Bart Harrison: Legacy 1031 Advisor Faces DST Complaint

Trussville, Alabama financial advisor Bart Harrison (CRD# 1616987) recently received an investor complaint in connection with a Delaware Statutory Trust investment. Financial Industry Regulatory Authority records show that he is a broker registered with Concorde Investment Services and the president of Legacy 1031.

Mr. Harrison’s BrokerCheck report discloses one recent investor complaint. Filed in May 2024, it alleges that as a representative of May 2024, he failed to make the client aware that a Delaware Statutory Trust (DST) investment would be converted into an Umbrella Partnership Real Estate Investment Trust after two years. The pending complaint alleges unspecified damages.

As one investor resource explains, a DST gives investors the opportunity to pool their funds for the purchase of real estate investments, typically via 1031 exchanges that allow the deferral of taxes. An UPREIT investment, meanwhile, “allows property owners to contribute their real estate assets to a partnership in exchange for partnership units.” These also give investors an opportunity to defer taxes on sales of property; however, as limited partners in a given real estate partnership, they also lack control over the investments. As the resource notes, UPREIT investments may involved “tax implications when selling the partnership units or when the partnership sells the real estate.”

Legacy 1031’s website includes a section in which Mr. Harrison describes his background and experience. “With 28 plus years in the securities business, I have seen how volatility affects real estate – not just stocks and bonds,” he writes. “Those experiences, both at a professional and personal level, have helped shape my investment philosophies that guide my practice today. It is why due diligence is so important in providing suitable recommendations.”

According to the Financial Industry Regulatory Authority, Bart Harrison holds 31 years of securities industry experience. Based in Trussville, Alabama, he has been registered as a broker with Concorde Investment Services since 2015. His past registrations include Emerson Equity, Moody Securities, Wells Investment Securities, BC Ziegler and Company, Crispin Koehler Securities, AB Culbertson and Company, and First American National Securities. His credentials include the passage of six securities industry qualifying exams: the General Securities Principal Examination, or Series 24; the Investment Company Products/Variable Contracts Representative Examination, or Series 6; the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the Investment Company Products/Variable Contracts Representative Examination, or Series 6TO; and the Uniform Securities Agent State Law Examination, or Series 63. He holds 24 state licenses. (Information current as of June 22, 2024.)

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