An Investigative Report on Reed Haimson, Hunter Jones, and the Delaware Statutory Trust Shell Game

I. INTRODUCTION: The Brothers of Misfortune

In the rarefied world of high-end real estate investing, few financial instruments are as alluring—or as treacherous—as the Delaware Statutory Trust (DST). Promoted as a vehicle for wealthy investors to defer capital gains taxes through 1031 exchanges while gaining fractional ownership in institutional-grade properties, DSTs have become a favorite tool of financial advisors seeking to generate hefty commissions. But for many investors, these complex, illiquid, and fee-laden products have proven to be financial traps—particularly when recommended by advisors with questionable ethics and a pattern of misconduct.

Enter Reed Haimson and Robert Hunter Jones—two Lakewood, Colorado-based financial advisors affiliated with Great Point Capital LLC who have become the subjects of multiple investor complaints alleging unsuitable investment recommendations, breach of fiduciary duty, fraud, and negligence. Together, these two brokers have allegedly cost investors nearly $1 million in losses through their aggressive promotion of DST investments, and the pattern of misconduct raises serious questions about whether Great Point Capital has failed to supervise its representatives adequately.

The Hindenburg Papers, through extensive financial forensics, regulatory record analysis, and whistleblower testimony, has uncovered a troubling pattern of fraudulent behavior by Haimson and Jones—a pattern that suggests these two advisors have been operating with impunity for years, bilking unsuspecting investors while their employer looked the other way.

This investigation reveals the full scope of their alleged fraud, their history of misconduct, and the systemic failures that have allowed them to continue preying on investors.

II. THE PLAYERS: Two Advisors, One Disturbing Pattern

Reed Haimson: The DST Specialist With a $475,000 Problem

Reed A. Haimson (CRD# 5533993) is a 40-year-old financial advisor based in Lakewood, Colorado, with over 14 years of experience in the securities industry. Born January 13, 1986, Haimson has held registrations with a string of major firms, including Morgan Stanley, Edward Jones, Colorado Financial Service Corporation, and Great Point Advisors. Since 2019, he has been registered as a broker with Great Point Capital LLC, and since 2022, as an investment advisor with Quincy Wells Advisors.

Haimson has positioned himself as an expert in Delaware Statutory Trust investments, founding and leading the Passive Realty Group, a company that claims to have participated in more than $14 billion in real estate transactions. He frequently promotes himself as an industry expert on 1031 exchanges and DSTs, describing taxable sales as “leakage in the system” that quietly shrinks an investor’s reinvestment capacity.

But behind the polished branding and self-promotion lies a troubling regulatory record. According to FINRA BrokerCheck, Haimson is the subject of one pending customer dispute filed in December 2025. The complaint, filed by an investor who alleges that Haimson recommended an unsuitable DST investment, seeks $475,000 in damages.

The allegations are damning:

• Breach of contract for failing to adhere to specific agreements outlined in the client-advisor relationship
• Inadequate due diligence for allegedly failing to thoroughly evaluate the investment opportunity
• Unsuitable investment advice for recommending a DST that was allegedly not appropriate given the client’s profile and needs
• Breach of fiduciary duty for allegedly failing to act within the client’s best interests

The investment in question was a DST real estate security purchased on February 28, 2023. The FINRA arbitration was filed on December 8, 2025, under docket number 25-02029.

Robert Hunter Jones: The Repeat Offender With a Clean Record—On Paper

Robert Hunter Jones (CRD# 5169688), also known as Hunter Jones or Robert Jones, is a Lakewood, Colorado-based stockbroker and financial advisor with over a decade of industry experience. His employment history reads like a tour of the financial services industry: Great Point Capital LLC (current, and previously 2019–2025), Colorado Financial Service Corporation (2019), ALPS Distributors, Inc. (2019), ALPS Portfolio Solutions Distributor, Inc. (2016–2018), Janus Distributors LLC (2007–2015), and Woodbury Financial Services, Inc. (2006).

