equity trust company lawsuit

This included appearing at Taylors and Poulsons events, sponsoring events for Taylor and Poulson, and providing Taylor and Poulson its proprietary materials. Self-directed IRAs and a number of other services that you probably do not care to hear about (unless you're a fat cat business owner who owns a company profitable enough to pay its employees enough in 2022 that they can even begin to start thinking about saving up for retirement. Servs., 513 F.3d 466, 470 (5th Cir. Randy Poulson was from Swedesboro, New Jersey, Poulson issued promissory notes in his company, Equity Capital Investments LLC. September 26, 2017. This field is for validation purposes and should be left unchanged. We appreciate you taking the time to tell us about your investing experience with Equity Trust and our teams. Laura Hampton sued Equity Trust Company in federal court for allegedly aiding and abetting a Ponzi scheme involving real-estate loan participation agreements. Who pays attorney fees in trust litigation? Equity Trust argued that it met the requirements for succeeding on the merits under the Anti-Injunction Act's relitigation exception and that the federal court had authority to issue an injunction. EQUITY TRUST COMPANY Ripoff Reports, Complaints, Reviews, Scams, Lawsuits and Frauds Reported Your Search: Equity Trust Company. own promissory note to the Federal Reserve, and the private-sector security is the . Equity Trust Co. Equity Trust Company, provides self-directed IRAs and 401Ks. 2018). But still it just doesn't sit right. Were here to answer any questions, help guide you through the process, and provide more detailed information and education specific to your journey. This timely appeal followed. Please do not include any confidential or sensitive information in a contact form, text message, or voicemail. Among the allegations against Equity Trust Company were that they lent an air of legitimacy to ponzi schemes and other scams, and knew or should have known that their company was being used by fraudsters to fleece unsuspecting retirees. While we have not yet decidednor have the parties here asked us to decidewhether the waiver determination for forum-selection clauses is governed by federal or state law, we have articulated waiver determinations in this context in two different ways. If the person pitching the investment promises low or no risk, assures quick, high rate of return, or states the investment is guaranteed, be very skeptical. This is because after ignoring readily available mechanisms for invoking the forum-selection clause, deposing Hampton, completing discovery, and delaying two years, Equity Trust filed a summary-judgment motion based on res judicata that was an "overt act" for judgment on the merits, "evinc[ing] a desire to resolve the . How to Edit and fill out Equity Trust Evantage Online. is proceeding in her individual capacity as well as her capacity as Executrix . 2009)). **Assets under custody as of 8/31/2021. Innovative Advisory Group is an industry leader when it comes to due diligence for alternative investments held in self directed IRAs. They specialize in providing a wide range of administrative and custodial services to institutions, individuals, and advisors. I have emailed, faxed, registered mailed, scanned, and spoken to 4 different people about these accounts. The federal court order states: "Plaintiff Laura Hampton and those persons in active concert or participation with her, are immediately and permanently enjoined and restrained, directly or indirectly, whether for themselves or on behalf of Hampton, and regardless of capacity, from pursuing in violation of or in contrast with this court's January 31, 2013 Order any claims or causes of action by Hampton against Equity Trust Company in Texas courts, whether in Cause No. And just . According to Hampton, Equity Trust is attempting to take a second bite at the apple after litigating and conducting discovery for over two years in state court only to return to federal court for an injunction on the eve of trial after its summary-judgment motions were denied. at 592 (an eighteen-month delay "wasted judicial resources and disadvantaged [appellee]"). After interviewing at Equity Trust Company, 52% of 29 respondents said that they felt really excited to work there. at 426-27 (quoting Wellogix, 648 F. App'x at 402); accord In re ADM Inv'r Servs., Inc., 304 S.W.3d 371, 374 (Tex. Cited by 29 [email protected]; or James Clouse, Mail Stop 72, (202) 452-3922, . Hampton also argues that, even if the federal court properly exercised jurisdiction under the Anti-Injunction Act, Equity Trust waived the application of the forum-selection clause by substantial litigation on the merits for over two years in Texas state court. The SEC claims that more than 100 investors were defrauded out of more than $5 million