BANDON, Ore. – If you are looking to make some investments, there’s one advisor you need to avoid, the Oregon Division of Financial Regulation warns.
A Bandon man has lost 90% of investors’ funds in less than a year, the division said.
They said Robert “Bob” Adams has been operating as a state investment adviser without a license. A cease-and-desist order has been issued by the state, but the man may be still soliciting consumers.
Adams operates under the business name SimTradePro Inc. and formed a related company called Winning Investments, LLC, in 2017, allegedly to pool investors’ funds to invest in the foreign currency exchange market.
Four investors lost more than $279,000, and an elderly woman lost most of her retirement savings, they said.
Each investor was charged a $3,000 origination fee. The money was pooled into a local bank account, the division said.
“Investments in foreign currency trading programs are extremely risky, and they are not for everyone,” said division administrator Andrew Stolfi. “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.”
Oregonians can contact division advocates at 888-877-4894 with questions or concerns about a financial adviser. Those with questions about Adams should contact investigator Rachel Royston at 503-947-7093.