Good news for victims of ponzi schemers Ephren Taylor and Randy Poulson. This week the Securities and Exchange Commission (SEC) filed an administrative proceeding against Equity Trust Company, the custodian for many of the victims of Taylor and Poulson. According to the SEC, Equity Trust Company ignored red flags for accounts with investments that turned out to be fraudulent and took an active role in marketing investments offered by Ephren Taylor, who targeted churchgoers while running a Ponzi scheme, and Randy Poulson, who has been indicted in federal district court for an alleged offering fraud targeting investors in New Jersey. Equity Trust repeatedly failed to protect the interests of its customers when it acted as more than a passive custodian.
This means that victims of Taylor and Poulson can sue Equity Trust Company for the investment losses sustained in the ponzi schemes. This is important because of roadblocks in the form of a lack of collectability victims have had in pursing Taylor and Poulson. To learn more about how to sue Equity Trust Company to recover ponzi scheme losses, please call our law firm.
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