Phoenix Insurance Producer Ordered to Pay $1.4M in Restitution for Ponzi Scheme Scam
Gregory Patrick Talbot, a Phoenix insurance producer, has been ordered by the Arizona Corporation Commission (ACC) to pay $1,411,950 in restitution for scamming real estate investors through a Ponzi scheme. Talbot offered false investment options to investors, claiming they were “sound and proven,” with ties to a Ponzi scheme-ridden company named Woodbridge.
The ACC found that Talbot had been offering these fraudulent investments since July 2016, controlled by EquiAlt, LLC., a Florida-based company that was operating a Ponzi scheme nationwide. Talbot sold at least 20 EquiAlt debentures, including seven to Arizona investors, totaling at least $500,000.
The Securities and Exchange Commission (SEC) confirmed EquiAlt’s Ponzi scheme in February 2020, leading to Talbot’s restitution order and $50,000 in penalties. Talbot was not authorized to sell these securities in Arizona and misrepresented his abilities to investors.
This case comes alongside another order from the ACC for a Scottsdale stockbroker to repay a cognitively impaired client for investment fraud.
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