EquiAlt Ponzi Scheme Was $170M According to SEC
According to the U.S Securities and Exchange Commission (SEC), Two executives of a Florida-based real estate company scammed over 1,000 investors out of $170 million by misusing more than half of that sum to cover up Ponzi payments. The two individuals involved in the SEC’s investigation are Brian Davison, the CEO of Tampa real estate firm EquiAlt LLC, and its managing director Barry Rybicki.
EquiAlt Ponzi Scheme Scammed Millions of Dollars
As explained by the director of the SEC’s Miami Regional Office, the two executives made wishful promises to investors to convince them to invest with EquiAlt — knowing that the firm could not live up to those promises.
The SEC states that investors were promised generous returns from real estate purchases of distressed markets in the United States. Instead, from January 2010 to November 2019, Davison and Rybicki allegedly misappropriated millions in investor funds for their personal use and benefit. According to the SEC, the two men spent investors’ money on, among other things, luxury cars and watches.
Davison and Rybick are named alongside five funds directly associated with their company, with an additional 17 limited liability companies as relief defendants.
Scammers in EquiAlt Ponzi Scheme Have Assets Frozen
U.S. District Judge Mary S. Scriven granted the SEC’s request to bar the executives for violating federal securities law. The judge also froze the defendants’ assets, prohibited them from destroying their records, and mandated an accounting of their assets.
Speak with a Ponzi Scheme Attorney
The securities fraud attorneys at Dimond Kaplan & Rothstein, P.A. (DKR) bring civil court cases and arbitration cases on behalf of investors who suffered financial losses in Ponzi schemes throughout the United States. Our interest is in helping our clients recover their money.
If you are looking for a Ponzi scheme attorney to review your rights and options, the Ponzi scheme lawyers at Dimond Kaplan & Rothstein, P.A. represent individual and institutional investors who have lost money as a result of Ponzi schemes. We will aggressively pursue claims to recover your losses or damages.
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