According to the SEC, Ephren Taylor targeted churchgoers while running the Ponzi scheme with Randy Poulson, who has been indicted in federal district court for an alleged fraudulent offering in New Jersey. A day after Hampton sued Equity Trust in Ohio, the eight non-accountholders (those who had not executed agreements with Equity Trust) filed a lawsuit in Travis County, Texas, against Equity Trust, the Langguths, and another entity, alleging violations of the Texas Securities Act and mostly fraud-related common law claims nearly identical to the claims filed in Ohio. Discover our TOP Rated GOLD IRA DEALER! The Division of Enforcement contended that notwithstanding Equity Trusts claim that it was a mere passive custodian, the company violated Sections 17(a)(2) and 17(a)(3) of the Securities Act of 1933 by causing and facilitating Taylors and Poulsons fraud. Required fields are marked *. By providingself-directed IRAs, we want our clients to feel fully empowered to thoroughly investigate and examine investment opportunities that come their way. In re AIU Ins. Already a client?Visit our Client Resources. Well then, close that life-sucking Facebook tab and take a look for yourself: Tired of Scams? At no point did Equity Trust file a motion to dismiss or a motion to transfer venue in Texas state court. Using fancy terms, elaborate or complicated concepts, Trying to make a person feel stupid or guilty for asking questions or requesting documentation like a prospectus. Depends on the services. . Explore Investment Resources Fund your IRA with a transfer, rollover, or annual contribution. Would you work with a company with a 1 out of 5 rating? The Company offers traditional retirement investments such as stocks and mutual funds, along with the option to . The Texas state court granted Hampton's motion to lift the stay, denied Equity Trust's res judicata summary-judgment motion, and set Hampton's case for trial. To enroll in myEQUITY, you must have an active account at Equity Trust Company.To complete the enrollment process you will need your 9-digit account number, that would have been provided to you in your Welcome Email and Welcome Packet sent to you from Equity Trust. Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Colorado and the Seattle area. Once a year the IRA custodian will contact the investment sponsor and ask for a value on the investment, and will report that value to the IRS to ensure that the investor isnt charged taxes on the investment. Already partnered with us?Visit our Client Resources. casetext.com should be checked to check your login warning before proceeding. Each 401(k) plan lawsuit has proposed BlackRock LifePath ETFs as of the effective date that have received the highestranking in Morningstar 2022 Target. The Division also proffered expert testimony in an attempt to show that Equity Trust breached fiduciary duties owed to its investors. It seems sketchy. 13cv182283 Case Summary. We represent investors in FINRA arbitration and court litigation proceedings throughout the country. This case is ready for a new trial setting, and is ready for trial.". The administration fees of Equity Trust Company range from $225 to $2,250, depending on the number of investments or size of the self-directed account. Indeed's survey asked over 30 respondents whether they felt that their interview at Equity Trust Company was a fair assessment of their skills. See Mirant, 613 F.3d at 589 (quoting Subway Equip., 169 F.3d at 329). Investors are encouraged to their guard up, do their due diligence and be prepared to walk away if an investment starts to sound like a scam, fraud, or scheme of some sort. Only time will tell if they are ultimately held responsible for their role in this alleged fraud. % Traditional and Roth IRA Contribution Limits. Your email address will not be published. Hampton opened a self-directed IRA with Equity Trust and signed an IRA application, thus agreeing to be bound by the terms and conditions of a Custodial Account Agreement. Accordingly, Equity Trust substantially invoked the judicial process. If you lost money with Ephren Taylor or Randy Poulson and held assets at Equity Trust Company, please Contact Us at 720-599-3505 for a free evaluationof your case. 1999)). dispute through litigation." 2007)). Co., 148 S.W.3d 109, 120-21 (Tex. We help communities to gain ownership interests in land and other local resources, and we work with people to make economic changes that balance the needs of individuals with the needs of the community, the earth, [] Equity Trust delayed almost two years before filing special exceptions arguing that Hampton's claims were proper only in Ohio based on a forum-selection clause. "Prejudice in the context of arbitration waiver refers to delay, expense, and damage to a party's legal position." With an Equity Trust self-directed account, you are in control. 28 U.S.C. During that time we have recovered money for over one thousand individuals, pension plans, trusts and companies. Still not convinced? Lease Purchase, Lease Options, Tax Liens, Notes, Paper, and Cash Flow Discussions, Private Lending & Conventional Mortgage Advice, Property Insurance Questions & Discussions, Real Estate Guru, Book & Course Reviews & Discussions. Unfortunately, a revocable living trust cannot protect your assets from trademark infringement, an attorney, a creditor, or anyone who might want to sue you. Sep 14, 2022. For more articles from Kirk, check out RIA Perspectives from Kirk Chisholm. For the past 23 years, we have dedicated our law practice to assisting investors who have been victims of investment fraud via fraudulent and unsuitable investment transactions, including dozens that occurred through the use of self-directed IRAs. 2010). The SEC alleged that while Equity Trust Company primarily is passive and simply holds the assets for customers, in the cases of Ephren Taylor and Randy Poulson, Equity Trust Companys representatives actively promoted and marketed Taylors and Poulsons securities offerings, including their promissory notes. . This specialist allows customers to save on a tax-advanced credit card account for future education expenses. On its first page, the amended petition stated: "Laura Grace Hampton . Equity Trust Company, Ephren Taylor, and Randy Poulson. Id. Make your practice more effective and efficient with Casetexts legal research suite. Highly