January 23, 2020
(Salem) – The Oregon Division of Financial Regulation is warning people to
avoid investing with 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, a Bandon resident, 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.
“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.
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.