A Dallas-based real estate investment firm and its president agreed to settle an SEC lawsuit alleging they misled more than 2,000 investors about hotel fund assets and profits, violating federal securities laws while raising $86 million.
Phoenix American Hospitality LLC and William Lee “Perch” Nelson made false statements about two hotel investment funds from March 2022 through July 2024, according to the Securities and Exchange Commission’s complaint filed Thursday in the US District Court for the Northern District of Texas.
Nelson and his company raised about $56.6 million from around 1,300 investors in the first fund and $29.4 million from …