Update to Claims Process

Court Grants Receiver’s Request for Second Interim Distribution

On May 22, 2024, the Court granted the Receiver’s motion requesting approval to make a second interim distribution of $40 million to investors with allowed claims. A copy of the Order is available here. Second interim distribution checks were mailed to claimants entitled to receive them on May 29, 2024.

Motion Filed for Approval of Second Interim Distribution of $40 Million

On March 22, 2024, the Receiver filed a motion seeking approval to make a second interim distribution to investors with allowed claims. A copy of the Receiver’s motion is available here. The Receiver is seeking permission to make an interim distribution of approximately $40 million as set forth on Exhibit 1 attached to the motion, which would provide claimants entitled to participate in the distribution approximately 26.8% of their allowed amounts. The proposed second distribution would bring the total recovery for claimants participating in both distributions to approximately 93.8% of approved amounts. If the motion is granted, the Receiver will make every effort to promptly send distribution checks by U.S. Mail. This website will be updated once the Court enters an order on the motion. If you have any questions regarding this motion or the claims process, you may contact the claims administrator, Omni Agent Solutions, at: equialtclaims@omniagnt.com or (866) 956-2142.

Court Grants Receiver’s Request for First Interim Distribution

On October 11, 2023, the Court granted the Receiver’s motion requesting approval to make a first interim distribution of $100 million to investors with allowed claims. A copy of the Order is available here. First interim distribution checks were mailed to claimants entitled to receive them on October 13, 2023.

Motion Filed for Approval of First Interim Distribution of $100 Million

On September 18, 2023, the Receiver filed a motion seeking approval to make a first interim distribution to investors with allowed claims. A copy of the Receiver’s motion is available here. The Receiver is seeking permission to make an interim distribution of approximately $100 million as set forth on Exhibit 1 attached to the motion, which would provide claimants entitled to participate in the distribution approximately 67% of their allowed amounts. If the motion is granted, the Receiver will make every effort to promptly send distribution checks by U.S. Mail. This website will be updated once the Court enters an order on the motion. If you have any questions regarding this motion or the claims process, you may contact the claims administrator, Omni Agent Solutions, at: equialtclaims@omniagnt.com or (866) 956-2142.

Introduction

Welcome to the website of Receiver, Burton W. Wiand. Mr. Wiand has been appointed Receiver in a civil enforcement action, styled Securities and Exchange Commission v. Equialt, LLC. et al., Case No. 8:20-cv-00325-T-35AEP in the United States District Court for the Middle District of Florida, Tampa Division.

We designed this website to provide convenient access to information about the Receivership, including important updates and select District Court documents. As our work progresses, we will add information to this website, including information regarding a plan of distribution to creditors of any assets that are recovered and all forms required by the District Court for participation as a claimant in the distribution process. If you require further information not contained in this website, you may contact us.

Brief Summary of the Case

The Securities and Exchange Commission (SEC) filed a civil enforcement action in The United States District Court for the Middle District of Florida against defendants: Equialt, LLC (Equialt); Equialt Fund, LLC (Fund 1); Equialt Fund II, LLC (Fund 2); Equialt Fund III, LLC (Fund 3); EA Sip, LLC (EA); Brian Davison (Davison) and Barry Rybicki (Rybicki) (collectively, defendants). The defendants are charged with running a real estate Ponzi scheme that raised over $170 million from over 1,100 investors and misappropriating millions of dollars for their own personal gain, buying luxury cars, fine jewelry, chartering private jets and other lavish expenditures. The complaint also lists seventeen relief defendants that received proceeds of the fraud without any legitimate entitlement to the money: 128 E. Davis Blvd, LLC; 310 78th Ave, LLC; 551 3rd Ave S, LLC; 604 West Azeele, LLC; 2101 W. Cypress, LLC; 2112 W. Kennedy Blvd, LLC; 5123 E. Broadway Ave, LLC; Blue Waters TI, LLC; BNAZ, LLC; BR Support Services, LLC; Bungalows TI, LLC; Capri Haven, LLC; EA NY, LLC; Equialt 519 3rd Ave S., LLC; McDonald Revocable Living Trust; Silver Sands TI, LLC; TB Oldest House Est. 1842, LLC.

Where, as in this case, the SEC seeks the return of funds to investors, the SEC frequently appoints a receiver to assist in marshalling assets on behalf of creditors, including injured investors. SEC-initiated receiverships frequently arise in connection with alleged fraudulent investment schemes.

The District Court entered an order on February 14, 2020, appointing Burton W. Wiand as Receiver. The Court directed the Receiver to (i) administer and manage the business affairs, funds, assets, and any other property of the defendants and relief defendants; (ii) marshal and safeguard the assets of the defendants and relief defendants; (iii) investigate the manner in which the affairs of the defendants and relief defendants were conducted and institute such legal proceedings for the benefit of the defendants and relief defendants and their investors and creditors as the Receiver deems necessary; and (iv) take whatever actions are necessary for the protection of the investors. The Receiver intends to fulfill his duties and responsibilities in an expedient and efficient manner. The District Court overseeing this Receivership has broad powers and wide discretion to determine the appropriate relief.

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