Florida Financial Advisor Sold Tuscan Gardens Growth and Income Fund Securities
Did you lose money while working with Delta Securities Company registered representative, Sean Donovan Casterline? If so, you may have grounds for pursuing damages. The longtime Florida financial advisor was suspended by FINRA in December 2021.
In FINRA’s action, the self-regulatory organization (SRO) accused Casterline of taking part in unauthorized private securities transactions through his alleged soliciting of about $1.5M in securities to 20 investors.
According to media reports, the issuer of the securities involved appears to have been Tuscan Gardens Growth and Income Fund. This fund was raising money to develop and run assisted living facilities. Casterline earned $116,325 in selling compensation for his purported involvement.
He allegedly engaged in the unauthorized transactions without notifying Delta Securities, which was his broker-dealer of record at the time. Selling products without a brokerage firm’s permission or knowledge is known as selling away.
In this video, SSEK Law Firm Partner and Securities Attorney, Kirk Smith explains the act of selling away:
Delta Securities broker Sean Casterline was suspended by FINRA for 18 months and ordered to pay over $116K of disgorgement. As well, he paid a $5K civil and administrative penalty. He consented to the sanctions without denying or admitting to the findings.
Investor Files FINRA Arbitration Claim Requesting $175K in Damages
In August 2021, a Delta Securities customer filed an arbitration case requesting $175K in damages. The claimant contends that they suffered losses from the Tuscan Gardens Growth and Income Fund securities that they bought. They are accusing Casterline of misappropriation and “failure to account for funds.”
Tuscan Gardens Growth and Income Fund is an alternative investment that was sold by broker-dealers and their financial advisors to customers. Other Delta Securities investors may have suffered losses, too.
According to BrokerCheck, other financial firms where Casterline used to be registered include:
- International Assets Advisory
- Aegis Wealth Management
- Greenleaf Advisors
- Sterne Agee Financial Services
- Dynetech Capital
- Delta Capital Management
- Delta First Financial
- Premier Trade Securities
- Roan-Meyers Associates
- FAS Wealth Management
- FN Wolf & Co
Savvy Florida Investment Fraud Attorneys
To explore your legal options with a seasoned Florida broker misconduct law firm, contact us at Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com). We work with investors throughout Florida and the rest of the US.
If you believe that your losses are a result of suspended Delta Securities broker, Sean Casterline, it is recommended that you work with experienced investment fraud attorneys. Call SSEK Law Firm at (800) 259-9010. You can also speak to one of our Florida financial advisor attorneys at (813) 560-2992.