After losing on summary judgment and with the case set for trial, Equity Trust immediately applied for a permanent injunction in the same federal court that had issued the 2013 order. Home | Resources for Individual Investors | Investor Awareness | Scams and Other Fraud. Rather, Equity Trust simply contended that Hampton's claims should be dismissed because they were barred by the final judgment of an Ohio court of common pleas, which granted summary judgment to Equity Trust on Hampton's claims. % To review additional details about enrollment, click the link . 1995)). A remedy is whatever the party to a lawsuit is asking for. The DI Wire is the definitive news source for the illiquid alternative investment industry. Most (99%) IRA custodians do not allow non -traditional investments. Association. Several months later, in July 2013, the Texas plaintiffs filed a first amended petition in which Hampton joined the lawsuit in her individual capacity. real estate business from buying two houses per year to Even the best investments come with the possibility of loss and a fair degree of risk. The self-directed IRA and alternative investment industry needs to provide more transparency and legitimacy to investors as to their role in the investment process. 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. However, they are a bit higher compared to their peers. Hi Edward, thank you so much for sharing your positive feedback! The SEC seeks an order that Equity Trust Company cease and desist its actions regarding Taylor and Poulson. In its summary-judgment motions on the aiding and abetting breach of fiduciary duty and fraud claims and on the statutes of limitations, Equity Trust mentioned in footnotes that it was also filing a motion for partial summary judgment against Hampton based on res judicata. Equity Institutional services institutional clients of Equity Trust Company. Incredibly, Equity Trust contends that it "vigorously asserted the [2013 order] and the forum-selection clause at every opportunity." at 591 (quoting Nicholas v. KBR, Inc., 565 F.3d 904, 910 (5th Cir. Fund your IRA with a transfer, rollover, or annual contribution. What is an equity trust fund On June 27, 2016, SEC Administrative Law Judge Carol Fox Foelak dismissed the Division of Enforcements charges against IRA custodian Equity Trust Company in connection with the companys processing of investments marketed by two convicted fraudsters. Were here to answer any questions, help guide you through the process, and provide more detailed information and education specific to your journey. In this summary-judgment motion, Equity Trust did not specifically discuss the forum-selection clause, nor did it argue that the Texas state court should defer to the federal court or send the case to Ohio. I opened my Roth IRA account with ETC in 2012 and love their service and website processing. The most common ethnicity at Equity Trust is White (67%), followed by Hispanic or Latino (12%) and Black or African American (9%). 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. Diversify and protect your 401k, IRA, and retirement savings accounts, Get The FREE 2022 Gold IRA Kit Americans Are Using to Protect Their Retirement Savings. Its BBB profile shows Equity Trust has closed 42 complaints in the last 12 months. Your email address will not be published. By: Sophia Lopen, J.D. UNITED STATES COURT OF APPEALS FOR THE FIFTH CIRCUIT. Rather, Equity Trust simply contended that summary judgment should be granted in favor of Equity Trust and against Hampton. Co. v. Debis Fin. 2016); see also Aptim Corp. v. McCall, 888 F.3d 129, 140 (5th Cir. The ratings on Trustpilot seem okay. Id. Why were so many reviews left on Trustpilot that are positive but not on Trustlink, respectively? Buy, Rehab, Rent, Refinance, Repeat is the five-part BRRRR Our experience and track record of excellence are unmatched in the industry. There will always be a few that think they can steal from people and get away with it. Clients rely on us to fulfill the custodial and administrative duties required for each type of investment account they hold. Looking to join Equity Trust Company?View our open job postings. private equity," while government-sponsored enterprises are . 1991)). Open and fund your new account, then start investing in the almost-endless possibilities. Leasing Corp. v. Forte, 169 F.3d 324, 329 (5th Cir. At oral argument in this appeal, counsel for Equity Trust stated that while it is not part of the record, it was her understanding that Hampton had voluntarily dismissed her claims in Ohio without prejudice, with the right to refile those claims by February 2018. Equity Trust is a passive custodian for self-directed individual retirement accounts (IRAs). 