SEC Orders Legendary Capital Founder and REIT Advisors to Pay Nearly $5 Million
From the desk of Jim Eccleston at Eccleston Law
Corey Maple, co-founder of non-traded REIT sponsor Legendary Capital, has agreed to a $100,000 civil penalty to settle charges brought by the Securities and Exchange Commission (SEC).
The charges stem from inappropriate expense reimbursements made to external advisors of Lodging Opportunity Real Estate Investment Trust and Lodging Fund REIT III Inc. As reported by DI Wire.com, the SEC found that those improper reimbursements, directed to Legacy Hospitality II LLC and Legendary Capital REIT III LLC, amounted to approximately $5 million.
Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, transition, regulatory, and disciplinary matters.
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