Broker-dealer
Emerson Equity LLC
Selling broker-dealer on both the 4th & J and Vintage Form Ds. CRD 130032. SEC Reg BI order on GWG L-Bonds (not these DSTs) in August 2025.
California LLC formed 10 Oct 2003, dual-registered BD/RIA, San Mateo (155 Bovet Road, Suite 725). Clearing through Pershing. Dominic Baldini is the only disclosed 5%+ owner — Form BD and the 8 Apr 2026 ADV Schedule A both code him E (75% or more), managing member / president / CCO / FINOP since Dec 2003. Brian Nelson is a registered VP/rep since 2013, not an owner. Tim Sherer and Ryan Sherer are on both Form D selling groups.
The remaining up-to-25% is not a named 5%+ person. Current Schedule A / Form BD list only two other names, both officers under 5% and not control persons: Kathleen Frances Morrissey (COO, CRD 1771747, Aug 2016) and Sean Kristian Snyder (CSO, CRD 1860842, Apr 2017). Indirect owners: none reported.
The Vintage PPM (11 Jan 2022) names Emerson the exclusive managing broker-dealer. Load 9.34% of gross ($7,045,000 of a $75,408,161 Maximum Offering Amount): 6% selling commissions, 0.75% dealer-management, 1% broker-dealer allowance, 1.25% wholesaling, 0.34% O&O. Commissions “will either be paid to affiliates of Emerson, including employees and contractors of the Sponsor, or reallowed” to selling-group members.
Oceanic Partners (CRD 174179, Sausalito) is a related shop, not a disclosed 5%+ owner. Third-party ADV scrapers still show it as a 10–25% slice; that is stale relative to the April 2026 filing. The live link is registration: Timothy Evan Sullivan (CRD 4505978) and Jaclyn Strife Sullivan (CRD 5334639) are current Emerson reps at Oceanic’s 3030 Bridgeway branch. Sullivan holds a general-securities principal ticket (since Oct 2011); Emerson’s brochure still calls him “President” and still mentions “partial ownership by Oceanic Partners.” Neither RR is named in the pending DST arbitrations. Oceanic’s own site lists “real estate single-asset syndications” among select services and lists Baldini as an advisor.
SEC File 3-22507 (11 Aug 2025): willful Reg BI Care and Compliance violations recommending GWG L-Bonds to 10 retail customers, 30 Jun 2020–12 Apr 2021. Censure, $100,000 penalty, $4,035 disgorgement, cease-and-desist. Not these DSTs — it is a Reg BI finding against the same BD.
FINRA AWC 2020066078202 (Dec 2021): mutual-fund Class A/B short-term trading supervision. Censure, $60,000 fine, $1.64 million restitution.
Timeline
- 28 Oct 2021 first sale · Form D 2 Nov 2021
- 11 Jan 2022Vintage PPM. Maximum offering $75.4 million; ~$62 million Walker & Dunlop / Freddie Mac; Emerson exclusive managing BD. Sponsor named as Versity Investments. Bridge equity ~$50.35 million via a revolving facility; default on an unrelated loan may divert Vintage proceeds. PPM estimates; Form D later lists $88.0 million.
- 2–21 Apr 2022Operating agreement 12 Apr: two managers; initial CFO Jennifer Welker, CIO Frank Muhlon. Same day: Vintage Trust Agreement (IB 100%; Sorensen Entity Services Delaware Trustee; Vintage ST Signatory Trustee; Chris Sorensen Independent Trustee), master lease DST → Vintage LeaseCo (10 years 3 months), Book & Ladder PMA at 2.5% of Monthly Gross Revenues, Walker & Dunlop first mortgage $52,346,000, buy $119.6 million from Vintage Horizon Owner, LLC (PPM and IB complaint), and first sale; Vintage LeaseCo side letter sends excess revenue and disposition fees to Vintage IB until Full Redemption (KHCA is a third-party beneficiary); and the KHCA loan amendment naming the new sponsor — the VIP Bonds circular calls that first amendment the Crayhill Credit Facility and adds Versity Invest as co-guarantor. Form D 21 Apr 2022. Related persons: Wettengel and Muro. Selling group includes Tim Sherer and Brian Nelson at Emerson.
- 20 Jan 2025 · forumBrett Henricks opens the BiggerPockets thread. By July it is a toolkit: SEC TCR, broker demand, FINRA complaint, Crew demand, lawyer list.
- Aug 2025Johan maps KHCA DSTs: Hayworth, Vintage, Walk, One on 4th, Apex. Board consensus: sue the BD. Real Deal (18 Aug): Buckingham and Tailor Lofts delinquent.