By Emilie Ruscoe (April 22, 2022, 8:08 PM EDT) — Two investors have launched a proposed class action against the unlicensed sales agent who sold them unregistered shares of EquiAlt LLC as part of an alleged $170 million Ponzi scheme.
In a suit filed in Florida federal court Thursday, the plaintiffs say that agent Robert Joseph Armijo conned them into investing in EquiAlt without telling them he was being paid to do so.
According to the investors, Armijo “at all times knew that the offering documents and other solicitation materials [he was] using to solicit and sign-up investors for the EquiAlt Securities” didn’t disclose that he was earning commissions for his…
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