May 14, 2014 – FBI Special Agents in Philadelphia arrested a New Jersey man Wednesday morning for allegedly operating a multi – million dollar ponzi scheme involving foreclosure rescue and real estate investment. An operator of Equity Capital Investments, LLC (and the former president of the South Jersey Real Estate Investment Club), Randy Poulson of Woolwich Township, New Jersey, is charged with using his investment company to scam property investors. Mr. Poulson is also accused of stealing the deeds from 24+ struggling homeowners who were facing foreclosure.
Poulson allegedly devised a two-part scam in which he promised distressed homeowners, who were facing foreclosure, that he would pay for their mortgages if they sold their homes to him. They did this by signing over the deeds to their home to Poulson. He then had the victims vacate their homes so that renters could move in. Then, he ceased making mortgage payments to the original home owner’s lender.
Part two of Poulson’s scheme involved soliciting 50+ private investors. He pitched investors at seminars, speeches and dinners he attended to invest in real estate and properties for rehabilitation. He advised them that he would be able to sell these investments for a return of 10 to 20 percent. Poulson created fake mortgages and promissory notes to give to investors in order to legitimize his company.
Randy Poulson pocketed both the homeowners’ and the investors’ money for his own personal use. Poulson spent the money at Acme, Exxon/Mobil, Jos. A. Bank, DirecTV, Hollywood Grooming, Kiddie Garden, Philadelphia Union tickets, American Express, Studio 122 (a hair salon), The Disney Store, Toys ‘R Us, Wawa, eating at Ray’s Pizza, and payments on a personal beach house in Ventnor, New Jersey.
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