Traders Goal Gross sales Agent For EquiAlt Ponzi Losses

By Emilie Ruscoe (April 22, 2022, 8:08 PM EDT) — Two traders have launched a proposed class motion in opposition…

By Staff , in Retirement Accounts , at April 23, 2022

By Emilie Ruscoe (April 22, 2022, 8:08 PM EDT) — Two traders have launched a proposed class motion in opposition to the unlicensed gross sales agent who bought them unregistered shares of EquiAlt LLC as a part of an alleged $170 million Ponzi scheme.

In a go well with filed in Florida federal court docket Thursday, the plaintiffs say that agent Robert Joseph Armijo conned them into investing in EquiAlt with out telling them he was being paid to take action.

In response to the traders, Armijo “always knew that the providing paperwork and different solicitation supplies [he was] utilizing to solicit and sign-up traders for the EquiAlt Securities” did not disclose that he was incomes commissions for his…

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