Crime & Safety
Gloucester County Man to Be Arraigned on Mail, Wire Fraud Charges
Randy Poulson, 42, allegedly scammed 25 homeowners and more than 50 private investors in a Ponzi scheme.
A Gloucester County man heads to federal court today for an alleged Ponzi scheme that netted him $3 million in profits. Randy Poulson, 42, of Woolwich Township, owner of Equity Capital Investments LLC, a purported real estate firm, was arrested last month and charged on one count of mail fraud, according to a U.S. Department of Justice press release.
According to a complaint issued last month, Poulson promised to pay mortgages to 25 different homeowners facing foreclosure, but he didn’t compensate them. After acquiring those deeds, renters moved in, and he didn’t pay the mortgages, causing those homes to go into foreclosure anyway.
Poulson also reportedly solicited more than 50 private investors into his companies, including Equity Capital Investments, and provided them with fake mortgages and documents on the aforementioned properties. He promised those investors that their money would help rehabilitate the properties, and that he would sell them for a 10 to 20 percent return on investment.
He also charged admission for seminars, dinners and tutorials that he held on real estate investment.
Poulson was the former president of the South Jersey Real Estate Investment Club.
He faces up to 20 years in prison and a $250,000 fine.
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