News from Banks Law Office | Blog

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…

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…

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…