articles a month for anyone to read, even non-subscribers! Any information communicated by Equity Trust Company is for educational I sent the info to them and the buyers attorney. They refused to transfer my assets in-kind when they have done this for numerous other customers yet I am continuously given the runaround. Gemini Trust Co. and IRA Financial Trust Co. face a proposed class action brought by consumers who claim the companies were negligent in securing their retirement accounts, resulting in the theft of $36 million in cryptocurrency during a 2022 data breach. One of these eight plaintiffs was the Hampton Trust, for which Laura Hampton served as trustee. *Founded in 1974 | Self-Directed IRA Custodian since 1983. Schedule a one-on-one session with an expert alternative investment counselor. Shadewald v. White, 74 Minn. 208, 208, 77 N.W. We've been with Equity Trust four months and received two invoices for two hundred each invoice. 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). 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. Hampton did not appeal the federal court's dismissal order. DONATE NOW! The state also sought to temporarily enjoin the principals and corporate entities from continuing their unlawful activities and the appointment of a receiver to identify and attach all non-exempt assets held by the parties involved in the fraud. We need not decide whether these litigation choices constitute sufficient invocation of the judicial process for the purposes of waiver. Related Topics While we have not yet decidednor have the parties here asked us to decidewhether the waiver determination for forum-selection clauses is governed by federal or state law, we have articulated waiver determinations in this context in two different ways. Etan Vlessing. Already a client?Visit our Client Resources. SGIC Strategic Glob. "A party cannot keep its right to demand arbitration in reserve indefinitely while it pursues a decision on the merits before the district court." On its first page, the amended petition stated: "Laura Grace Hampton . 20CA011621, 2020-Ohio-6882 (Jacobs I), this Court explained that Plaintiffs filed a putative class action lawsuit against 1 This Court will also use Equity Trust to refer generally to corporate employees and/or executives of Equity Trust Company. eventually gave up and when they asked if i wanted a call back i replied yes. Can you explain, in your own words, what the investment is and how it works? One of the allegations asserted by the Plaintiffs involves Equity Trust Company ("Equity Trust") failing to disclose and charging fees on customers' uninvested cash in their accounts in contravention of the Custodial Account Open and fund your new account, then start investing in the almost-endless possibilities. A review of the record belies this assertion. The Thompsons do not dispute that many of the alter-ego factors are present. Due to the nature of the Thompsons' involvement with the entities, and the presence of numerous, uncontested alter-ego factors, we conclude that the district court did not abuse its discretion in piercing the corporate veil to hold the Thompsons responsible for the judgments against the corporations. A federal court abuses its discretion if it: "(1) relies on clearly erroneous factual findings when deciding to grant or deny the permanent injunction, (2) relies on erroneous conclusions of law when deciding to grant or deny the permanent injunction, or (3) misapplies the factual or legal conclusions when fashioning injunctive relief." We appreciate your feedback and we're happy to hear you've had an overall good experience with the Equity Trust team! In fact, only one transfer request has been received by my current custodian and a bank wire transfer was properly initiated on March 10th per Equity Trust requirements and it has failed due to an error on there end. Fraud is one thing most people think wont happen to them. Co., 302 N.W.2d 350, 352 (Minn.1981). I'm constantly having to remind myself, "oh! 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. 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. We disagree. Rather, Equity Trust simply contended that Hampton's claims should be dismissed because they were barred by the final judgment of an Ohio court of common pleas, which granted summary judgment to Equity Trust on Hampton's claims. Equity Trust Co., 9th Dist. This company has been very difficult to work with and the companys policies are ambiguous, not customer friendly and misleading. 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. I have NEVER dealt with a more unprofessional company. 3c (2006). Wellogix, Inc. v. SAP Am., Inc., 648 F. App'x 398, 401 (5th Cir. With an Equity Trust self-directed account, you are in control. . The district court found that piercing was appropriate because the Thompsons were listed as owners and/or officers on certain documents and because there was substantial evidence that [the Thompsons] held themselves out as putative owners and/or officers in communications with clients and other employees [of the corporate entities].. All investments are selected and made solely by self-directed account owners. I have been with EQuity for over ten years. WebRipoff Report on: Equity Trust Company - Equity trust company etc midohio securities selfdirected ira roth elyria ohio. . Identify your wealth-building goals and discover your personalized strategy by answering a few quick questions. For example, Cole testified at his deposition that the corporate entities were not distinct, but part of a single operation collectively owned and managed in equal parts by the principals pursuant to an oral agreement. Hampton also argues that, even if the federal court properly exercised jurisdiction under the Anti-Injunction Act, Equity Trust waived the application of the forum-selection clause by substantial litigation on the merits for over two years in Texas state court. At this point, none of the ira transfers have been completed. Equity Trust is a passive custodian for self-directed individual retirement accounts (IRAs). 