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Articles Posted in Real Estate Investment Trusts

Megurditch “Mike” Patatian (CRD# 4047060) is a former registered broker and investment advisor whose most recent employer was Supreme Alliance LLC (CRD#: 45348). Before that, Patatian spent seven years registered with Western International Securities, Inc. (CRD#: 39262) of Westlake Village, California. Patatian has been working in the industry since 1999.  FINRA Department Of Enforcement Filed Disciplinary Proceeding Related To Patatian’s Securities Sales Practices  FINRA’s Department of Enforcement filed a Complaint against Patatian on February 26, 2021. In the Complaint, FINRA alleged that from 2013 through 2017, Patatian recommended non-traded real estate investment trusts, or REITs, to dozens of customers. The investments purchased totaled $7.8 million, earning Patation more than $450,000 in commissions. The Complaint also details unsuitable and improper recommendations to surrender and/or switch annuities.Megurditch “Mike” Patatian (CRD# 4047060) is a former registered broker and investment advisor whose most recent employer was Supreme Alliance LLC (CRD#: 45348). Before that, Patatian spent seven years registered with Western International Securities, Inc. (CRD#: 39262) of Westlake Village, California. Patatian has been working in the industry since 1999. Continue reading ›

Mazair Monshi (CRD#: 2629721, aka “Mazi Monshi”) is a currently registered broker and investment advisor employed with IFP Securities, LLC (CRD#: 297287) of Boca Raton, FL. His previous employers include LPL Financial LLC (CRD#:6413) and Ameriprise Financial Services, Inc. (CRD#:6363), also of Boca Raton, and Raymond James Financial Services (CRD#:6694) of Boynton Beach, FL. He has been in the industry for 24 years. Monshi is the subject of a currently pending customer dispute filed on 9/9/2020 alleging that he made recommendations for unsuitable investments for BDCs, REITS, and “other high-commission illiquid investment recommendations.” BDCs, or Business Development Company, is one that makes money by investing in companies, including up-and-coming companies, with debt financing. The BDC collects the interest payments and passes them onto the BDC shareholders who are purchasing a part of the company or are “counseling” (taking over) the company’s management. Owning stock and senior secured bonds and loans are additional ways for a BDC to profit. While publicly traded BDCs allow investors access to their monies, venture capital and private equity funds do not.Mazair Monshi (CRD#: 2629721, aka “Mazi Monshi”) is a currently registered broker and investment advisor employed with IFP Securities, LLC (CRD#: 297287) of Boca Raton, FL. His previous employers include LPL Financial LLC (CRD#:6413) and Ameriprise Financial Services, Inc. (CRD#:6363), also of Boca Raton, and Raymond James Financial Services (CRD#:6694) of Boynton Beach, FL. He has been in the industry for 24 years. Continue reading ›

In January 2021, Steadfast Apartment REIT Inc. announced that it is lowering its distribution rate and limiting share repurchases, effective February 1, 2021. Steadfast Apartment REIT is a publicly registered non-traded real estate investment trust (“REIT”). Steadfast invests in apartment communities across the United States.  According to a letter to shareholders, Steadfast is cutting its distribution rate nearly in half, from $0.90 per share to $0.5250 per share.  Steadfast Apartment REIT’s NAV Continues To Decline  As of March 6, 2020, Steadfast’s net asset value (NAV) was reported at $15.23 per share.  However, the reduced distributions indicate that things may be worse for the REIT than can be discerned from the NAV. In fact, Steadfast Apartment REIT is trading on the secondary market for approximately $10-$11.In January 2021, Steadfast Apartment REIT Inc. announced that it is lowering its distribution rate and limiting share repurchases, effective February 1, 2021. Steadfast Apartment REIT is a publicly registered non-traded real estate investment trust (“REIT”). Steadfast invests in apartment communities across the United States. Continue reading ›

Former NEXT Financial Group broker Charles Kulch (Charles Chester Kulch CRD# 2371584) is the subject of four pending customer disputes, as well as five settled disputes, according to his FINRA record. Kulch was previously registered with NEXT Financial Group, Inc. in Nashua, New Hampshire from 2006 until he left the brokerage industry in 2020. According to Kulch’s CRD Report, he was also operating Kulch Associates Inc., a tax preparation service, and Kulch Insurance Group LLC.Former NEXT Financial Group broker Charles Kulch (Charles Chester Kulch CRD# 2371584) is the subject of four pending customer disputes, as well as five settled disputes, according to his FINRA record. Kulch was previously registered with NEXT Financial Group, Inc. in Nashua, New Hampshire from 2006 until he left the brokerage industry in 2020. According to Kulch’s CRD Report, he was also operating Kulch Associates Inc., a tax preparation service, and Kulch Insurance Group LLC. Continue reading ›

The Parking REIT, a non-traded real estate investment trust that has declined in value by over 50%, announced that it is selling the majority of the company to an affiliate of the alternative asset management firm Bombe Asset Management.  The agreement includes an investment by Bombe of $90 million in property and parking assets and $35 million in cash. Bombe will receive operating partnership units and warrants to purchase common stock. Bombe will purchase 1.55 million shares from the REIT’s advisor, its affiliates, and CEO Michael Shustek, for $11.75 each.  About The Parking REIT  The Parking REIT, which began operating in 2015, was formed when 2 non-traded REITS, MVP REIT and MVP REIT II, merged. The company invests in parking lots and garages in the U.S. and abroad.The Parking REIT, a non-traded real estate investment trust that has declined in value by over 50%, announced that it is selling the majority of the company to an affiliate of the alternative asset management firm Bombe Asset Management.