recommend. After the federal court dismissed Hampton's claims based on a forum-selection clause designating Ohio as the proper venue, Hampton sued Equity Trust in both Ohio and Texas state courts. %PDF-1.4 Even if the client uses the withdrawals to pay eligible expenses, they are not taxed. Three. I decided to sell a property in my account. IRA custodians like Equity Trust Company allow individuals to make their own investment decisions with their IRA funds. See Brooks v. Hous. In June 2015, Equity Trust filed amended responses to requests for disclosure in which it asserted the same. Other Alternative Investment Possibilities. SGIC Strategic Glob. When Should I Hire a Litigation Attorney? Equity Trust Company is a service company that empowers individual options traders, financial professionals and institutions to transform investment portfolios through training in alternative assets including real estate, tax liens, exclusive stocks and precious metals. Along with your knowledge and personal expertise, your team can help you find and review opportunities to make sound investment choices. 2016) (unpublished). . In this book, author and investor 613 F.3d at 591. They all have been independently providing education to the investing public in an attempt to educate investors of the potential for fraud from investment sponsors. Equity Trust Company is a directed custodian and does not provide tax, legal or investment advice. 2023 Orrick Herrington & Sutcliffe LLP. Both waiver approaches are easily satisfied here. . Capital, Inc. v. Burger King Europe GmbH, 839 F.3d 422, 426 (5th Cir. 1981) (en banc), this Court adopted as binding, In the context of forum selection clauses, the Fifth Circuit has noted [t]here is a lack of authority, Full title:LAURA HAMPTON, Plaintiff - Appellant, v. EQUITY TRUST COMPANY, Defendant , Court:UNITED STATES COURT OF APPEALS FOR THE FIFTH CIRCUIT. In Mirant, we determined that "listing the right to compel arbitration as an affirmative defense in [appellant's] answer and reserving that right in its motions to dismiss" was insufficient to show a timely assertion of a right to arbitrate where appellant also delayed in asserting that right. Wellogix, 648 F. App'x at 401. Even the best investments come with the possibility of loss and a fair degree of risk. Impending Investigation: ANTHONY G. EPPS and NY LIFE DISTRIBUTORS, WARNING! ETC Brokerage does not provide investment advice or recommendations as to any investment. Both transactions were flawlessly executed. If you are still sitting on the fence regarding who you should work with, click here to read a review of a TOP rated precious metals firm of 2022. In light of the widely known Ponzi scheme that Bernie Madoff perpetrated, investors should be more alert of this risk and diligent in their research. Any information communicated by Equity Trust Company is for educational purposes only, and should not be construed as tax, legal or investment advice. Following a bench trial, the federal court granted Equity Trust's request for a permanent injunction, barring Hampton from pursuing any claims in conflict with the 2013 order against Equity Trust in any Texas state court. "Waiver can also occur if a party engages in 'conduct so inconsistent with the intent to enforce the right as to induce a reasonable belief that it has been relinquished.'" "In addition to invocation of the judicial process, the party opposing arbitration must demonstrate prejudice before we will find a waiver of the right to arbitrate." trust company, or a firm, person, company, or corporation engaged in the business of. There is no charge for an initial consultation, so call (702) 380-3131 today to speak with an experienced securities attorney who will fight to recover your losses. They help match your investment goals Check out our #1 Recommended Gold IRA Dealer! Save time and simplify your self-directed IRA research set up a call with an IRA Counselor to get the information you need about this powerful wealth-building concept. Published By The Law Office of David Liebrader, Chinese Businessman Patrick Sun Hit with Million Dollar Judgment, Virtual Communications Corporation Officer Found Liable to Investors. She also rejected Equity Trusts argument that the case was constitutionally defective because of a lack of due process and a right to a jury trial, noting that Equity Trust cited no authority to support these arguments. real estate investing strategy that makes financial freedom The next most popular option was that they felt felt about the same . Randy Poulson was from Swedesboro, New Jersey, Poulson issued promissory notes in his company, Equity Capital Investments LLC. Equity Trust Company Engaged Employer Overview 190 Reviews 29 Jobs 198 Salaries 35 Interviews 33 Benefits 34 Photos Follow + Add a Review Equity Trust Company Reviews Updated 16 Dec 2022 Find Reviews Clear All Full-time, Part-time English Filter Found 176 of over 190 reviews Sort Popular Popular Highest Rating Lowest Rating Most Recent This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply. . . . A review of the record belies this assertion. Mirant, 613 F.3d at 589 (quoting Subway Equip. You are leaving trustetc.com to enter the ETC Brokerage Services (Member FINRA/SIPC) website (etcbrokerage.com), the registered broker-dealer affiliate of Equity Trust Company. The SEC recognized that self-directed IRAs are traps for the unwary, and issued a bulletin for investors to consider before making the leap into self-directed IRAs. As an SDIRA provider since 1984 with over $34 billion in invested assets, Equity Trust has forged the right combination of experience, investment capabilities, and customer focus to stand out. It appears to be a company that assists individuals with self directed IRAs as its bread and butter. 1995))). A lawsuit filed in the US District Court for the Northern District of California was dismissed by the court for failure to state a claim. Auth., 926 S.W.2d 316, 322 (Tex. Here are some of the materials provided to investors as a resource: The Self-Directed IRA industry participants and industry regulators have made considerable efforts to combat this problem. Equity Trustees was established as an independent Trustee and Executor company in 1888 and has become one of Australia's largest specialist trustee companies.

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