A Tampa, Florida-based REIT and its two founders are being accused by federal regulators of raising $152M from more than 5,500 investors via splashy social media advertisements, lying about the performance of the investments and misappropriating the funds for personal expenses. "Defendants’ conduct has caused financial hardship to thousands of investors nationwide and has jeopardized many of their retirement savings," SEC attorneys wrote in the suit. Mendenhall transferred at least $1.4M from TSS' bank accounts into his personal account, where he used $691K to pay the IRS, $75K for a nanny and $197K in American Express charges. His personal expenses showed thousands of dollars spent at adult nightclubs, firearm ranges, outdoor sporting venues and high-end jewelers, the suit states. In April 2025, they notified investors of their intent to file for bankruptcy and asked investors to provide $20K to keep the REIT running.