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News from Banks Law Office | Blog

Asset Freeze for Wealth Assistants
Banks Law Office

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…

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Wealth Assistants in the News
Banks Law Office

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…

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FINRA Fails To Identify Non-Traded REIT That Violated Reg. BI
Banks Law Office

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…

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Traderfield Brokers Illegally Managed Investment Funds
Banks Law Office

Recently, Traderfield Securities Inc. and its principal, Mario Divita, found themselves at the center of regulatory scrutiny by the Financial Industry Regulatory Authority (FINRA). FINRA found that Traderfield’s brokers were illegally managing investment funds and pitching them to investors. If you purchased an investment fund managed by a Traderfield broker, please contact Banks Law Office.…

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Beneficient’s Quarterly Report Shows GWG’s Goodwill Was Overvalued By $1.4 Billion
Banks Law Office

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…

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Posted in: GWG
Due Diligence Failures at Haywood Securities
Banks Law Office

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…

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GWG L-Bond Investments Are Nearly Worthless. Here’s How It Happened.
Banks Law Office

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,…

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Altman’s Z Score Shows GWG’s High Risk Of Bankruptcy In 2018
Banks Law Office

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…

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Client Reviews

I had no clue where to turn for help. Banks was tough but polite. I give the man my total respect and unlimited endorsement. To me, he achieved the impossible.

Anonymous

Thank you for all you did to represent us. For me you represent all that is good in the Law profession. You were honest, fair, hard working, and ethical. What more can you ask? Once again thank you for all you did.

Client

Hope you have had a great year and we wish you and yours the best in the Holiday season. We fondly and gratefully remember all the efforts you made on behalf of N*** and I. Without a doubt our lives have been changed forever by meeting you.

A Banks Law Client, 8 years later

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