Florida REIT accused of fraud, spending investor money on jets, jewelry, gun ranges, adult clubs
A Port Richey-based real estate investment trust and its founders are under fire for allegedly swindling $5 million from a $152 million real estate fund and spending it on expenses like jets, jewelry, gun ranges and adult nightclubs. The SEC filed charges on July 29 in the U.S. District Court for the Middle District of Florida in Tampa against RAD Diversified REIT, Brandon “Dutch” Mendenhall and Amy Vaughn, who are accused of defrauding small investors. According to the SEC’s complaint, the REIT allegedly raised the funds from more than 5,500 investors across the country through unregistered securities offerings between November […]This article originally appeared on The Real Deal. Click here to read the full story.
Recent Posts

“Reckless”: Lawsuit accuses Madison Realty of negligence and financial mismanagement at downtown Miami condo-hotel tower

Hip hop mogul Rick Ross adds “developer” to resume in Miami Gardens

Top permits: $44M condo reno, massive Baptist hospital expansion

Lender makes $40K credit bid for foreclosed Broward beach resort

Multifamily is back. Or is it? Oversupply lessens but vacancies, pipeline still high

South Florida’s top deals: Sketchers co-founder picks up Miami home for $11M

Pinnacle scores $41M financing for senior affordable housing in growing market

Baron nabs $227M refi for Hialeah rental complex as nearby development advances

Billionaire Larry Ellison expands Manalapan estate with $34M land buy

