The district court granted the motion. Considering that the entities were operated in furtherance of a large-scale real estate fraud scheme, this prong is easily satisfied. If you suspect an investment to be fraudulent or have any concerns about your investment, report any wrongdoing or scams to theseorganizations. Inv. The purchase terms and conditions varied; however, as part of each transaction, members entered into purchase agreements and deposited earnest money with, or paid other up-front fees to, corporate entities allegedly owned or managed by the principals. Finally, the Thompsons contend that the receiver should have been required to post a bond as a condition of its appointment as receiver. By: Sophia Lopen, J.D. We review the waiver of a contractual right de novo and any findings of fact underlying the waiver determination for clear error. Minn. Hotel Co., 495 N.W.2d at 893; see also Griggs, Cooper & Co. v. Lauer's, Inc., 264 Minn. 338, 342, 119 N.W.2d 850, 853 (1962) (indicating that receivership bonds are only necessary when required by statute). Hi Edward, thank you so much for sharing your positive feedback! Any information communicated by Equity Trust Company is for educational Cole further acknowledged that at least one of the entities was capitalized for as little as $200.

Identify your wealth-building goals and discover your personalized strategy by answering a few quick questions. A self-directed account with Equity Trust opens the door to nearly limitless investment opportunities set up a call with an IRA Counselor to get the information you need about this powerful wealth-building concept. Equity Trust is a passive custodian for self-directed individual retirement accounts (IRAs). several, 650 tr. *In Canada, trademark(s) of the International Association of Better Business Bureaus, used under License. Moreover, wire-transfer receipts and financial statements obtained by the investors demonstrate that money was transferred between entities and withdrawn from them in large sums by the Thompsons. v. QCI Marine Offshore, Inc., 448 F.3d 825, 827 (5th Cir. The complaint filed Tuesday against Los Angeles County and its sheriffs department seeks restitution for inmates and a court order to stop the renewal of contracts under which the county gets a commission. Email response from Equity Trust take about 5 days and return phone calls are not reliable. Were here to answer any questions, help guide you through the process, and provide more detailed information and education specific to your journey. An eight-ounce bag of Flamin Hot Cheetos cost the Sheriffs Department $2.51, but the inmates paid $5.33. The transactions proved to be fraudulent, as none of the purchases were ever completed, and investors' earnest money and other fees were not returned. 2023 Equity Trust. In April 2015, Equity Trust filed supplemental special exceptions to the Texas plaintiffs' first amended petition contending that, to the extent Hampton was asserting claims in her individual capacity, her claims were proper only in Ohio. This is a multi-location business. We see no merit in this argument because the receiver's purpose in seeking attachment of the funds was not to pursue judgment against the Thompsons, but to gather property covered under the receivership order. Cole admitted that he had no recollection of the principals observing corporate formalities and could not remember what J & J did as a company.

State v. Strimling, 265 N.W.2d 423, 430-31 (Minn.1978) (stating as part of an analysis of criminal liability for diversion of corporate funds that [i]n the realm of closely held corporations, the role of the silent strong man is a familiar one, and it would be ill-advised to allow such a person to insulate himself from liability merely by making certain that he is not formally designated as an official of the corporation whose property he wishes to divert). A day after Hampton sued Equity Trust in Ohio, the eight non-accountholders (those who had not executed agreements with Equity Trust) filed a lawsuit in Travis County, Texas, against Equity Trust, the Langguths, and another entity, alleging violations of the Texas Securities Act and mostly fraud-related common law claims nearly identical to the claims filed in Ohio. Left an earlier negative review. AMC Entertainment Holdings, parent of the mega-exhibitor and led by CEO Adam Aron, in an SEC filing said it entered into an April 2 settlement They are true professionals. 576.01 in order to expand the receivership. If the corporation or limited liability company is found to be an alter ego or mere instrumentality, a court may pierce the corporate veil if there is an element of injustice or fundamental unfairness. Id. Other investors were invited to participate in a Private Loan Program administered by corporate entities allegedly owned or managed by the principals. BBB Business Profiles are subject to change at any time. Equity Institutional services institutional clients of Equity Trust Company. Instead, they claim that the district court abused its discretion in holding them personally liable because they are not shareholders or members of the entities. In re AIU Ins. Thank you so much for taking the time to tell us about your positive experience with Equity Trust! The other real estate managers named as defendants are Mid-America Apartment Communities Inc., Avenue5 Residential LLC, Equity Residential, Essex Property Trust Inc., Thrive Communities Management LLC, and Security Properties Inc. II. In an SEC filing published Monday, AMC says that it will issue 6.9 million shares, or 4.4% of the companys stock, to the plaintiff shareholders in exchange for the lawsuit being dropped. The Thompsons subsequently moved to dismiss for failure to state a claim under Minn. R. Civ. This substantial invocation of the judicial process caused detriment to Hampton. I have spoken to Equity Trust about the error and they can't explain and were going to investigate. Equity Trust is a private company of any type, ultimately owned by members of the Desic family. Choosing your investment and conducting any due diligence is your responsibility. WebMeet Equity Trust: A Leader in Self-Directed IRAs. Their bureaucracy and automated responses are stifling. All rights reserved. Be cautions if you receive unsolicited, unexpected calls, emails, mail, or even visits from strangers or an unfamiliar company. But after you sign up i feel they leave you at the door with a hefty ever increasing fee to do what? .

