By Lindsey Bahr
Updated May 29, 2014 at 01:00 PM EDT

It’s the summer of 2008, and everything is grand for the beautiful, entitled Long Island teens of Affluenza. That is, ’til the financial crisis hits.

Loosely based on The Great Gatsby, Affluenza finds a middle class kid (Boardwalk Empire’s Ben Rosenfield) thrust into the upper crust party scene of Great Neck, Long Island with his privileged cousin Kate (Bates Motel’s Nicola Peltz) and her cabal of volatile admirers and friends (including The Flash’s Grant Gustin and Faking It‘s Gregg Sulkin).

Check out the film’s first trailer after the jump.

Peltz, who also plays Mark Wahlberg’s daughter in this summer’s Transformers: Age of Extinction, compares her character Kate to Daisy Buchanan. “On the outside, she looks like she should be the happiest person in the world. But as the story goes on you just realize how broken she is,” Peltz told EW. “Her values are all mixed up.”

Directed by Holy Rollers helmer Kevin Asch, Affluenza hits theaters and VOD July 11.