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Wealth Assistants’ Ecommerce Investments Scam

Banks Law Office

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.

  1. In or around 2021 or 2022, Defendants Ryan Carroll, Max K. Day, and Max O. Day (collectively, the “Original Individual Defendants”) conspired to defraud Plaintiffs and hundreds of other individuals out of millions of dollars. Specifically, the Original Individual Defendants advertised that they would provide their clients with substantial income by setting up and managing lucrative online Amazon stores that the clients would own. But the Original Individual Defendants did not provide the promised services. Instead, they used the fees they collected from Plaintiffs and their other clients for their personal benefit.
  2. The Original Individual Defendants carried out their conspiracy to defraud Plaintiffs and other individuals by leading their brand “Wealth Assistants.” All of the following entity defendants (collectively, the “Original Wealth Assistants Entity Defendants”) did business as “Wealth Assistants:” Yax Ecommerce LLC (owned, at least in part, by Ryan Carroll), WA Distribution LLC (owned, at least in part, by Ryan Carroll), Precision Trading LLC (owned, at least in part, by Max K. Day), and Providence Oak Properties LLC (owned, at least in part, by Max K. Day).
  3. Wealth Assistants’ clients would pay Wealth Assistants an upfront fee of up to $125,000 to set up and manage an online Amazon store in the individual’s name and manage it. After that, the individual would pay for the store’s inventory, along with certain other smaller fees. In return, the individual would be entitled to collect between 50 percent and 70 percent of the online store’s gross profits.
  4. Wealth Assistants advertised that the profits of an online store it managed should grow to more than $10,000 per month by the end of the store’s first year.
  5. Hundreds of individuals, including Plaintiffs, purchased the business opportunity Wealth Assistants offered. Most of these purchasers were middle class, and many had to use all their retirement savings or take out home equity loans to make the purchase.
  6. The Original Individual Defendants always knew that Wealth Assistants would not follow through on its promises.
  7. Some of Wealth Assistants’ clients never even received an online store after paying the fee. Others received stores (which themselves are valueless and can be easily and freely set up), but their stores were never stocked with any inventory. Others paid Wealth Assistants for inventory after receiving inventory invoices from Wealth Assistants that turned out to be fake; the inventory never actually appeared in their stores.
  8. Ultimately, the vast majority of Wealth Assistants’ clients have received less than $10,000 in profits from their online stores, and many never received a single dollar of revenue from their stores (if they received stores at all).
  9. Wealth Assistants perpetuated its fraudulent enterprise for as long as it could. When Plaintiffs and other individuals complained, Wealth Assistants invented excuses. It blamed “supply chain disruption,” for example. It asked Plaintiffs for patience.
  10. Eventually, however, Plaintiffs and other individuals realized that they had been defrauded. Many of them began demanding their money back, complaining to their banks, or alerting government agencies about the ongoing fraud.
  11. Realizing that their fraud was being exposed, the Original Individual Defendants decided to protect themselves by shutting down Wealth Assistants. In October of 2023, Wealth Assistants announced to all of its clients that it was going out of business. In the announcement, Defendant Ryan Carroll, the CEO of Wealth Assistants, told Plaintiffs that they would not receive further services and would not receive their money back.
  12. Throughout this fraudulent scheme, instead of using the money collected from Wealth Assistants’ clients to provide the promised services, the Original Individual Defendants used much of the money they collected from Wealth Assistants’ clients for their own personal benefit. Ryan Carroll, for example, has recently flaunted his new Lamborghini and his very expensive watch.
  13. Although Wealth Assistants has now purportedly gone out of business, its fraudulent scheme continues. In particular, Wealth Assistants has attempted to recruit its former clients, including Plaintiffs, to partner with the Quantum Ecom Entity Defendants and Defendant Wholesale Universe, which jointly operate a fraudulent scheme very similar to Wealth Assistants’ scheme. Moreover, Wholesale Universe has told many of Wealth Assistants’ former clients that Wealth Assistants transferred inventory to Wholesale Universe before going out of business.

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.


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.


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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