Updated: November 2023
What is Nelson Partners Skyloft DST ?
NP Skyloft DST is a luxury student housing complex located near the University of Texas campus in Austin, TX. U.S. Securities and Exchange Commission Form D, filed in March 2019, by its manager Patrick Nelson, discloses that $75 million was to be raised with sales commissions of $6.7 million.
The project, which predated the covid pandemic, touted modern, state of the art rooms and gym facilities as well convenience to the Austin UT campus. No doubt many Longhorn fans, now retired and eternally loyal to their alma mater, were investors.
Investors include retirees looking for steady and dependable income as well as those who traded real estate as part of a 1031 Exchange. A 1031 Exchange allows the exchange of real property that has increased in value to be traded for new qualifying property and to defer paying capital gains.
The investment was sold via a private placement. By April 2020 monthly dividends stopped and the finger pointing began. Nelson blamed it on the seller Axionic Capital and the loss of revenue due to the pandemic. Investors alleged Nelson was operating a Ponzi Scheme.
An action filed by investors appears to be settled. Gregory Milligan is the court-appointed Plan Administrator in the pending derivative action Stacy R. Schiffman et al v Nelson Partners, LLC et al, pending in 98th Judicial Court of Travis County, Texas. Recently a plan of liquidation was announced which will net about 55% recovery after class action counsel fees.
What Broker Dealers Sold NP Skyloft DST ?
According to SEC Form D, the following broker dealers sold NP Skyloft DST:
- Wealthforge Securities
- Purshe Kaplan Sterling Investments
- Cape Securities
- Sandlapper Securities
- Patrick Capital Markets
SEC Form D indicates that NP Skyloft DST was solicited in the following states:
- Alabama
- California
- Colorado
- Florida
- Iowa
- Kansas
- Minnesota
- Louisiana
- New Jersey
- New York
- Texas
- VIrginia
- Washington
How to Recover Losses on NP Skyloft DST
If you lost money on NP Skyloft DST you may be able to recover all or a part of those losses through FINRA arbitration. If you only recovered a portion of your losses as a result of the Schiffman case (above), you may still be able to pursue the brokerage firm that recommended the investment for the balance of your losses.
Contact us for more information.
The Lawyers at Rex Securities Law Can Help You Recover Your Investment Losses On NP Skyloft Delaware Statutory Trust
If you have suffered investment losses on NP Skyloft DST or if you have questions about how your account has been handled by a financial advisor, contact us for a complimentary consultation with an experienced securities lawyer to learn how you may be able to recover damages through FINRA arbitration.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens
With offices in Boca Raton, FL and Austin, TX, stockbroker fraud attorney Bob Rex provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers, financial advisors, and broker dealers.
If you have questions about how your account has been handled, call (877) 224-3199 to speak with an experienced securities attorney at no cost to you.
Most cases are handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
