Florida Retirees File Six-Figure Tuscan Gardens Loss Lawsuit Against Delta Securities and Ex-Broker Sean Casterline
Our Private Placement REIT Fraud Lawyers Are Representing These Claimants
A Palm Coast, Florida couple is suing Delta Securities and its formerly registered broker Sean Donovan Casterline for up to $500K over losses they sustained in Tuscan Gardens, a Regulation D privately traded real estate investment trust (REIT). Shepherd Smith Edwards and Kantas (investorlawyers.com) are representing these retirees and others in their private placement loss lawsuits involving Tuscan Gardens REIT. We are also continuing to investigate further claims of investor losses.
Casterline is currently serving an 18-month suspension imposed by the Financial Industry Regulatory Authority (FINRA). He allegedly engaged in private securities transactions without his broker-dealer’s permission and sold away about $1.5M in membership units to investors. Not only that but he was managing director and on the Tuscan Garden Board of Directors for the senior living facilities. That is a conflict of interest Casterline did not inform these claimants about.
The Former Florida financial advisor recommended Tuscan Gardens Palm Coast, Tuscan Gardens Venice, Tuscan Gardens Delray Beach, and Villas of Tuscan Gardens Mezzanine Debt Fund to the couple. Not only did he allegedly overconcentrate these investors’ money in too many of the private placement REITs, but also these were allegedly unsuitable investment recommendations for retirees in their late seventies. It also now appears that Villas of Tuscan Gardens Mezzanine Debt Fund may have been created just to purportedly funnel money into the other Tuscan Gardens entities.
In their broker fraud lawsuit against Delta Securities and Casterline, the Florida investors are also alleging misrepresentations and omissions, negligence, breach of fiduciary duty, and broker fraud.
Filing a Private Placement REIT Loss Lawsuit Requires Seasoned Reg D Investment Recovery Lawyers
Under Regulation D of the Securities Act of 1933, private placement REITs, also known as private REITs, do not have to be registered with the US Securities and Exchange Commission (SEC). However, these unregistered securities should only be offered to accredited experienced investors. They can be illiquid, high-risk, and are generally unsuitable for conservative retirees. Some studies show that almost 10% of Reg D offerings fail.
Brokers and their firms usually earn high commissions from selling Reg D private placement REITS.
Shepherd Smith Edwards and Kantas represent Tuscan Gardens investors in their broker fraud claims. We understand the complexity of these investments and financial advisor misconduct may have played a part in our clients’ losses.
Recently, we filed another $500K Tuscan Gardens loss lawsuit, this time against International Assets Advisory where Casterline also used to be a registered representative. We anticipate that we will be filing more private REIT lawsuits over this matter.
How To Contact Our Private Placement REIT Loss Attorney Team About Your Tuscan Garden REIT Losses
With our help over the years, thousands of investors have collectively covered many millions of dollars in awards and settlements related to broker fraud. To schedule your free, no-obligation case assessment with our Private Placement REIT Loss Attorney Team, call (800) 259-9010 today. You can also speak to one of our Florida Tuscan Garden REIT fraud attorneys at (813) 560-2992.