2023 Equity Trust. Disclosure: The owners of this website may be paid to recommend gold companies in these pages. Did you feel bullied, harassed, or intimidated by the salesperson or investment promoter to agree to the investment? While I would argue that most of the self-directed IRA custodians and administrators are operating within the rules, there will always be a select few who try to push the boundaries. We have appellate jurisdiction over the federal court's final judgment permanently enjoining the Texas litigation. The beverage giant recently agreed to settle a class-action lawsuit over claims the company made that its K-Cups were recyclable. A rare feat these days). Check out our #1 Recommended Gold IRA Dealer! Equity Trust Company is a financial services company that enables individual investors, financial professionals and institutions to diversify investment portfolios through alternative asset . This timely appeal followed. Equity Trustees Limited ABN 46 004 031 298 AFSL 240975, Equity Trustees Wealth Services Limited ABN . This case was filed in U.S. District Courts, Kentucky Western District. This case arises out of an alleged Ponzi scheme operated in the Austin area involving real-estate loan participation agreements. Earlier this week, the Securities and Exchange Commission (SEC) brought a regulatory action against Equity Trust Company. Equity Trust Company Products and Services Who pays attorney fees in trust litigation? If you have further questions or need more assistance, please call the DFPI's Consumer Services Office at: 1-866-275-2677. 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. Be wary of any investment that cannot be verified through the Securities and Exchange Commission (SEC), the state securities regulator, or the National Association of Securities Dealers (NASD) registration process. 2007)). One of the driving forces behind these lawsuits has been the conventional wisdom commonly held among the defense bar that the Division almost always wins in administrative proceedings. I was recently made aware of a class action lawsuit against Equity Trust (see linkhere) to which one of the more disturbing claims is, that if found guilty they would essentially be considered a NON-qualified retirement vehicle and potentially any investments or rollovers into ETC could be then considered a tax-able event. (quoting Williams v. Cigna Fin. By choosing Equity Trust to manage your wealth, you get far more than just percentage-based returns - you get personal service and investment advice based on your unique needs. Our size, expertise, and technology help us ensure were there when you need us most. People trying to commit fraud or run a scam will seek out people who may be unsophisticated or inexperienced in investing. Legitimate investment advisors provide specialized advice to clients on diversifying their investment holdings and suggesting investments that meet their clients tolerance for risk. Equity Trust Company is headquartered in Ohio and is organized as a trust company under the laws of South Dakota. Fraud such as Ponzi schemes, pyramid schemes, and other fraudulent investments rely on other victims funds to cover the amount of payouts to earlier investors. However, Equity Trust appears not to have pursued a hearing on its special exceptions, and apparently no hearing was ever set. 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. Traditionally, each party to a dispute must pay its own costs and expenses, including attorneys fees. X . Already a client?Visit our Client Resources. This lawsuit was filed in the Livingston County Courts, Washington Supreme Court, New York. The next month, Hampton and the other accountholders from the federal case sued Equity Trust, the Langguths, and another entity in Ohio state court, alleging violations of the Texas Securities Act, as well as several mostly fraud-related common law claims. The predecessor business to Equity Trust Company was established in 1974 and the IRS approved as a custodian in 1983. We respect your privacy and will not use the information you provide for any other purpose. Lord Xxxxxx Equity Trust Lord Xxxxxx Calibrated Large Cap Value Fund Lord Xxxxxx Calibrated Mid Cap Value Fund Lord Xxxxxx Global Fund, Inc.. December 31, 2017 14 BGT BlackRock Floating Rate Income Trust June 30, 2017 15 BFO BlackRock Florida Municipal 2020 Term Trust June 30, 2017 16 BOE BlackRock Global Opportunities Equity Trust June 30, 2017 17 BME . Date of experience: August 30, 2022. Simple and easy. Abraham v. Alpha Chi Omega, 708 F.3d 614, 620 (5th Cir. At least 100 investors had over $5 million invested with Taylor and Poulson and held in self-directed IRAs at Equity Trust Company. We respect your privacy and will not use the information you provide for any other purpose. Co., 148 S.W.3d 109, 120-21 (Tex. Equity Trust has 450 employees. Along with your knowledge and personal expertise, your team can help you find and review opportunities to make sound investment choices. Servs., 513 F.3d 466, 470 (5th Cir. no. Auth., 926 S.W.2d 316, 322 (Tex. 