Equialt, LLC and its affiliated companies targeted high income clients to invest in their Real Estate Investment funds. They claimed to specialize in the acquisition, sale and management of real estate purchased at 25-50% below market value. Investors were promised 8 percent of better in returns.
The U.S. Securities and Exchange Commission, (SEC) filed a civil enforcement action in The United States District Court for the Middle District of Florida against defendants: Equialt, LLC (Equialt); Equialt Fund, LLC (Fund 1); Equialt Fund II, LLC(Fund 2); Equialt Fund III, LLC (Fund 3); EA Sip, LLC (EA); Brian Davison (Davison) and Barry Rybicki (Rybicki) (collectively, defendants).
The defendants are charged with running a real estate Ponzi scheme that raised over $170 million from over 1,100 investors claiming EquiAlt did not delivered on its promise to deliver annual returns of 8 percent or better. It also claims Davison and Rybicki have used $11 million in investor funds to pay for Ferraris, Porsches and a Rolls Royce, as well as for expensive watches and to pay for travel on chartered jets.
The Sarachek Law Firm represents dozens of investors and is pursing return of their investments. If you purchased this alternative investment. The Sarachek Law Firm can help you recover your funds.
Please call us now for a free no charge evaluation of your case (646) 517-5420 x 104