News from Banks Law Office | Blog

Business Insider has taken an interest in our fight against Wealth Assitants. They recently wrote about our case in this article: More than 60 former Wealth Assistants clients sued the get-rich-on-Amazon startup, claiming they were defrauded out of millions. If you are a victim of Wealth Assitant’s misrepresentations, please contact us. You can review our…

Banks Law Office represents over 100 individuals who were victims of an investment scam largely perpetrated by a company called Wealth Assistants. A summary of our First Amended Complaint, filed in California Superior Court, is shown below. If you were a victim of Wealth Assistants, please contact us today.

In the complex world of financial regulation, transparency is paramount to maintaining trust and confidence in the market. Investors rely on regulatory bodies like FINRA (Financial Industry Regulatory Authority) to hold financial professionals accountable for any misconduct and to ensure a fair and transparent marketplace. However, a recent disciplinary action against a financial professional raises…

Introduction On November 14, 2023, Beneficient (“BENF” or “the company”) filed its quarterly report for the third quarter of 2023. In the report, Beneficient admitted that its goodwill, which was previously reported on GWG’s balance sheet, had been overvalued by $1.4 billion. Accordingly, BENF wrote the value of the goodwill down from $2.4 billion to…

Introduction FINRA has fined Haywood Securities for violations of FINRA rules, including Haywood’s failure to adequately conduct due diligence on certain private placement investments. In the ever-evolving landscape of financial investments, due diligence is the bedrock of responsible and informed decision-making. The recent revelations surrounding Haywood Securities (USA) Inc. have brought to light significant failures…

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,…

We’ve previously written about the downfall of GWG L-Bonds. We also previously wrote about how we know GWG L-Bond investors have already lost most of their investment. In this blog post, we’ll explore a simple formula called the “Altman Z-Score,” which shows how anybody could have (and should have) known that GWG L-Bonds were extremely…

If believe you are a victim of the Tongi Tupe investment program, please contact Banks Law Office for a consultation about your legal rights. The Securities and Exchange Commission (SEC) has taken decisive legal action against Tilila Walker Sumchai, a resident of Richmond, California, accusing her of orchestrating a sophisticated and egregious fraudulent securities offering.…

In a recent disciplinary action by the Financial Industry Regulatory Authority (FINRA), Richard S. Siminou faced penalties for trading violations and unsuitable recommendations. The key details of this case are as follows: If you lost money because of Siminou’s investment advice, please contact Banks Law Office.

In a recent regulatory development, BrokerBank Securities, Inc. and its CEO, Philip Paul Wright, faced severe sanctions from the Financial Industry Regulatory Authority (FINRA). This case shines a spotlight on the consequences of non-compliance in the financial industry, revealing how the firm and its CEO allowed an unregistered person to operate in a registered capacity.…