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The Parking REIT— Alleged Violation of Federal Securities Laws

The Parking REIT & Owner Michael Shustek Allegedly Made Violations of Federal Securities Laws while Raising Approximately $180 Million from Investors from 2012 from 2017

Michael Shustek and his Parking REIT allegedly violated federal securities laws while raising approximately $180 million from investors from 2012 to 2017.

Shustek, who merged MVP REIT I and MVP REIT II into The Parking REIT last year, set up the trust in order to buy and lease parking and storage properties across the United States, according to a Securities and Exchange Commission filing under review by attorney Alan Rosca.

While the proper authorities have not exactly stated how Shustek and his brokerage MVP American Securities violated securities laws, FINRA has looked into how much his brokerage and other brokerages took in from selling shares in the parking REITs, the SEC notes. FINRA also is inquiring into organizational expenses as well and as traveling and marketing expenses, the SEC reports.

Attorney Alan Rosca, of the Goldman Scarlato & Penny PC law firm in the Philadelphia area, is investigating activity related to Michael Shustek and his Parking REIT’s alleged securities laws violations. Investors who believe they may have lost money in activity related to Michael Shustek and his Parking REIT’s alleged securities laws violations are encouraged to contact attorney Alan Rosca with any useful information or for a free, no obligation discussion about their options.

Shustek Allegedly Provided Inaccurate Personal Financial Information on Loan Applications to Banks

Shustek first responded to the FINRA’s inquiry with allegedly inaccurate compensation information, and also allegedly gave inaccurate personal financial information to banks when filing loan applications for the Parking REIT, according to the aforementioned SEC filing under review by attorney Alan Rosca.

What is more, an anonymous company employee gave information to the Parking REIT’s audit committee in February that allegedly inaccurate information had been sent to the regulator, the SEC notes.

Finally, Shustek’s MVP American Securities withdrew its FINRA registration shortly thereafter, and at least four salespeople have resigned, the SEC states.

Securities Lawyer Investigating

The Goldman Scarlato & Penny PC law firm represents investors who lose money as a result of investment-related fraud or misconduct and are currently investigating Michael Shustek and his Parking REIT’s alleged securities laws violations. The firm takes most cases of this type on a contingency fee basis and advance the case costs, and only gets paid for their fees and costs out of money recovered for clients. Attorney Alan Rosca, a securities lawyer and adjunct professor of securities regulation, has represented thousands of victimized investors across the country and around the world in cases ranging from arbitrations to class actions.

Investors who believe they lost money as a result of Michael Shustek and his Parking REIT’s alleged securities laws violations may contact attorney Alan Rosca for a free no-obligation evaluation of their recovery options, at 888-998-0530, via email at, or through the contact form on this webpage.

In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow cases about which we report, and/or to publish subsequent updates regarding various developments that may occur in such cases. Readers are encouraged to conduct their own research regarding any such cases and any developments that may or may not have occurred in such cases. Also, the brokercheck report linked to some of our blogs is the up-to-date version as of the date of accessing. Visitors may check the most recent version of each brokercheck report at

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