PHOENIX — A Phoenix insurance producer was ordered to pay $1,411,950 in restitution for scamming several real estate investors via a “Ponzi scheme,” according to the Arizona Corporation Commission (ACC).
Gregory Patrick Talbot was caught offering “alternative” investment options to potential investors which he claimed were “sound and proven,” according to initial court documents filed in December 2022. A key option discovered by the ACC was connected to a Ponzi scheme-ridden company named Woodbridge.
The ACC said Talbot had offered these false investments since at least July 2016. These investments were controlled by Florida-based company, EquiAlt, LLC., and potential investors were advised EquiAlt was “raising capital to purchase, improve, lease and dispose of distressed real property,” according to a press release…