Grand Canyon Times

The Arizona Corporation Commission has ordered Gregory “Greg” Patrick Talbot, an insurance producer from Phoenix, to pay $1,411,950 in restitution and $50,000 in administrative penalties. This decision follows findings that Mr. Talbot defrauded investors through a real estate Ponzi scheme.

According to the Commission's investigation, Mr. Talbot promoted "alternative" investments to potential investors. He claimed these options were not available through banks or traditional investment avenues and described them as "low risk" and "high return." One such investment was a fund created by Woodbridge, which was later revealed to be a Ponzi scheme.

Further examination uncovered that Mr. Talbot also offered investments in funds managed by EquiAlt, LLC, a Florida-based company. Investors were led to believe that EquiAlt was raising capital for acquiring, improving, leasing, and selling distressed real estate properties. However, it was determined that EquiAlt operated as a nationwide Ponzi scheme.

The Commission concluded that Mr. Talbot was unauthorized to sell securities in Arizona when he made numerous misrepresentations and failed to disclose material information about the risks and liquidity of the EquiAlt securities.

Documents related to this case are accessible on the Corporation Commission's online docket by entering docket number S-21217A-22-0321 at https://edocket.azcc.gov.