Oregon officials warn of Bandon unlicensed investment advisor
Say he lost 90% of investors' funds in less than a year
SALEM, Ore. (KTVZ) -- The Oregon Division of Financial Regulation is warning people to avoid investing with Bandon resident Robert Lee Adams, also known as Bob Adams, and his business, SimTradePro Inc.
The division issued a cease-and-desist order against Adams and his business for operating as a state investment adviser without a license, and he may still be soliciting Oregon consumers.
Adams formed a related company, Winning Investments, LLC, in 2017 allegedly to pool investor funds and invest them in the foreign currency exchange market. Four investors who participated lost more than $279,000 in less than a year. An elderly victim lost most of her retirement savings.
Adams charged each investor a $3,000 origination fee, offered the group investment strategies he selected, and pooled the investors’ funds in a local bank account. Adams then allegedly invested their funds in foreign currency trading programs that operated offshore. Adams and SimTradePro have never been licensed with the division as an investment adviser or investment adviser representative officials said.
“Investments in foreign currency trading programs are extremely risky, and they are not for everyone,” said Andrew Stolfi, division administrator. “Before investing money you cannot afford to lose, and certainly before parting with your life savings, learn as much as you can about the firms and individuals you are considering. Make sure your investment adviser is licensed by the division and works with registered, reputable industry professionals.”
The division encourages everyone to protect their money. Ask questions to learn about your adviser’s registration status, disciplinary record, and complaint history. The first step before making an investment is to carefully choose a financial professional by checking their licensing status and background.
Oregonians are also encouraged to contact the division’s advocates at 888-877-4894 (toll-free) with questions or concerns about a financial adviser or product. If you have information or questions specifically regarding Robert Lee Adams and his business activities, contact Investigator Rachel Royston at 503-947-7093.
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About DCBS: The Department of Consumer and Business Services is Oregon's largest business regulatory and consumer protection agency. For more information, visit www.dcbs.oregon.gov.
About Oregon DFR: The Division of Financial Regulation is part of the Department of Consumer and Business Services, Oregon’s largest business regulatory and consumer protection agency. Visit www.dcbs.oregon.gov and http://dfr.oregon.gov/Pages/index.aspx.