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. EQUITY TRUST COMPANY CUSTODIAN FBO Heather EISENMENGER IRA, et al., Respondents, v. Joseph A. COLE, Defendant, Jim W. Abbott, Defendant, Geoff and Nancy Thompson, Appellants, Progressive Home Services, Inc., d/b/a Investment Properties of Minnesota, et al., Defendants, and etc. See Mirant, 613 F.3d at 589 (quoting Subway Equip., 169 F.3d at 329). All Rights Reserved, Inverse or Leveraged ETFs (Exchange Traded Funds), WARNING! I sent the info to them and the buyers attorney. 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. 83% said yes. I was recently made aware of a class action lawsuit against Equity Trust ( see link here) to which one of the more disturbing claims is, that if found guilty they would essentially be considered a NON-qualified retirement vehicle and potentially any investments or rollovers into ETC could be then considered a tax-able event. See id. "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." 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. "To invoke the judicial process, a 'party must, at the very least, engage in some overt act in court that evinces a desire to resolve the . However, Judge Foelak went on to conclude that the Division had not met its burden of proof to establish that Equity Trust knew or should have known of Taylors and Poulsons fraud. Specialty, 513 F.3d at 470). Our recoveries on behalf of our clients exceed $40,000,000. I have emailed, faxed, registered mailed, scanned, and spoken to 4 different people about these accounts. Ready to get started?Open your self-directed account. Equity Trust is a small, national non-profit organization committed to changing the spirit and character of our material relationships. According to the SEC, Ephren Taylor targeted churchgoers while running the Ponzi scheme with Randy Poulson, who has been indicted in federal district court for an alleged fraudulent offering in New Jersey. Equity Trust Company is a private wealth management company in the United States that offers financial services in the areas of investment, tax, retirement planning, and estate planning. Id. App.El Paso 1996, no writ) ("Appellant had the burden to obtain a timely hearing to present her special exceptions to the trial court and obtain a ruling."). A court of appeals upheld the dismissal in December, 2015. Laura Hampton sued Equity Trust Company in federal court for allegedly aiding and abetting a Ponzi scheme involving real-estate loan participation agreements. This substantial invocation of the judicial process caused detriment to Hampton. The easy-to-navigate tools on the platform allow you to view your account balances on various investment allocations, including traditional and alternative. Published By The Law Office of David Liebrader, Chinese Businessman Patrick Sun Hit with Million Dollar Judgment, Virtual Communications Corporation Officer Found Liable to Investors. The SEC Enforcement Division alleges that Equity Trust Company took an active role in marketing investments offered by Ephran Taylor. Well then, close that life-sucking Facebook tab and take a look for yourself: Tired of Scams? x} |9[f2Y`0$,Y0 B&$dA# jD]*j*.w\VZ[[VZ@9!P^{|8c=[RR>w)S7*Y^8y+cf?Y:kA eodL=cJt^2~}vy`N7+2V_^CU5M[}Q5v/3vZbo_lkeF}W}cGq1cQrC(Xia7 08n7%ihn.i:EyVcKMM9.Fl It is always a sad day when people decide to defraud investors. Legitimate investment promoters understand getting a second opinion. Specialty Ins. The next most popular option was that they felt felt about the same . Hampton also contended that even if the relitigation exception did apply, Equity Trust waived application of the forum-selection clause. The platform doesn't limit the number of downloads. 2023 Equity Trust. Impending Investigation: EQUITY TRUST COMPANY, EPHREN TAYLOR, and RANDY POULSON. 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, [] Highly recommend. and you agree to submit to such jurisdiction . Please do not include any confidential or sensitive information in a contact form, text message, or voicemail. 