Friday, July 16, 2021

EquiALT Ponzi scheme done like dinner

EquiALT Ponzi schemers Brian Davison, managing director Barry Rybicki along with Tony James and Michael Kelly are accused of bilking $170m from more than 1,100 investors. They are having their assets auctioned off, including 300 properties, multi-million dollar luxury cars and $10m in jewelry. Their fraud was 'underperforming real estate' with the promise of 'generous returns.' Some of the money went to pay off new investors while the remaining millions funded their lavish lifestyles. The scammers enjoyed expensive vacations, jewelry and multi-million dollar cars and homes.
One of the prized assets is a 2018 Pagani Huayra. It is expected to sell for $2.2m to $2.4m.