K2 News Update With Robert Banks

“The human tragedy here is what you don’t see when you read the news.”

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Banks Files Objection

Aequitas Update From Robert Banks on March 20, 2016

As a part of its securities fraud lawsuit against defendants Aequitas, Robert Jesenik, Brian Oliver and Scott Gillis, the SEC and the defendants stipulated (agreed) to the entry of an Interim Order Appointing a Receiver.  The Interim Order appoints a receiver to take over the operations and liquidation of Aequitas.  And, it stays (stops) any pending or anticipated litigation brought by any  parties except the Receiver against the SEC defendants and a host of other entities called the “Receivership Entities.”    We are posting a copy of the Interim Order here.  The court allowed parties until March 18 to file objections to the Interim Order.

Filed Objection

We filed  an objection seeking permission to pursue their claims against defendants we believe our responsible for our clients’ losses.  Many of them are identified in our objection which is posted here.  We have already filed one case against a Registered Investment Advisory Firm and its president.  That case is not affected by the Interim Order.  Some of the other defendants we intend to bring claims against are currently protected by the Interim Order, however.   We argue in our objection that our clients have lost $11 million, and that they should be able to bring their individual claims to recover their losses.   Our investigation reveals that there were many people and companies who helped Aequitas to implement its plan to sell high risk promissory notes and funds by misrepresenting that they were safe and secure and our clients want us to hold them accountable.  The defendants include law firms, accountants, broker-dealers, custodians of Aequitas notes, and individuals who participated in the scheme.  A second part of our objection asks the court to require the Receiver to consider costs when  hiring professionals to assist him, because the senior partners at the law firms the Receiver has already  selected to help wind down the Aequitas entities have billing rates of higher than $825 per hour.   Our objection was filed with the court on March 18, 2016.   We are hoping for a decision from the court in the next two or three weeks.

If you have questions, concerns, or information about Aequitas investments, please contact our office at 800.647.8130. Our home page gives an introduction to this informational site and you may review our extensive credentials and experience here.

 

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Aequitas- Koin 6 News

Bob Banks, securities attorney with Samuels, Yoelin, Kantor LLP speaks with Koin 6 News last week about the impact of the Aequitas situation on investors

 

If you have questions, concerns, or information about Aequitas investments, please contact our office at 800.647.8130. Our home page gives an introduction to this informational site and you may review our extensive credentials and experience here.

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Aequitas Investigation – Financial Advisers and Firms

It is tragic to consider the number of people impacted by the Aequitas situation. We have received calls from all around the world from people who have lost significant amounts of money. We have posted  (below) a partial list of financial advisors and firms mentioned in our conversations with victims. We encourage anyone with financial losses or information about this situation to contact us at 800-647-8130 or by e-mail at info@investordefenders.com.
If you’ve lost money in this situation, it is important for you to take make choices about your actions soon. Please read our posts about your choices and contact our office to discuss the specifics of your situation.
Bob Banks and Darlene Pasieczny head up the Investor Defenders practice group at Samuels Yoelin Kantor LLP. Bob has over three decades of experience representing investors to recover financial losses. You can reach him directly at bbanks@samuelslaw.com

Fariba Ronnasi

Fusion Analytics Investment Partners

Malloy Wealth Management

Bill Malloy

Doug Maurer

Private  Advisory Group

Jason Vanclef

VFG Securities

VFG Advisors

Fieldstone Financial

Kristopher Behn

Enviso Capital

Criterion

Chris Bean

Douglas Bean

Consort

Tom Szabo

Bryan Bowers

Tony Ramirez

Mark McArthur

Bill Mallery

Larry Dozier

Craig Johnsen

Eric Willer

Malloy Wealth Management

Etesian Wealth Advisors

If you have questions, concerns, or information about Aequitas investments, please contact our office at 800.647.8130. Our home page gives an introduction to this informational site and you may review our extensive credentials and experience here.

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Securities and Exchange Commission (SEC) Charges Aequitas

March 10, 2016.  Today the Securities and Exchange Commission filed a lawsuit in federal district court in Portland, charging Aequitas and three top executives with defrauding investors. The SEC  press release   reports that Aequitas hid its dire financial condition while raising more than $350 million from investors. Moreover, the complaint alleges that money from new investors was used to pay earlier investors – a Ponzi scheme.

The SEC’s complaint is posted here .  Aequitas executives Robert J. Jesenik , Brian Oliver, and Scott Gillis are named as defendants in the complaint, which alleges that they were all well aware of the deteriorating financial condition when they continued to accept precious savings from trusting investors.

Aequitas Management, Aequitas Holdings LLC, Aequitas Commerical Finance LLC, Aequitas Capital Management Inc., and Aequitas Investment Management LLC as well as top executives Jesenik, Oliver, and Gillis are all charged by the SEC with violation of the federal securities laws.

We knew the SEC’s investigation was occurring, and are not surprised by the SEC filing.  In fact, some of its allegations are similar to allegations we made in a case we filed earlier this week for some of our clients.   The  SEC complaint does shed some light on just how bad the financial situation was at Aequitas, and for how long.  The complaint alleges that “By at least July 2014, Jesenik and Oliver knew that redemptions and interest payments to prior investors were being paid primarily from new investor money in a Ponzi-like fashion, and that very little investor money was being used to purchase trade receivables. The cash flow shortages at ACF and Aequitas Holdings continued with increased severity through 2015.”

For recent updates, see Aequitas Updates.

If you have questions about how this latest SEC action will affect your Aequitas investment, contact our office at 800.647.8130 or bbanks@samuelslaw.com.Our home page gives an introduction to this informational site and you may review our extensive credentials and experience here.

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Banks noted as key face in the Aequitas Drama

Portland Business Journal touts Samuels Yoelin Kantor securities attorney Robert Banks as key face in Aequitas Drama

key faces

If you have questions, concerns, or information about Aequitas investments, please contact our office at 800.647.8130. Our home page gives an introduction to this informational site and you may review our extensive credentials and experience here.

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