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Grifphon Claims Update
Banks Law Office represents 6 investors who have made claims as a result of investing more than $1 million in Grifphon funds. Bob Banks was quoted on Page 1 of the Portland Business Journal on August 26, 2011 in yet another article about Grifphon and its failure to pay its investors or produce records.
We have focused our claims on financial advisors, brokerage firms and banks that recommended Grifphon investments to our clients. Our claims assert that those advisers and financial companies did not do their homework or “due diligence” before making the Grifphon recommendation. We have alleged and intend to prove that they failed to tell our clients that they were investing money with an individual and group that had a history of violating investor protection rules. Currently, we are fighting to require Grifphon to produce records showing what happened to investors’ money, which we believe investors are entitled to know. Grifphon’s principals have also refused to honor subpoenas we had issued by a FINRA arbitration panel that require them to produce records. We are now seeking a court order requiring Grifphon to comply with the FINRA subpoenas. We expect a hearing on this issue in court in the near future.
We remain interested in speaking with investors who purchased Grifphon investments as a result of recommendations from financial advisors. Please contact us for a confidential conversation.
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