The agreement includes an investment by Bombe of $90 million in property and parking assets and $35 million in cash. Bombe will receive operating partnership units and warrants to purchase common stock. Bombe will purchase 1.55 million shares from the REIT’s advisor, its affiliates, and CEO Michael Shustek, for $11.75 each. Continue reading ›

New York City REIT Inc. (NYC) has lost significant value since its public listing in August, 2020. Managed by AR Global, a partnership led by investor Nicholas Schorsch, many investors in the REIT have seen their investment decline by as much as 80%.  Started in 2013, New York City REIT, which invests in commercial real estate in New York, was one of many nontraded real estate investment trusts (REITS) managed by AR Global and Schorsch.  New York City REIT (NYC) Public Listing  Nontraded REITS are illiquid, which means they can’t be easily sold. However, they often pay a high dividend, and the selling brokers sometimes tell investors that a liquidity event (public listing) could happen in the future that will allow them to get their principal out.  Sometimes with nontraded REITS the liquidity event doesn’t happen, as in the case of The Parking REIT, which stopped paying distributions and told investors that a liquidity event may never occur.New York City REIT Inc. (NYC) has lost significant value since its public listing in August, 2020. Managed by AR Global, a partnership led by investor Nicholas Schorsch, many investors in the REIT have seen their investment decline by as much as 80%.

Started in 2013, New York City REIT, which invests in commercial real estate in New York, was one of many nontraded real estate investment trusts (REITS) managed by AR Global and Schorsch. Continue reading ›

Bryon Martinsen (Bryon Edwin Martinsen) (CRD# 1621649) is a currently-registered broker and investment advisor employed with Centaurus Financial, Inc. (CRD #30833) of Kings Park, NY. Martinsen previously worked for AXA Advisors, LLC (CRD# 6627) and The Equitable Life Assurance Society Of The United States (CRD# 4039), in New York, NY.  He has worked in the industry since 1987. Did you lose money with Bryon Martinsen or Centaurus? Call our attorneys toll free at (800)-975-4345 or e-mail ssilver@silverlaw.com for a no-cost confidential consultation about options to recover your losses. Martinsen Alleged To Have Sold The Parking REIT One of the investments Martinsen and other Centaurus Financial brokers are alleged to have sold clients is The Parking REIT. The Parking REIT was created in 2017 with the merger of MVP REIT and MVP REIT II. The investment is illiquid, but attractive because of the dividend it paid. In 2018, the REIT (Real Estate Investment Trust) stopped paying dividends, and its value has gone down significantly.Bryon Martinsen (Bryon Edwin Martinsen) (CRD# 1621649) is a currently-registered broker and investment advisor employed with Centaurus Financial, Inc. (CRD #30833) of Kings Park, NY. Martinsen previously worked for AXA Advisors, LLC (CRD# 6627) and The Equitable Life Assurance Society Of The United States (CRD# 4039), in New York, NY.  He has worked in the industry since 1987.

Did you lose money with Bryon Martinsen or Centaurus? Call our attorneys toll free at (800)-975-4345 or e-mail ssilver@silverlaw.com for a no-cost confidential consultation about options to recover your losses. Continue reading ›

Kevin Rainwater (CRD:#3098443) is a currently registered broker and investment advisor currently employed with Arkadios Capital (CRD#: 282710) of Atlanta, GA, since 2017. He was previously employed with Stancorp Equities, Inc. (CRD#:19517), also of Atlanta, and with Manequity, Inc. (CRD#:5249), of Boston, MA.  He has been in the industry since 1998. Rainwater is the subject of four customer disputes: one filed on 4/26/2019, 2/7/2020 for $100,000, and two filed on 3/8/2020 for $125,000 and $650,000. Allegations include unauthorized trading and unsuitable product recommendations. Rainwater denies the allegations. These disputes are currently marked as “pending.”Kevin Rainwater (Kevin Lamar Rainwater CRD#3098443) is a currently registered broker and investment advisor currently employed with Arkadios Capital (CRD#: 282710) of Atlanta, GA, since 2017. He was previously employed with Stancorp Equities, Inc. (CRD#:19517), also of Atlanta, and with Manequity, Inc. (CRD#:5249), of Boston, MA. He has been in the industry since 1998.

Rainwater is the subject of four customer disputes: one filed on 4/26/2019, 2/7/2020 for $100,000, and two filed on 3/8/2020 for $125,000 and $650,000. Allegations include unauthorized trading and unsuitable product recommendations. Rainwater denies the allegations. These disputes are currently marked as “pending.” Continue reading ›

The Parking REIT said in an April, 2020 letter to investors that the option to provide liquidity to shareholders by listing common shares on a stock exchange is “not currently viable” and “there can be no assurance that the company will cause a liquidity event to occur in the near future or at all.”  This is disappointing news for investors in the non-traded REIT, which has already given them quite a bit of disappointment. In March, 2018, The Parking REIT announced that its board had unanimously approved the suspension of all cash distributions and stock dividends. The dividend paid by a non-traded REIT like The Parking REIT was its most appealing quality.The Parking REIT said in an April, 2020 letter to investors that the option to provide liquidity to shareholders by listing common shares on a stock exchange is “not currently viable” and “there can be no assurance that the company will cause a liquidity event to occur in the near future or at all.”

This is disappointing news for investors in the non-traded REIT, which has already given them quite a bit of disappointment. In March, 2018, The Parking REIT announced that its board had unanimously approved the suspension of all cash distributions and stock dividends. The dividend paid by a non-traded REIT like The Parking REIT was its most appealing quality. Continue reading ›

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