Versity Investments 65% · Book & Ladder 1/3 · Emerson 副总裁
Brian Jensen Nelson
Versity Investments 65%。Emerson Equity 副总裁，CRD 5065593，自 2013 年 12 月起。不是该经纪自营商的披露所有人。
Versity 自己的 FAQ：Crew 于 2022 年接管管理；仲裁后控制权恢复；「Brian 与 Crew 没有任何关联。」那是他的公开口径。
Form D 仍把他放在 Vintage 的销售团上，作为 Emerson 代表——并作为从 345 Flats 到 Vintage / Wolf Run 的 14 份备案上的佣金销售人（该簿记上多数为关联人士）。Vintage PPM（2022 年 1 月 11 日）称他为 Versity Investments 唯一所有人、Walker & Dunlop / Freddie Mac 贷款上预期的无追索 carve-out 担保人，以及 Emerson 的 Series 7 / 63，并写「可能就本次发行收取经纪费和销售佣金」。BrokerCheck 确认：自 2013 年 12 月 2 日起登记于 Emerson Equity；Form U4 头衔 Vice President。不是该经纪自营商的披露所有人——Dominic Baldini 是唯一 5%+ 所有人（Form BD 75%+）。以 Versity Investments 授权签署人身份签署 2022 年 4 月 2 日 IP 许可，把「Versity」/「Versity Investments」名称许可给 Versity Invest。
截至 2026 年 8 月 19 日 23 项披露，包括一项待决 730 万美元索赔和五项未结判决（其中 Volcano 320 万美元，他将其与 Pebble Beach DST / College Yard 挂钩）。KHCA 仍把他列为 alter-ego 被告。他指控 2022 年 4 月 KHCA 修订上的签名是伪造的。他是卖出这些 DST 的同一家经纪自营商的注册代表。
2025 年 7 月 28 日 他对 Crew、Wettengel、Muro、Book & Ladder、Axos Bank 和 Versity Investments 提起 橙县 30-2025-01499716，请求法院执行 2025 年 7 月 22 日 JAMS 部分终局裁决（Hon. John W. Kennedy Jr.，退休；案号 5200001507 和 5200001580）关于银行账户控制。该诉状——他的诉状——称第一阶段（2025 年 1 月）认定 Crew 违反 2023 年 12 月 3 日和解；第二阶段（2025 年 3–4 月）认定他是 NBPRE 的 100% 所有人和 Versity Investments 的 65%；并且 Axos 和 Chase 没有法院命令不会听从仲裁员。
橙县判决 2026 年 4 月 22 日 于 30-2025-01534910 确认 2025 年 11 月 26 日 JAMS Final Award。他从 Crew、Wettengel 和 Muro 连带获得 14,550,000 美元 外加 166,834 美元 JAMS 费用。裁决认定他持有 Versity Investments 的 65%（财务控制权）、NBPRE 的 100%，以及 Book & Ladder 的 33%。未支付的 3000 万美元购买价款未被判给；第 11j 段恢复至 2023 年 12 月 3 日的原状。单独 2024 年 1 月 2 日和解项下的 Molly Barr 请求超出仲裁员管辖。
与 Versity Investments 和 NBPRE 同为 30-2025-01535878（2025 年 12 月 24 日立案）的具名原告。该诉状指控 2023 年 12 月之后的损害仅针对他和 NBPRE（Versity I 指控 它并未免除）。它叙述他与 Patrick 的拆分：约 2018 年 3 月 13 日书面和解、2018 年 4 月 13 日资产分割、2021 年 4 月 6 日终局裁决、30-2021-01197655 中 2021 年 6 月 24 日 判决。Melzer 于 2026 年 7 月 23 日 驳回 Crew 在该案中强制调解的动议。诉状中的指控。
Versity / NBPRE 簿记上的十七笔 DST 通过其受托人作为原告出现在 30-2026-01543537（2026 年 1 月 29 日立案）。Miller Miller Gerber 是备案律师。他不是该 DST 案名上的具名原告。
时间线
- 2007–2018Nelson Brothers. Split ~2018: Patrick to development, Brian to student housing → NB Private Capital → Versity Investments. Wettengel joins ~2015 as COO/GC; CEO from 2018. Muro is Nelson Brothers IR from 2009, COO from 2018.
- 27 May 2021Crayhill Credit Agreement. Senior secured revolving facility, 12.50%. Borrower Versity EquityCo (wholly owned via EquityCo Parent by Versity Investments). Parties Brian Nelson, Blake Wettengel, and Tanya Muro. Lenders are special purpose entities wholly owned by Crayhill Capital Management. Recited in the VIP Bonds circular.
- 24 Jun 2021Judgment on arbitration award, Brian Nelson v. Patrick Nelson, Orange County 30-2021-01197655-CU-PA-CJC. Recited in the later Versity I complaint (ROA 2). Split of Nelson Brothers assets; Brian’s line became NB Private Capital → Versity Investments. Pleading not pulled.
- 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 Apr 2022BackOffice Services Agreement and IP license between Versity Investments and Versity Invest. Versity I (Blake Wettengel) provides ops, accounting, and payroll to Versity Invest (Tanya Muro); InvestCo pays Versity I payroll until it hires the staff. 12-month auto-renew. Same day: Versity I (Brian Nelson) licenses the names “Versity” / “Versity Investments” to Versity Invest; annual royalty via 10% promissory note, amount TBD. Ten days before Vintage close.
- 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.
- 15 Aug 2023 · Nelson allegationNelson alleges Wettengel/Muro halted investor payments and started “overdue management fees.” Lines up with the later mass freeze.