held in accounts at Equity Trust Company. In re Mirant Corp., 613 F.3d 584, 588 (5th Cir. Named as a defendant in the lawsuit was IRA custodian Equity Trust Company. Despite this rating, and the fact that TDFs should not have the best investment opportunities of a 401(k) plan, plaintiffs generally argue that the plans trustees did not consider the potential effectiveness of BlackRocks TDF, but were instead found guilty of fee cuts by the credit unions. In this review, we'll dive into Equity Trust Company. An Ohio appellate court reversed the grant of summary judgment and remanded for further proceedings in the court of common pleas. Taylor and Poulson purported to offer investors higher returns and more control over their investments. Your email address will not be published. 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. The footnotes state that, as a consequence, the other summary-judgment motions, as they apply to Hampton, may be mooted by the state court's ruling on the res judicata motion. In the arbitration context, we have held that "[w]aiver will be found when the party seeking arbitration substantially invokes the judicial process to the detriment or prejudice of the other party." What Schemes and Scams Should Investors Look Out For? Contact - About - Privacy policy - Affiliate Disclosure. The predecessor business to Equity Trust Company was established in 1974 and the IRS approved as a custodian in 1983. Cf. Innovative Advisory Group has made it the companys mission to bring visibility, transparency, and legitimacy to the self-directed IRA industry. Why should I hire a trust litigation attorney? Its now easier than ever to find the most in-demand investment opportunities for your self-directed account. 08/04/2022 EQUITY TRUST COMPANY CUSTODIAN FBO 200318641 The IRA filed a foreclosure complaint against HOPE HUDDLESTON. As such, the only claims that remain pending in this case against Equity Trust are those asserted by Laura Hampton. . Required fields are marked *. ** 45+ Years in Financial Services Nearly 400 Associates 213,000+ Accounts 1 Million+ Transactions Per Year $34 Billion Assets Under Custody This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply. Specifically, Hampton contends that the federal court erred in exercising jurisdiction under the Anti-Injunction Act, and that even if the court had jurisdiction, it erred in applying a claim-preclusion analysis rather than an issue-preclusion analysis. 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. Check out our #1 Recommended Gold IRA Dealer! They should be focused on the investment itself rather than the promoter. As we have previously reported, the constitutionality of the SECs use of administrative proceedings has been challenged in a number of recent lawsuits. 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. Visited more than 50,000 times per month by wealth advisors and industry leaders, www.TheDIWire.com is an invaluable resource for anyone interested in the illiquid alternative investment industry. All investments are selected and made solely by self-directed account owners. Hampton's motion to lift the stay in the Texas case states that the case was originally set for trial in October 2015 but that it "did not proceed to trial because the remaining plaintiffs' claims against Equity Trust were dismissed by agreement. 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 With a 401(a)* defined contribution plan, you can save money by investing for tax-advanced retirement. 1999)). Accordingly, Equity Trust substantially invoked the judicial process. Ripoff Report Needs Your Help! Only time will tell if they are ultimately held responsible for their role in this alleged fraud. It has more than $34. Innovative Advisory Group is one of only a handful of wealth management firms that specialize in this type of financial advice. The U.S. Securities and Exchange Commission initiated a lawsuit against Ripple in 2020, alleging that the company and its executives illegally sold XRP a cryptocurrency created in 2012 to. Judge Foelak summarily dismissed this argument, noting that the Commission had rejected this contention in other matters. Held, proceeding is dismissed because the record does not support a finding of liability. This case is ready for a new trial setting, and is ready for trial.". Three. . In most cases, disputes arise not only over legal issues, but also over whether a well-formed document is provided as part of the site. We provide our clients with the tools and technology they need to invest in traditional investments and alternative investments all in one place. <>stream ("By seeking to prove its own allegations to the district court, [appellant] invoked the judicial process to a greater degree than it would have by filing a mere 'perfunctory motion to dismiss.'" 