Orlando area securities broker and investment adviser recently agreed to an 18-month suspension and other penalties for allegedly selling unapproved securities to investors
The investment fraud lawyers at the law firm of Meyer Wilson are investigating claims on behalf of investors who may have been sold private securities issued by Tuscan Gardens Senior Living, LLC, by registered representative Sean Donovan Casterline (CRD#: 2212919).
On December 29, 2021, the Financial Industry Regulatory Authority announced that Casterline, a securities broker and investment adviser with offices in Maitland, Florida, agreed to an 18-month suspension and monetary penalties, including a $5,000 fine and disgorgement of $116,325 in selling compensation. The sanctions stemmed from Casterline’s alleged sale of unapproved securities to 20 investors without obtaining proper approval from his supervising brokerage firm, Delta Securities Company, LLC, in violation of securities industry rules.
According to FINRA, from May 2018 through June 2019 – while he was licensed as a securities broker with Delta Securities – Casterline improperly solicited 20 investors to invest approximately $1.5 million in “membership units” issued by an outside business entity in which Casterline served as the Managing Director of Private Equity. Although FINRA did not specifically name the outside entity when announcing the sanctions, Meyer Wilson’s investigation has found that Casterline held the same title while he was associated with Tuscan Gardens Senior Living, a Florida-based company that operates senior living facilities in Venice, Palm Coast, and Delray Beach.
Securities industry rules prohibit financial advisors like Casterline from selling private securities to investors without prior notice to and approval from their supervising broker-dealer. In fact, brokerage firms have an affirmative duty to reasonably supervise their employees, which includes supervision to detect and prevent unapproved securities sales.
If you or someone you know was sold investments in Tuscan Gardens Senior Living by Sean Casterline, the experienced securities arbitration lawyers at the law firm of Meyer Wilson would like to speak with you. Please contact us today for a complimentary review and analysis of your case.