TAMPA, Fla. - The Tampa Bay market is getting dozens of homes on the market and it's all thanks to the federal government busting an alleged Ponzi scheme.
The accused fraudster in this case is the company Equialt, led by Tampa real estate investor Brian Davison.
You may remember, Equialt moved Tampa's oldest home back in 2018, causing traffic headaches across town.
According to a lawsuit, the company raised money from more than 1,100 investors across the U.S. and promised the money would be used to buy hurting properties to yield "generous returns."
Court documents say when returns were less than expected, Equialt resorted to fraud. Papers say Davison and managing director Barry Rybicki used the money to pay the returns of others and paid themselves millions.
They're accused of using the money on luxury cars, fine jewelry, and booking flights on private jets.
Now, the real estate purchases made by the company's investment funds are being sold to get the money back. That also goes for the jewelry and cars, like a 2018 Pagani Huayra now available on the duPont Registry.
This comes at a good time for the Tampa Bay real estate market, which has been inventory-starved for a while now. Many of the roughly 300 properties will be auctioned.
LINK: Details can be found online at EquialtReceivership.com.