EquiALT CEO Brian Davison is accused of defrauding over 1,000 investors
Ponzi schemers who bilked $170million from over 1,000 investors are auctioning off their assets, including almost 300 properties, multi-million dollar luxury cars and $10million in jewelry to get the money back.
EquiALT CEO Brian Davison and managing director Barry Rybicki were accused of defrauding about 1,100 investors – many of whom are retirees – out of their life savings to invest in ‘underperforming real estate’ with the the promise of ‘generous returns,’ according to court documents reviewed by DailyMail.com.
Instead of investing the money, Davison and Rybicki used some of the money to pay off other investors and treated the remaining millions as their own slush fund to live a lavish lifestyle.
That included expensive vacations by plane, expensive jewelry and multi-million dollar cars.
One of the prize possessions is a 2018 Pagani Huayra luxury sports that will be auctioned off and is expected to sell for $2.2million to $2.4million.
It’s one of four cars that Davison stored in a Tampa warehouse that he owned, according to court documents.
Rybicki owned four high-end cars and sold two of them so far, court documents say.
The 2018 Pagani Huayra supercar will be auctioned off and is expected to sell for up to $2.4million
The Pagani Huayra was one of Davison’s high-end cars that he kept in a storage facility in Tampa that he owned
As part of the scheme, they used investors’ money to buy expensive cars and live a lavish lifestyle
The front seats of the luxury car supercar Pagani Huayra
In total, EquiALT owned 296 properties – most of which were described in court documents as ‘modest dwellings’ in the Tampa area. Of the 296 properties, 239 of single-family homes and 19 were vacant lots in Tampa that can be developed.
No development plans were finalized before charges were brought against the EquiALT officials, according to court documents.
The plan is to hold an action for of the 30 properties next month.
Burt Wiand, the court-appointed receiver in the case, told The Tampa Bay Times that the rest of the properties can be sold via an auction or through other methods.
Wiand told the Tampa Bay newspaper that his job is to generate as much money as he can from the sales to distribute to creditors and victims, to ‘try to right the wrong of this fraud as much as possible.’
Their most expensive properties were 2 Bahama Circle in Tampa, which is a five-bedroom and seven-bath home, that was sold on June 16 for nearly $4million.
They also own a New York City luxury condominium at 21 West 20th St. worth $2.4million and 3914 North Ridge Avenue in Tampa, a four-bedroom and 2.5-bath home that sold for $820,000, according to court documents.
The five-bedroom, seven-bath home at 2 Bahama Circle in Tampa sold for nearly $4million
This is the living room of the luxury condo unit in New York City worth $2.4million
This the bedroom of the $2.4million New York City condo that will be auctioned off
Here’s another view of the dining room that leads into the kitchen of the New York City condo
Inside the luxury condo unit in New York City
Davison also owns a 1977 Ferrari 208 GTB, a custom built 1995 Land Rover Defender and a 2015 Mazda MX5, according to court documents.
They were stored in their own warehouse at 2101 West Cypress St. in Tampa that Davison owned, court documents say. The warehouse is appraised at a value of $790,000.
All of the cars are sold except with the Pagani Huayra and the Ferrari.
Rybicki owns a 2019 Porsche Turbo S Cabriolet that his wife drives and a 1981 Land Rover Defender that of of his sons drive, according to court documents.
He already sold a 2017 Ferrari 488 GTB for $92,000 and was in the process of selling a 2017 Porsche Targa 4S for around $105,000.
Davison is described as an ‘avid collector’ of watches and had about $10million in jewelry that will be auctioned off, court documents say.
This property – 357 South McMullen Booth Road in Tampa unit 120 – is among the 296 properties that will be auctioned off
This property is 5001 8th Avenue North in Tampa, which is part of the auctioning of EquiALT’s properties
A unit at 6346 Newton Circle in Tampa – once owned by EquiALT – was already sold
Davison and Rybicki are facing legal action on two fronts – a class-action civil case brought by the investors and an SEC case.
Davison’s lawyers, in their statement to the Tampa Bay Times, said that EquiAlt is being operated by the court-appointed receiver ‘using virtually the same EquiAlt staff’ and were skeptical about the auction.
‘Unfortunately, a bulk sale of many of the remaining properties through an online auction limited to cash buyers might not bring the highest value for the EquiAlt properties, particularly in a white-hot real estate market like the Tampa Bay area,’ Davison’s lawyers told the Tampa Bay Times. ‘Despite our concerns, we sincerely hope that the property sales will generate the maximum possible value for the benefit of investors.’