Equities First Holdings


Country United States
State Bermuda
City Indianapolis
Address 10 West Market Street
Phone 1 317-429-3500
Website equitiesfirst.com/

Equities First Holdings Reviews

Most Useful Comment
  • Dec 30, 2014

This company and its owner Alexander C. Christy completely ripped off a married couple in Washington state.

With so many financial ponzi schemes and other ripoffs in the news this is one company that needs to be publicized. I really just could not sit by while they deceive more innocent borrowers. Nobody seems to be doing anything about it. I hope you will print this. I can't stand it and somebody has to out these guys because they now have a flashy website and are tying up with mortgage companies that do not seem to have a clue such as 7th Heaven Properties, Golden State Mortgage, Chicago Bancorp, VFinance, even using their money to sponsor an Indiana Chamber of Commerce dinner according to their website press room. I am sure there are others.

What happened was in 2008 Brenda and Randy Morris pledged their stock to Equities First for a loan and they were victimized. Please see a link below for the full court complaint. To sum it all up: Alexander Christy of Equities First sold all of the Morrises shares and gave the Morrises some of the cash as a loan and kept the rest. Even though his website talked of securing and hedging and always returning the shares, it was a lie because he had no security and no stocks. All he had was a contract that made it easy for him to declare the loan in default which is what he did to the Morrises. And he loves to do that because he can keep his big chunk of money and he will not have to return those shares. Nice con job if he can find an unsuspecting borrower.

His website still lies even today. It says they never had any times when they didn't return the shares. Completely untrue and the Morrises proved it.

'So he hopes they default because he will not have to return the stocks. And he would be very happy about that because he does not have the stocks to return anyway and no way to return them except to buy them. And if it costs a lot to buy them in the stock market and he doesn't have any money to do that then he has to come up with a plan to slip out of his responsibility.

So, he tries to pull a fast one whenever somebody's stocks go up. He knows that those people are probably going to try to pay off their loan and get their stocks back. Well wouldn't you if they are worth more.

His way to do that with Brenda and Randy was very underhanded and downright sick. I hope you will publish this as a public service as a lesson to everybody.

Their stock had become much more valuable because the price rose up very high. It rose so much that the stock split in half and became twice as much stock. So now Equities First was holding twice as much of the Morrises stock. The collateral for their loan was worth much more. When Brenda called to pay off the loan and get her shares back, Christy's gang panicked. It looks like that's when they cooked up their scheme to declare a default on the victims the Morrises by twisting the numbers.

Here is how they did it according to people close to this. Suppose you had a loat of stock that was going for 10 dollars a share. you put it up as collateral for one of Christy's stock loans. Then that stock went up to 18 dollars a share. Then it split in half and now there are twice as many stock shares but this price is 9 dollars per share ($18 split in two) but still rising. The collateral is worth a lot more than in the beginning. If Equities First had a real loan, they would be happy. Collateral is stronger, that's good. Your bank would be happier if your car was worth more so their loans is better secured right? Well that is not so with Equities First. They get scared. If the poor borrower can't come up with still more money then Equities First declares default. And Equities First is happy, no need to return the shares any more.

But the poor victims lose out on all that value in their shares. They thought it was theirs. All they could do is sue, which they did.

And when does Equity First do this? Any time the borrower says he's going to pay the loan back. That's because he is going to have to reach into his pocket and buy thos shares to return to the borrower. He will have to spend a lot of money to buy all those shares back. Since they can't, Mr. Christy and Equiteis First declare a margin call and then default. What a nice con job he has! He only comes up with the margin call idea after the Morrises asked to pay off the loan and get their shares back!

He needed to come up with a way so he would not have to return those shares so he just made on up.

The Morrises were devastated by this but they fought back. God bless them. They should have celebrated how well their stocks had done. Instead they found out this group of bad guys at Equities First had robbed them of their shares.

When they filed a lawsuit against Christy last year, Christy declared bankruptcy so the court couldn't attach any of his assets. The Morrises had no choice but to settle to get whatever they could. Really sad.

The worst thing is that this guy is still pulling scam this on people. He is still taking their stocks and selling all of them and keeping the difference. On top of it all he charges interest! Then he really hopes the price goes down so he can call the loan and put a big stress on the borrower. He hopes they will just say "I give up I cant pay it' so Equities First won't have to worry about giving the borrower his shares back. He does not secure. He does not hedge. He has no cash to fund his loans.

This company is just a ripoff and I hope you will list him here as a warning to other people so they do not end up like this poor couple. The Morrises didn't deserve this. There are good honest financial companies out there I am sure but I will tell you this Equities First definitely is not one of those.

Mark as Useful [1 vote]
  • Dec 31, 2014

Equities First Holdings remains committed to increased customer satisfaction and has improved their business practices over the years to better serve their customers. Equities First Holdings is truly dedicated to making sure their customers are satisfied and that any complaints which do arise are addressed promptly and fairly.

Over time and since becoming a member, Equities First Holdings has remained actively engaged and improving the way they address customer service complaints. Program we are happy to report that now more than ever Equities First Holdings remains committed to improving customer satisfaction.

Remember, no company or individual can ever satisfy 100% of the people 100% of the time. There are no products or services that will always be perfect for everyone and even the best companies will receive complaints from time to time. However, by participating in the Corporate Advocacy Program, the member business has made a commitment to working with its customers to resolve complaints quickly and fairly whenever possible.

  • Dec 30, 2014

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