Because the state was no longer a party at the time the receivership was expanded, the Thompsons contend that the district court had no authority under the statute. GSAA Home Equity Trust 2006-5, Asset-Backed Certificates, Series 2006-5 (GSAA 2006-5); xiv. Are you able to verify where your funds are and how they are being used in the investment? --------. In January 2013, the federal court dismissed Hampton's and the other accountholders' claims "without prejudice to being refiled in Ohio should accountholders believe that appropriate." See Mirant, 613 F.3d at 589 (quoting Subway Equip., 169 F.3d at 329). Capital, Inc. v. Burger King Europe GmbH, 839 F.3d 422, 426 (5th Cir. At oral argument in this appeal, counsel for Equity Trust stated that while it is not part of the record, it was her understanding that Hampton had voluntarily dismissed her claims in Ohio without prejudice, with the right to refile those claims by February 2018. Based in Westlake, Ohio, Equity Institutional services institutional clients of Equity Trust Company which serves as a Custodian for Self Directed IRAs and 401 (k)s. He is also a co-founder of Directed IRA Trust Company. The district court imposed personal liability against appellants Geoff and Nancy Thompson and their business partners for the default judgment entered against the entities. FindLaw.com Free, trusted legal information for consumers and legal professionals, SuperLawyers.com Directory of U.S. attorneys with the exclusive Super Lawyers rating, Abogado.com The #1 Spanish-language legal website for consumers, LawInfo.com Nationwide attorney directory and legal consumer resources. SGIC Strategic, 839 F.3d at 426 (quoting GP Plastics Corp. v. Interboro Packaging Corp., 108 F. App'x 832, 836 (5th Cir. I appreciate that they honored my request. 2004) (determining that defendant did not waive reliance on a forum-selection clause where defendant filed a motion to dismiss based on the forum-selection clause five months after plaintiff filed the lawsuit); In re ADM, 304 S.W.3d at 374 ("Simultaneously filing an answer and motion to transfer venue with a motion to dismiss falls short of substantially invoking the judicial process to [plaintiff's] detriment or prejudice."). After the federal court dismissed Hampton's claims based on a forum-selection clause designating Ohio as the proper venue, Hampton sued Equity Trust in both Ohio and Texas state courts. Take caution with any investments offered from overseas or international locations or schemes to hide funds in tax shelters, trusts, or offshore accounts. The lawsuit also alleges breach of fiduciary duties and negligence on the part of two financial institutions, Kestra Investment Services, LLC of Austin, Texas and Equity Trust Company of Westlake, Ohio. 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. 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. GSAA Home Equity Trust 2006-8, Asset-Backed Certificates, Series 2006-8 (GSAA 2006-8); xv. GSAA Home Equity Trust 2006-8, Asset-Backed Certificates, Series 2006-8 (GSAA 2006-8); xv. 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.

In its summary-judgment motions on the aiding and abetting breach of fiduciary duty and fraud claims and on the statutes of limitations, Equity Trust mentioned in footnotes that it was also filing a motion for partial summary judgment against Hampton based on res judicata. (quoting Williams v. Cigna Fin. People who write reviews have ownership to edit or delete them at any time, and theyll be displayed as long as an account is active. Laura Hampton and other investors originally sued Robert Langguth, Claudia Lee Langguth, and Equity Trust Company in federal court, alleging violations of the Texas Securities Act. The court also ordered the Thompsons' attorneys to relinquish $750,000 in proceeds allegedly belonging to one of the entities. In Bonner v. City of Prichard, 661 F.2d 1206, 1209 (11th Cir. After dismissing the state's complaint in intervention, the district court granted the receiver's motion and expanded the receivership to include authority over three additional corporate entities that allegedly served as conduits for other receivership entities formed by the principals. In August 2006, approximately 178 investors collectively brought eight lawsuits1 against the principals and a myriad of corporate entities involved in the scheme, including IPM, National Real Estate Assignments, LLC d/b/a America National Assignments (NREA), Investment Properties of America, Inc. (IPA), Amerifunding Group, LLC, and J & J Investment Properties of Minnesota, LLC (J & J).

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