Ecovest Investigation | Goodman & Nekvasil, P.A.
Ecovest Investigation
Goodman & Nekvasil, P.A. Has Represented Numerous Victims of Syndicated Conservation Easement Scams.
If You Invested in a Conservation Easement Investment Sponsored by EcoVest, You Likely Have Lost a Substantial Amount of Money.
According to the Department of Justice, investors in LLCs purchased through broker dealers and syndicated by EcoVest remain liable for the federal tax they reduced or eliminated through conservation easement deductions. They also are liable for interest that has accrued on their unpaid federal tax obligations, according to the Department of Justice. This of course does not include the money they used to pay for the conservation easement investment. Click Here for a Listing of EcoVest Investments, to the best of our knowledge.
According to the Department of Justice
The United States filed a complaint seeking an order stopping Nancy Zak, Claud Clark III, EcoVest Capital Inc., Alan N. Solon, Robert M. McCullough, and Ralph R. Teal, Jr., from organizing, promoting, or selling an allegedly abusive conservation easement syndication tax scheme.
The defendants’ scheme revolved around donations of conservation easements and corresponding tax benefits from those donations. Defendants also allegedly relied on grossly overvalued appraisals as part of their scheme.
“The Department of Justice is working with our partners in the Internal Revenue Service to shut down fraudulent conservation easement shelters, which in this case were based on willfully false valuations,” said Richard E. Zuckerman, the Tax Division’s Principal Deputy Assistant Attorney General.
“Individuals investing in these schemes with benefits that seem too good to be true should ensure they are paying their proper federal income tax liability.”
Broker Due Diligence
Broker dealers are required to perform adequate due diligence on any investment they recommend and to ensure that all recommendations are suitable for the investor. Firms that fail to do so may be held responsible for any losses in a FINRA arbitration claim.
If you believe that your investments in Ecovest may have been unsuitable or otherwise improper for you, we would like to discuss the possibility of your retaining our firm to represent you in an arbitration action.
There is no charge for an evaluation of your case. We handle our cases on a contingency fee basis. If we don’t recover money for you, we charge no attorney’s fee.
Goodman & Nekvasil, P.A. has recovered more than $400 million on behalf of victimized investors. If you lost money on investments in unsuitable investments and would like your case evaluated by a securities attorney, please contact us.
Some of the information in this blog post was obtained from the SEC and FINRA on 7/18/24. If you believe this information was reported incorrectly, please contact our firm: 1-800-500-4442.