News from Banks Law Office | Blog

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…

Understanding the Risks of Investing in KBS REIT III For years, non-traded real estate investment trusts (REITs) like KBS REIT III have been marketed as attractive investment opportunities. With promises of steady income and access to high-quality commercial real estate, these vehicles have drawn significant interest from investors seeking diversification and reliable returns. However, many…

Banks Law Office is investigating Brighton Jones, a registered investment advisor based in Washington, for its asset-management fee practices. We believe that Brighton Jones charged its clients excessive asset-management fees by inflating the clients’ assets under management. In particular, when calculating the asset-management fees, Brighton Jones may have included in the “assets under management” assets…

A bank is likely liable to victims of a fraudulent scheme if an employee at the bank provided ordinary banking services (such as opening a bank account) when the employee knew that those services would be used to help a fraudulent scheme. This blog post discusses some cases alleging that banks are liable for aiding…

Banks Law Office is investigating a Ponzi scheme perpetrated by Prestige Funds and Paramount Management Group. Prestige Funds raised money from investors purportedly to purchase ATM machines that would be managed and operated by Prestige’s affiliate, Paramount Management Group. Investors were promised handsome profits in exchange. Unfortunately, instead of using the money raised from investors…

It Is Virtually Impossible That GWG L-Bond Investors Will Get What They Were Owed As most L-Bond holders know, GWG entered “Chapter 11 bankruptcy” in 2021. That means GWG admitted that it would probably not be able to pay its debts. The bankruptcy allowed GWG to “restructure” its debts to L-Bond holders. As a result,…

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…

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…