SEC Files Securities Fraud Enforcement Action Against Michael Shustek Over His Conduct With The Parking REIT, Inc. f/k/a The MVP REIT I and MVP REIT II
The Wolper Law Firm is investigating claims relating to The Parking REIT, Inc. f/k/a The MVP REIT I & II. If you are an investor in these non-trade real estate investment trusts (REIT), contact the Wolper Law Firm for a free consultation to discuss your legal options.
The Parking REIT, Inc. f/k/a the MVP REIT I & II, Inc. is a non-traded REIT that invests in parking lots across the United States. The Parking REIT is managed by MVP Real Advisors, LLC, an affiliate of former FINRA member brokerage firm MVP American Securities. The price per share of the Parking REIT has declined 75% since its initial offering of $25 per share.
Non-traded REITs do not trade a public securities exchange. For this reason, non-traded REITs can be illiquid, meaning investors may be unable to sell their investments on demand. Typically, the commissions generated on non-traded REITs are higher than industry norm and may be subject to extreme volatility due to associated risk factors. Non-traded REITs are only suitable for investors with a long term investment horizon who are willing to accept higher levels of risk in their investments.
On January 26, 2018, it was reported in the Las Vegas Review Journal that Michael Shustek’s brokerage firm, MVP American Securities, which purportedly raised “$180 million from investors for MVP REIT I and MVP REIT II”, is being investigated to determine whether it violated securities laws. It has been further alleged that inaccurate financial and compensation information was provided by MVP American Securities to FINRA as part of its investigation of the sales practices relating to the MVP REIT I and MVP REIT II.
On August 2, 2021, the SEC filed an enforcement action against Michael Shustek, alleging securities fraud in relation to his conduct with regard to the Parking REIT. A copy of the Complaint can be accessed by clicking here. The SEC alleges that Michael Shustek engaged in a complex payment scheme using shell companies that he controlled to drain money from the bususiness he created to facilitate the business interests of The Parking REIT.
If you or someone you know invested in the MVP REIT I, MVP REIT II or the Parking REIT, and you experienced investment losses, please contact the Wolper Law Firm at 800.931.8452 or by email at email@example.com to discuss your specific situation and the legal options available. The Wolper Law Firm represents investors nationwide in securities litigation and arbitration.
Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyers who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters. His industry insight, experience and knowledge gives his client’s a competitive advantage.