Parking REIT Has Stopped Dividends & Distributions Following an Investigation into CEO Michael Shustek
The Parking REIT has suspended distributions and dividends following a reported internal investigation into CEO Michael Shustek.
The Audit Committee of the Parking REIT’s Board of Directors, in February of 2018, conducted and internal investigation into the potential wrongdoing of CEO Michael Shustek following the Audit Committee’s receipt of allegations from an employee of MVP Realty Advisors in an SEC filing under review by attorney Alan Rosca.
Said claims include:
• potentially inaccurate disclosures by MVP American Securities, the broker-dealer affiliated with the Advisor, to FINRA relating to total underwriting compensation paid by the Advisor and its affiliates (other than the Registrant) in connection with the initial public offerings of MVP REIT, Inc. and the Registrant
• potential inaccuracies in personal financial statements of Shustek that were provided to one or more of the Registrant’s lenders in connection with mortgage loans or guarantees where Shustek is a personal non-recourse carve-out guarantor.
Attorney Alan Rosca, of the Goldman Scarlato & Penny PC law firm in the Philadelphia area, is investigating activity related to Michael Shustek and his Parking REIT’s alleged securities laws violations. Investors who believe they may have lost money in activity related to Michael Shustek and his Parking REIT’s alleged securities laws violations are encouraged to contact attorney Alan Rosca with any useful information or for a free, no obligation discussion about their options.
MVP REIT Began Soliciting Investors’ Money in September 2012; Multiple Brokerages Sold Parking REIT Securities
MVP REIT started soliciting investors’ money in September 2012 and continued to raise cash for three years afterwards, and was sponsored by MVP Capital Partners, LLC and advised by MVP Realty Advisors, LLC, both of whom Shustek is affiliated with, according to the aforementioned SEC filing under review by attorney Alan Rosca.
MVP REIT II tried to raise over $500 million in only a one-year period but had only managed $45 million in said timeframe, the SEC notes.
The following allegedly took in sales compensation for selling Parking REIT securities, the SEC states:
• Accelerated Capital Group;
• Centaurus Financial, Inc.;
• Coastal Equities, Inc.;
• Crown Capital Securities, L.P.;
• Forest Securities, Inc.;
• Great Point Capital LLC;
• NI Advisors;
• Sandlapper Securities, LLC;
• Whitehall-Parker Securities, Inc.
Securities Lawyer Investigating
The Goldman Scarlato & Penny PC law firm represents investors who lose money as a result of investment-related fraud or misconduct and are currently investigating Michael Shustek and his Parking REIT’s alleged securities laws violations. The firm takes most cases of this type on a contingency fee basis and advance the case costs, and only gets paid for their fees and costs out of money recovered for clients. Attorney Alan Rosca, a securities lawyer and adjunct professor of securities regulation, has represented thousands of victimized investors across the country and around the world in cases ranging from arbitrations to class actions, and has helped recover tens of millions of dollars on behalf of investors.
Investors who believe they lost money as a result of Michael Shustek and his Parking REIT’s alleged securities laws violations may contact attorney Alan Rosca for a free no-obligation evaluation of their recovery options, at 888-998-0530, via email at firstname.lastname@example.org, or through the contact form on this webpage.