Why The Parking REIT Investors May Want To Explore Their Legal Options
Our Broker Fraud Lawyers Are Investigating The Broker-Dealers Over Alleged Investment Scam
With so many The Parking REIT investors appearing to have lost more than 50% of their investment in a purported investment scheme, Shepherd Smith Edwards and Kantas (investorlawyers.com) are continuing to investigate the brokerage firms that marketed and sold shares in this former non-traded real estate investment trust (non-traded REIT). If you are someone who invested in The Parking REIT (now called Mobile Infrastructure Corp.), contact us here today to request your free, no-obligation case assessment.
It is important to note that Mobile Infrastructure is no longer required to distribute money to shareholders. When it was The Parking REIT, it suspended distributions in 2018 and 2020. By early 2021 the value of its shares had gone down by over 50% when it was sold to Bombe Asset Management.
Later that year the US Securities and Exchange Commission (SEC) filed fraud charges against The Parking REIT CEO Michael Shustek and his investment advisory firm Vestin Mortgage, LLC. Shustek, who is a former MVP American Securities broker and the CEO of numerous REITs, is accused of allegedly committing fraud to enrich himself and The Parking REIT.
How Can Our Skilled Broker Fraud Lawyers Help?
Shepherd Smith Edwards and Kantas is vastly experienced in not just understanding what can be the complex nature of non-traded REITs and former REITs, but also why serious investor losses involving them can happen. We are also knowledgeable about the ways in which broker negligence or misconduct may have contributed to such losses.
Our savvy non-traded REIT fraud attorneys are currently speaking to those who were sold The Parking REIT shares by Centaurus Financial, Sandlapper Securities, Crown Capital Securities, Great Point Capital, Coastal Equities, NI Advisors, and other broker-dealers. We are here to help investors determine whether they have grounds for filing a broker fraud lawsuit for damages.
Non-traded REITs can be illiquid, high-risk investments and they are not suitable for every investor. They are generally unsuitable for most retail investors, including conservative retirees and inexperienced investors, and—depending on the financial goals of more sophisticated investors, they may not be suitable for an accredited investor either.
Regardless of suitability, with fraud allegations continuing to follow The Parking REIT and its CEO, one can’t help but wonder, did financial advisors conduct the necessary due diligence to make sure this was a safe, legitimate investment? Or, did they allow the high commissions they could earn from the sales to skew their priorities, which should have included looking out for their customers’ best interests? Because that is the type of negligence that could allow you to hold a broker-dealer liable even if they had nothing to do with the alleged fraud.
How To Reach the SSEK Team of Broker Fraud Lawyers:
Questions of unsuitability, negligence, due diligence failures, misrepresentations and omissions, and other allegations of broker misconduct can be hard to answer without the help of our seasoned investor loss lawyers. Not only can we help you determine whether you have grounds for an investment loss claim, but also should we decide to work together, you will have our entire team of trusted securities lawyers, fraud analysts, legal assistants, and others fighting for your financial recovery.
More than 90% of the investors we have represented have received full or partial financial recovery. If you are a The Parking REIT investor, call Shepherd Smith Edwards and Kantas at (800) 259-9010 today.