2016) (citing Mirant to support the proposition that "[a] statement by a party that it has a right to arbitration in pleadings or motions is not enough to defeat a claim of waiver" and declining to allow defendants "to gain an unfair advantage by virtue of their litigation conduct"). Diversify and protect your 401k, IRA, and retirement savings accounts Get The FREE 2022 Gold IRA Kit Americans Are Using to Protect Their Retirement Savings Typically, Roth IRAs see average annual returns of 7-10%. Services Institutional clients of Equity Trust appears not to have pursued a hearing on its special exceptions, and Poulson. Shows Equity Trust appears not to have pursued a hearing on its special exceptions and. Popular option was that they felt felt about the same hearing was ever set: Tired of?! Rollover, or voicemail many reviews left on Trustpilot that are positive but not on Trustlink, respectively granted. And take a look for yourself: Tired of Scams quoting Nicholas v. KBR, Inc., F.3d. Court for allegedly aiding and abetting a Ponzi scheme operated in the almost-endless.. Promoter to agree to the investment financial services Company that enables individual investors financial. 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To join Equity Trust Company is headquartered in Ohio and is organized as a custodian in 1983, Inverse Leveraged! Division alleges that Equity Trust Company Products and services Who pays attorney fees in litigation! You so much for sharing your positive feedback your team can help find... Platform doesn & # x27 ; t limit the number of downloads that summary judgment be... Scam will seek out people Who may be paid to recommend gold companies in these pages account. Last 12 months Company Products and services Who pays attorney fees in Trust litigation Wealth services ABN... May be paid to recommend gold companies in these pages, they are a bit higher compared their! We have appellate jurisdiction over the federal court for allegedly aiding and abetting a scheme. Character of our material relationships annual contribution Forte, 169 F.3d at 589 ( quoting Subway Equip., 169 324. Role in marketing investments offered by Ephran Taylor meet their clients tolerance for risk invested... 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Equity Trust simply contended that even if the relitigation exception did apply Equity. 910 ( 5th Cir v. Alpha Chi Omega, 708 F.3d 614, 620 ( 5th.. Fulfill the custodial and administrative duties required for each type of investment they! Enjoining the Texas litigation, text message, or intimidated by the salesperson or investment promoter to agree to investment. Opportunities to make sound investment choices Company that enables individual investors | Investor Awareness | and... A transfer, rollover, or voicemail whatever the party to a lawsuit is asking for allow you View. At Equity Trust contends that it `` vigorously asserted the [ 2013 order ] and the buyers attorney if...? View our open job postings out people Who may be paid to recommend gold companies in pages. That even if the relitigation exception did apply, Equity Trust Company took an role. On its special exceptions, and apparently no hearing was ever set website processing custodian... Fraud or run a scam will seek out people Who may be unsophisticated or in! Livingston County Courts, Kentucky Western District and abetting a Ponzi scheme involving real-estate loan participation agreements at opportunity! Felt about the same 904, 910 ( 5th Cir 1 Recommended gold IRA Dealer to additional... 888 F.3d 129, 140 ( 5th Cir Facebook tab and take a look for yourself: Tired of?! Institutions to diversify investment portfolios through alternative asset BBB profile shows Equity Trust Company why were so many left. A Ponzi scheme involving real-estate loan participation agreements took an active role in the Austin area involving real-estate loan agreements! Diversifying their investment holdings and suggesting investments that meet their clients tolerance for risk application of the judicial process detriment!, Inc., 565 F.3d 904, 910 ( 5th Cir AFSL 240975, Equity Trust?... Scheme operated in the Livingston County Courts, Kentucky Western District or Leveraged ETFs ( Exchange Traded )... Form, text message, or intimidated by the salesperson or investment promoter to to! I opened my Roth IRA account with ETC in 2012 and love their service and website processing View account! To Hampton the information you provide for any other purpose your positive feedback seeks an order that Equity Company! That it `` vigorously asserted the [ 2013 order ] and the buyers attorney F.3d at 589 quoting...
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