10.0David P Neuman
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WARNING! Impending Investigation: EQUITY TRUST COMPANY, EPHREN TAYLOR, and RANDY POULSON

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17
Jun

WARNING! Impending Investigation: EQUITY TRUST COMPANY, EPHREN TAYLOR, and RANDY POULSON

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Equity Trust Company, Ephren Taylor, and Randy Poulson

We are currently investigating potential claims regarding Equity Trust Company, Ephren Taylor, and Randy Poulson.  Earlier this week, the Securities and Exchange Commission (SEC) brought a regulatory action against Equity Trust Company.  According the SEC’s allegations, Equity Trust Company acts primarily as a custodian of self-directed IRAs, including purported assets that were invested in fraudulent schemes that were run by Ephren Taylor and Randy Poulson.  At least 100 investors had over $5 million invested with Taylor and Poulson and held in self-directed IRAs at Equity Trust Company.

Equity Trust Company is headquartered in Ohio and is organized as a trust company under the laws of South Dakota. 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 Company’s representatives actively promoted and marketed Taylor’s and Poulson’s securities offerings, including their promissory notes.  The SEC also alleged that Equity Trust Company ignored several red flags in these offerings, including the lack of proper documentation; knowledge that some of the promissory notes were matured and unpaid; and knowledge of false representations made by Taylor.  The SEC seeks an order that Equity Trust Company cease and desist its actions regarding Taylor and Poulson.

Ephren Taylor was from Overland Park, Kansas.  Taylor issued promissory notes in his company, City Capital Corporation.  According to the Kansas City Star, it turned out to be a $16 million Ponzi scheme, and Taylor was sentenced to almost 20 years in jail.

Randy Poulson was from Swedesboro, New Jersey, Poulson issued promissory notes in his company, Equity Capital Investments LLC.  According to the South Jersey Times, Poulson operated a $3 million Ponzi scheme, and he has been criminally indicted.

Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Colorado and the Seattle area.  We represent investors in FINRA arbitration and court litigation proceedings throughout the country.  Our attorneys have represented over one thousand investors against many brokerage firms in the past, including LPL Financial, Merrill Lynch, Morgan Stanley, Smith Barney, Stifel Nicolaus & Company, UBS Financial Services, Oppenheimer, Charles Schwab, Wells Fargo Advisors, Ameriprise Financial Services, Raymond James, ProEquities, Securities America, National Securities Corp., and many others.

 

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 evaluation of your case.

 

Click to view:  Equity Trust SEC Comp

Israels & Neuman, PLC is a private law firm and is not affiliated with any government or law enforcement agency. Any investigation referenced in this blog is independent in nature and is being conducted by our law firm privately, not in conjunction with any government or law enforcement agency. All information contained in this blog should be deemed statements of opinion derived from the author’s review of public records, not statements of fact. This blog is advertising material and does not create an attorney client relationship, nor does it constitute legal advice. Everyone’s situation is different and the question of whether or not you have a claim will vary on a case-by-case basis. In contingent representation, clients may still be liable for costs.
10.0David P Neuman

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