commission has prosecuted several scams that sell Amazon ecommerce store management services. The fraudsters typically tell their victims that it is possible to make hundreds of thousands of dollars in passive income by owning successful online Amazon stores and stocking them with inventory. The victims then pay the fraudsters a…

Introduction Fraudulent investment schemes have wreaked havoc on countless lives, and one of the most egregious cases to surface recently involves Wealth Assistants. We previously announced that a Court ordered an asset freeze against Wealth Assistants. Wealth Assistants’ complex network of individuals and entities perpetrated a widespread scam, targeting over 600 victims and swindling over…

On November 14, 2024, the Federal Trade Commission will hold a hearing at which members of the public are invited to address the Commission. Banks Law Office attorney Nico Banks plans to attend the hearing to comment on “Fulfillment by Amazon” business opportunity scams, including Wealth Assistants. Ahead of that hearing, he has submitted the…

Business Insider reported today about an asset freeze ordered for the owners of Wealth Assistants. The recent decision by the US District Court for the Central District of California to freeze the assets of the defendants is a crucial step towards holding them accountable and ensuring that funds are available for potential restitution. However, Banks…

Banks Law Office, P.C. is pleased to announce that senior attorney Robert Banks was selected to the 2023 Oregon Super Lawyers List. He was first named as a Super Lawyer in 2006, the first year the honor was available to Oregon lawyers. In other words, Bob Banks has been selected to the exclusive Super Lawyers…