- 20 Oct–7 Dec 2023Brian Nelson sues Blake in Orange County (20 Oct, 30-2023-01356667). Dismissed without prejudice 7 Dec — the settlement (term sheet 3 Dec 2023, attached as Exhibit A to the 26 Nov 2025 JAMS award). Crew was to buy Nelson’s interests in Versity Investments, NBPRE, and Book & Ladder for $30 million. Closing deadline December 2024. ~18 properties eventually return to him; five stay with Crew.
- 2 Jan 2024Molly Barr Settlement Agreement (DST complaint). Separate from the Dec 2023 Nelson–Crew deal. The later OC suit alleges Crew still took $2,125,465 from sale escrow. Allegations.
- Apr–May 2024KHCA files NY Index 651885/2024 (original complaint NYSCEF Doc 49, 17 May 2024). Delaware SOS name change to Crew Enterprises on or about 11 Mar 2024. Nelson files arbitration (JAMS 5200001507 / 5200001580). Distributions stop across the portfolio around May 2024 (4th & J and Oakbrook the same month, per a 16 Apr 2025 post) — the same weeks as the yield-enhancement and rebrand PRs.
- 13 Aug 2024KHCA files a verified first amended complaint (NYSCEF Doc 119). Alleges $56,157,281 of syndication proceeds diverted from Hayworth, Vintage, Walk, and One on 4th. Allegations.
- Dec 2024NY TRO. Unsealed KHCA complaint becomes the thread’s source document.
- Mar–2 May 2025Arbitration award: Brian gets managerial control of Versity Investments (65%). Cornerstone webinar: he calls 4th & J a home run he just walked. Vintage stays with Crew.
- Jul 2025 webinars
- 22–28 Jul 2025Nelson’s Orange County complaint 30-2025-01499716 (28 Jul) asks the court to enforce a 22 Jul JAMS partial final award on Axos / Chase account control. His pleading recites Phase I (Crew breached the Dec 2023 settlement) and Phase II (Nelson 100% NBPRE, 65% Versity Investments). Allegations in that complaint. The later DST complaint says Crew ceased asset-management services on or about 15 May 2025.
- Oct 2025 · forum4th & J Versity webinar is a no-show.
- 26 Nov 2025JAMS Final Award (Refs. 5200001507 / 5200001580; Kennedy). Confirmed 22 Apr 2026 in 30-2025-01534910. $15 million damages for impairment of Nelson’s share (less $450,000 credit = $14,550,000) plus $166,834 JAMS fees, jointly and severally against Crew, Wettengel, and Muro. Status quo ante as of 3 Dec 2023: Nelson 65% of Versity Investments with financial-control rights, Wettengel/Muro 35%; Nelson 100% of NBPRE; Book & Ladder 34/33/33. Unpaid $30 million purchase price and bridge-loan assumption not awarded. Molly Barr claims outside the arbitrator’s jurisdiction.
- 24 Dec 2025Versity Investments / Nelson / NBPRE v. Crew et al., OC 30-2025-01535878-CU-CO-CXC (Melzer, CX102). Sixteen causes; jury demand. Counsel Miller Miller Gerber. Versity I alleges pre- and post-December 2023 officer breaches (no release in the 2023 settlement); Nelson and NBPRE allege post-December 2023 harm only. Alleges ~$1.2 million Factory Class B investor funds withheld after an arbitrator order. Allegations.
- 28–29 Jan 2026Vintage investors get a Crew email. 29 Jan: OC 30-2026-01543537-CU-CO-CXC — seventeen DSTs (NBPRE four plus 13 Versity Investments, including Wolf Run Vintage, not Vintage Horizon West) sue Crew, Book & Ladder, Wettengel, Muro, Academy West, TripSnap, and Wettengel Productions. Fourteen causes; jury demand. Counsel Miller Miller Gerber. Allegations.
- Mar–10 Apr 2026Forum posts describe McQuade engagement letters as BD-funded; the letters themselves were not reviewed. NY order 10 Apr 2026 (Justice Bannon, 2026 NY Slip Op 31536(U)): contract and alter-ego live; fraud/conversion dismissed as duplicative. Real Deal (11 Mar): Midland/Wells foreclosure on The Buckingham.
- 22 Apr 2026Orange County judgment in 30-2025-01534910 (Hesseltine, C23) confirms the 26 Nov 2025 JAMS Final Award. $14,550,000 plus $166,834 JAMS fees against Crew, Wettengel, and Muro jointly and severally. Cross-petition to vacate denied. Molly Barr claims remain outside that award.
- May–Jun 2026Russell Geyser / Waterfall Holdings. Nine properties → springing LLC → private REIT. Not in the nine: Shadowglen, The Nine, and 4th & J.
- 10 Jul 2026DST plaintiffs oppose Crew’s motion to compel mediation on Versity Investments OA §13.4 (ROA 47). Caption lists related case 30-2025-01535878. PPM excerpts (CP Cincy, 345 Flats, Tailor Lofts) and a recitation of the 26 Nov 2025 JAMS Final Award.
- 23 Jul 2026Melzer (CX102) denies Crew’s motion to compel mediation in 30-2025-01535878 (ROA 51). No appearance; tentative accepted. OA ¶13.4 may initiate mediation; if either will not participate, the aggrieved party may file in Orange County. Related case 30-2026-01543537 on the minutes.
- 14–16 Aug 2026 · forumRussell email: Shadowglen default and capital call. 2025 tax info still missing. Thread ends 16 Aug.