Aequitas Inside Look Article – Banks Quoted

Portland Securities Attorney Robert Banks was quoted today in an Oregonian article that offers one of the first inside looks at the Aequitas situation.

“It is absolutely outrageous that a financial adviser would put important client retirement money into promissory notes issued by a company that was already on the ropes,” Banks said.

Jeff Manning reports that Chris Bean, a 41-year-old investment adviser with Private Advisory Group had 330 clients invested in Aequitas, more than any other financial adviser in the country. Bean and his firm were part of a national network of investment advisers that helped to connect Aequitas to necessary capital.

Manning’s article exposes the fact that an Aequitas affiliate bought a controlling interest in Bean’s firm in July of 2014 and investors were encouraged to continue putting money into funds even after Aequitas showed signs of financial trouble. Obviously investors are concerned but Bean insists that Aequitas kept their financial troubles totally private. In the interview with Manning, Bean claims that Aequitas executives repeatedly portrayed a strong financial position.

Investor Defender attorneya Bob Banks and Darlene Pasieczny are representing clients who may have claims against Aequitas. The law generally provides that a licensed financial adviser cannot successfully solicit or sell an investment to a client by use of misrepresentations or omissions of material fact. If that law is violated, investors are entitled to a return of their investment proceeds upon tender of their investment back to the sellers. To see how that law might apply to the unique purchase circumstances of individual or institutional investors, you may call our office at 800.647.8130 or contact securities attorneys Bob Banks and Darlene Pasieczny by e-mail at info@investordefenders.com.

Investor Defenders is a practice group of Samules Yoelin Kantor LLP focused on representing investors in situations where professional misconduct resulted in a financial loss. Lead securities attorney Bob Banks has earned a national reputation for his success fighting on behalf of investors in FINRA arbitration and in court for 33 years. Consultations are complimentary and most cases are done on contingency fee, meaning that our clients do not pay any attorney fees unless we recover losses.