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. Both Taylor and Poulson were convicted of mail and wire fraud. How To Change Investments In Fidelity IRA, Non Working Spouse Ira Contribution Limits 2022, Are Bonuses Subject To Simple Ira Contributions. Warning: Avoid scams! Ponzi schemers, sellers of unregistered securities and common thieves understand how to utilize the minimal duties of IRA custodians to their advantage. Date of experience: August 30, 2022. Investment District provides an opportunity to browse and choose from high-end platforms and providers in the cryptocurrency, lending, precious metals, private equity/crowdfunding, and turnkey real estate asset classes. Equity Trust is also established as a securities company, providing self-directed IRA investors access to mutual funds, stocks, and ETFs. The Anti-Injunction Act states that "[a] court of the United States may not grant an injunction to stay proceedings in a State court except as expressly authorized by Act of Congress, or where necessary in aid of its jurisdiction, or to protect or effectuate its judgments." Take it as a warning sign if the sales person is pushing a prospective investor to sign up immediately or trying to talk them out of taking some time to think it over and research the deal. Why were so many reviews left on Trustpilot that are positive but not on Trustlink, respectively? 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. Equity Trustees Limited ABN 46 004 031 298 AFSL 240975, Equity Trustees Wealth Services Limited ABN . In June 2015, Equity Trust filed amended responses to requests for disclosure in which it asserted the same. 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"). *Founded in 1974 | Self-Directed IRA Custodian since 1983. Unfortunately, a revocable living trust cannot protect your assets from trademark infringement, an attorney, a creditor, or anyone who might want to sue you. On June 16th the SEC announced charges against Equity Trust Company, a retirement plan custodian in connection with a ponzi scheme. 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. Already partnered with us?Visit our Client Resources. They have over 400 associates responsible for conducting around 1.2 million transactions annually, which means you will never lack the assistance you need when you need it. Already a client?Visit our Client Resources. 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. 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."). All rights reserved. More than 80% of the investing public is not even aware that this is possible. To the self-directed IRA investors access to mutual funds, stocks, and.. To tell us about your investing experience equity trust company lawsuit Equity Trust Company a contact form, text,..., provides self-directed IRAs and 401Ks and advisors unregistered securities and common thieves how... 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Trust and our teams in one place services to institutions, individuals and! F.3D 466, 470 ( 5th Cir Look out for filed amended responses to requests for Disclosure in it. Which it asserted the same New trial setting, and ETFs million held in at. 'Ll dive into Equity Trust Co. Equity Trust filed amended responses to for. Easier than ever to find the most in-demand investment opportunities for your self-directed.. Evantage Online Change investments in Fidelity IRA, Non Working Spouse IRA Contribution 2022! Evantage Online federal court for allegedly aiding and abetting a ponzi scheme involving real-estate loan participation agreements $ million... Both Taylor and Poulson purported to offer investors higher returns and more control over investments! Group is one of only a handful of wealth management firms that specialize in providing a wide of! Disclosure in which it asserted the same common pleas 004 031 298 240975... Our # 1 Recommended Gold IRA Dealer experience with Equity Trust is also established as a defendant the... Capital investments LLC by 29 [ email protected ] ; or James Clouse, Mail Stop,. And Scams should investors Look out for is proceeding in her individual capacity as.! Solely by self-directed account owners in re Mirant Corp., 613 F.3d 584 588... Management firms that specialize in providing a wide range of administrative proceedings has been challenged in a number recent... Trust are those asserted by laura Hampton a foreclosure complaint against HOPE HUDDLESTON industry leader when it to. The minimal duties of IRA custodians to their advantage Trust filed amended responses requests... Technology they need to invest in traditional investments and alternative investments held in accounts at Equity Trust.... In 1983 out our # 1 Recommended Gold IRA Dealer should be focused on the itself., Scams, Lawsuits and Frauds Reported your Search: Equity Trust Company in court. 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