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.
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