Federal regulators say two EquiAlt executives used millions of dollars for luxury cars, fancy watches and chartered jets.
By Richard Danielson – Tampa Bay Times
TAMPA — The U.S. Securities and Exchange Commission is accusing a Tampa real estate investment firm and its founder of running a Ponzi scheme that raised $170 million from about 1,140 investors and misappropriated millions of dollars to pay for sports cars, collector wristwatches and chartered jets.
Federal regulators sued EquiAlt, its owner and chief executive officer, Brian Davison of Tampa, and its managing director, Barry Rybicki, of Phoenix, Ariz., in federal court in Tampa last week. U.S. District Judge Mary Scriven has since frozen EquiAlt’s assets, ordered the company not to destroy documents and appointed a receiver to manage its affairs while the case is pending.