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Thomas Paul Madden and Jeremy Tyler Grabow were indicted in January of 2025. The indictment alleges that those individuals perpetrated a Ponzi scheme through the entities Cascade IR and Savitar Systems LLC. Specifically, Madden and Grabow allegedly took more than $23 million from more than 200 investors. Madden and Grabow allegedly told investors that Savitar…

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…

Litigation Funding Is Criticized Because Of Predatory Practices CBS News aired a 60-minutes segment titled “Litigation Funding: a multibillion-dollar industry for investments in lawsuits with little oversight.” As the segment explained, “litigation funding” is the practice of funding someone’s lawsuit in return for the right to collect a portion of the money that person recovers…

Banks Law Office represents more than 40 individuals who allege that Fitbit has failed to pay them for Fitbit Ionic smartwatches they submitted to the Fitbit Ionics recall. If Fitbit has refused to pay you for Ionics that you submitted to the recall, please contact Banks Law Office today. On March 2, 2022, Fitbit and…

The SEC refuses to recommend  a fiduciary rule for broker-dealers; new rule reiterates FINRA suitability standard and allows  conflicts of interest between brokers and investors. The Securities and Exchange Commission in a 4-1 vote has rejected the fiduciary rule as the standard of conduct for broker-dealers and their representatives.  Instead, the SEC has proposed “Regulation…

Investor abuse and trust are explored in this video posted by the Public Investors Arbitration Bar Association (PIABA). Bob Banks answers the question, “why don’t more investors bring claims against their financial advisers?”