Equity Trust Co., Ephren Taylor—Ignoring Red Flags for Accounts Later Deemed Fraudulent, Alleged Ponzi Scheme

Ponzi scheme recovery attorneysEquity Trust Co., a Self-directed IRA provider, Allegedly Ignored Red Flags Regarding Accounts Later Deemed Fraudulent, and Assisted Ponzi Scheme Targeting Churchgoers

Equity Trust Co., of Westlake, Ohio, allegedly ignored red flags for accounts “with investments that turned out to be fraudulent”, according to recent documents from the SEC.

The SEC goes on to allege that Equity Trust took an active role in marketing investments offered by one Ephren Taylor, “who who targeted churchgoers while running a Ponzi scheme,” and Randy Poulson, who has been indicted in federal district court for alleged fraud targeting investors in New Jersey.

Some of the red flags which came up were Taylor and Poulson allegedly not providing proper documentation for the investment collateral, as is required of the legal custodian of a self-directed IRA’s, according to the SEC’s Enforcement Division.

Ephren Taylor and Randy Poulson Allegedly Defrauded More than 100 Investors out of $5 Million Invested through Accounts at Equity Trust

Ephren Taylor and Randy Poulson allegedly defrauded more than 100 investors out of $5 million invested through accounts at Equity Trust, according to the SEC’s Enforcement Division.

In addition, the SEC goes on to allege that Equity Trust reps participated at public events, such as dinners, hosted by Taylor and Poulson, and also allegedly encouraged said attendees to take their retirement nest egg from traditional IRA’s, and move them to self-directed IRA’s at Equity Trust. No judgment has been entered in this matter regarding the allegations made by the SEC.

The Peiffer Wolf Carr & Kane Investor Rights Lawyers Fight to Help Investors

The Peiffer Wolf Carr & Kane investor rights lawyers often represent investors who lose money as a result of alleged Ponzi schemes. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.

Investors who believe they lost money as a result of alleged Ponzi schemes may contact the investor rights lawyers at Peiffer Wolf Carr & Kane, Jason Kane or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at (585) 310-5140.

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In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow cases about which we report, and/or to publish subsequent blogs regarding various developments that may occur in such cases. Readers are encouraged to conduct their own research regarding any such cases and any developments that may or may not have occurred in such cases.