Samuels Yoelin Kantor attorney Bob Banks was featured again in the Oregonian this Sunday. The article, by Jeff Manning, focuses on the the ongoing Aequitas debacle. Also highlighted in the piece is latest case that Banks filed in Seattle last week for a group of investors who lost $11 million.
In the article, Manning states “Bob Banks, a Portland securities lawyer, is representing 18 investors in Washington and California who were clients of Strategic Capital and Private Advisory Group, investment advisors based in Gig Harbor and Redmond, Wash., respectively. Strategic Capital got into trouble with the Securities and Exchange Commission in 2014. The company and its co-founder, Gary Price, were sanctioned by the agency for engaging in prohibited transactions….Bank’s 18 clients agreed to invest between them more than $11 million in Aequitas. They claim Aequitas’ ownership of Private Advisory Group was never disclosed to them.”
Banks is quoted, saying that “when our clients hired Private Advisory Group, they trusted that they were getting unbiased professional investment advice… In fact, PAG was secretly owned by Aequitas. Our clients had no idea that they were actually being advised by Aequitas to invest in Aequitas.”