SEC v. EquiAlt LLC, et al. (2020)

Settled

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On August 5, 2021 the Middle District of Florida entered a consent final judgment against EquiAlt CEO Brian Davison, ordering $24.6 million in disgorgement, $913,060 in interest and a $1.5 million penalty. The court said the claims against Barry Rybicki would continue; the EquiAlt entities were not checked.

The record

Structured fields for this action, as recorded in our case library.
Agency	SEC
Release number	LR-24740
Date filed	2020-02-18
Date resolved	2021-08-05
Court	U.S. District Court, Middle District of Florida
Status	settled
Criminal parallel	No
Defendants	EquiAlt LLC (entity) ; Brian Davison (individual) ; Barry Rybicki (individual)
Cited as charged or alleged	Exchange Act s.10(b) and Rule 10b-5 ; Exchange Act s.15(a) ; Securities Act s.17(a) ; Securities Act s.5 (statutes and rules cited in the document; not a finding that they were violated)
Techniques

What was ordered

Civil penalty: $1.5m
Disgorgement: $24.6m
Prejudgment interest: $913k
Total relief: $27m
Alleged gain: —

A dash means the release did not state a figure we could extract, not that the figure is zero. Penalty and disgorgement are stored separately so aggregates across the library do not double-count the same dollars.

What is alleged to have happened

The SEC announced the action on February 18, 2020 (LR-24740) in the Middle District of Florida; the court granted emergency relief on February 14. Investors were told 90% would buy undervalued real estate and pay 8 to 10% interest. The release says money from one fund was used for Ponzi-like payments to investors in another fund.

The Ponzi tag is removed because the release describes a real estate offering fraud and mentions Ponzi-like payments between funds only once. The record named "EquiAlt LLC et al."; the three are now listed.

Outcome. The court's August 5, 2021 order approves the SEC's unopposed motion for a final judgment against Davison on his consent and states that the claims against Rybicki would continue. The attached judgment enjoins Davison and orders $24,600,000 in disgorgement, $913,060 in prejudgment interest and a $1,500,000 penalty, a total of $27,013,060, with the obligation treated as met through the surrender of listed assets to the receiver. The order notes that it rests on consent rather than court findings. This record's other defendants, including the EquiAlt entities and Rybicki, were not resolved on this source.

Timeline

2020-02-18 Litigation release published
2021-08-05 Consent final judgment entered against Brian Davison

Primary documents

Everything on this page derives from the documents below. Where our summary and the primary document disagree, the primary document is right.

The linked release is a work of the United States government and is not subject to copyright. Our summary and narrative above are our own writing.

Record added September 10, 2026. submit a correction.