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 (quoting Williams v. Cigna Fin. Approximately one month later, the district court consolidated the eight suits. Browse platforms and providers in private equity, cryptocurrency, lending, real estate, and precious metals asset classes all in one place. The people I talk to on the phone are always nice and polite, its just their service platform never flags them to call back or follow up. **Assets under custody as of 1/31/2023. In general Equity Trust provides great value for money, Always very helpful and answered my questions. 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. Robin Hillbery answered all my questions today and was very professional by sending me the ETC forms that I needed to process some new distributions from existing SEP-IRA investments, plus she sent me Fair Market Valuation Forms, and Internal Account Transfer Forms that I needed for year-end asset adjustments!I would enjoy working with Robin again on any future ETC business for my SEP or ROTH-IRA accounts! Any information communicated by Equity Trust Company is for educational purposes only, and should not be construed as tax, legal or investment advice. "In addition to invocation of the judicial process, the party opposing arbitration must demonstrate prejudice before we will find a waiver of the right to arbitrate." We use dedicated people and clever technology to safeguard our platform. As a passive custodian, Equity Trust Company does not solicit Already partnered with us?Visit our Client Resources. WebCollective trust funds are pools of funds maintained by a bank consisting of assets, as relevant here, of any employees stock bonus, pension, or profit-sharing trust that qualify under the Internal Revenue Code. A receiver is generally not considered a party to a lawsuit. putative class action lawsuit against Equity Trust Company, Equity Administrative Services, Inc., Jeffrey Desich, and Richard Desich, Sr. (collectively the The email address cannot be subscribed. Under a 2011 contract, GTL agreed to pay the county BBB Business Profiles generally cover a three-year reporting period. 80A.01-.31 (2006),2 Minn.Stat. The cases articulating this approach hold that waiver of a forum-selection clause requires: "(1) an existing right, benefit, or advantage; (2) actual or constructive knowledge of its existence; and (3) actual intent to relinquish that right." . A district court may also expand a receivership under its general equity powers. I couldn't imagine if you were working with them on things you needed done right away! Equity Trust then failed to pursue a hearing on its special exceptions. So very easy. Lord have mercy $400 dollars for holding gold and silver for four months, man that is highway robbery. Capital, Inc. v. Burger King Europe GmbH, 839 F.3d 422, 426 (5th Cir. Accounts Fee MTC accounts fee is nearly similar to all other IRA companies. . A court of appeals upheld the dismissal in December, 2015. If you suspect an investment to be fraudulent or have any concerns about your investment, report any wrongdoing or scams to theseorganizations. If you choose to do business with this business, please let the business know that you contacted BBB for a BBB Business Profile. We continue to implement changes to improve the client experience and we appreciate your honest review. Minn.Stat. Under the second approach, "the party to the forum selection clause waives its right if it (1) substantially invokes the judicial process in derogation of the forum selection clause and (2) thereby causes detriment or prejudice to the other party." They are very reliable and they speak in the language that I need and are very calming with my needs.Thanks. Any information communicated by Equity Trust Company is for educational purposes only, and should not be construed as tax, legal or investment advice. Stripped-out equity One option for protecting your assets is to pull the equity out of them and put that cash into assets that your state protects. Laura Hampton sued Equity Trust Company in federal court for allegedly aiding and abetting a Ponzi scheme involving real-estate loan participation agreements. I highly recommend Equity Trust Company! WebMeet Equity Trust: A Leader in Self-Directed IRAs. The district court imposed personal liability against appellants Geoff and Nancy Thompson and their business partners for the default judgment entered against the entities. . Anyone can write a Trustpilot review. See SGIC Strategic, 839 F.3d at 426-27, 426 n.13 (discussing two waiver approaches and holding that appellants failed to show waiver under either approach); Wellogix, 648 F. App'x at 401-02 (same). 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