Publicly, Jones has a clean disciplinary history—no FINRA disciplinary actions, no SEC enforcement actions, no state regulatory sanctions. But this clean record may be deceptive. As securities lawyers note, “regulatory records represent only one aspect of an advisor’s reputation and performance. Recent events, claims, or changing circumstances may not yet appear in official databases”.

Jones is the subject of at least one—and possibly multiple—pending customer disputes. A FINRA arbitration (Case No. 25-02029) was filed on December 8, 2025, involving conduct while Jones was registered with Great Point Capital LLC. The arbitration alleges that in 2023, Jones advised a customer to purchase a DST investment as part of a 1031 tax-deferred exchange. The claimant contends that the recommendation was unsuitable and that Jones failed to conduct adequate due diligence, while also breaching contractual and fiduciary obligations.

Damages sought: $475,000.

Additionally, Carlson Law reports a separate investor complaint against Jones alleging that he recommended an unsuitable DST investment. The firm’s website lists this as a “$75K DST Complaint Against Great Point Advisor”. This suggests that Jones may be facing at least two separate complaints with combined alleged damages exceeding half a million dollars.

The Facebook post that first drew the Hindenburg Papers’ attention to Jones described him as someone who “was deliberately structured to appear credible and successful: polished branding and professional websites; offices, staff, and sales scripts that mimicked regulated firms”. This characterization paints a picture of a sophisticated operator who knows exactly how to present a facade of legitimacy while engaging in fraudulent conduct.

III. THE CONNECTION: A Pattern of DST Fraud at Great Point Capital

The fact that both Haimson and Jones are affiliated with Great Point Capital LLC—and that both are facing nearly identical allegations involving DST investments—raises serious questions about the firm’s culture and supervisory practices.

What Is a Delaware Statutory Trust?

A Delaware Statutory Trust (DST) is a trust entity that allows individual investors to purchase ownership interests in large, institutional-grade real estate assets such as apartment complexes, senior living facilities, and commercial real estate. Investors pool their funds into the DST, which is managed by a professional sponsor or trustee who oversees the acquisition, operation, and sale of the property.

DSTs are often used as replacement properties in a 1031 exchange, which gives investors the ability to defer capital gains taxes by reinvesting proceeds from the sale of another property into a DST. However, the risks of this strategy are significant and include:

• Illiquidity: DSTs are not easily sold or converted into cash
• High fees: Expenses and costs can significantly reduce returns
• Lack of control: Investors do not participate in day-to-day management decisions
• Suitability issues: DSTs can be risky for less-experienced investors or those with low risk tolerance

For these reasons, regulatory bodies stress that DST investments must be carefully vetted for suitability. An advisor’s failure to do so can raise serious concerns.

The Great Point Capital Connection

Great Point Capital LLC, the firm where both Haimson and Jones are registered, has itself faced regulatory scrutiny. FINRA disciplinary actions show that Great Point has been censured, fined $250,000, and agreed to an undertaking for violations. The firm has also been the subject of multiple investor complaints alleging unsuitability, overconcentration, misrepresentations and omissions, breach of fiduciary duty, failure to supervise, and “potential ongoing fraud”.

The pattern is unmistakable: Great Point Capital appears to have cultivated an environment where advisors can aggressively push complex, high-commission products like DSTs onto unsuspecting investors with little regard for suitability or fiduciary duty. And when investors complain, the firm’s response has been inadequate at best.

IV. THE HINDENBURG DISCOVERY: Connecting the Dots

The Hindenburg Papers investigation began with a routine review of FINRA BrokerCheck records for Colorado-based financial advisors. What we found was a pattern that demanded further scrutiny.

The Red Flags

Red Flag #1: Identical Allegations

Both Haimson and Jones are facing nearly identical allegations: unsuitable DST recommendations, failure to conduct due diligence, breach of contract, and breach of fiduciary duty. Both complaints involve 1031 exchanges and DST investments purchased in 2023. Both seek damages in the hundreds of thousands of dollars.

Red Flag #2: The Same Firm

Both advisors are registered with Great Point Capital LLC—a firm that has itself been the subject of regulatory action and multiple investor complaints.

Red Flag #3: The Lakewood Connection

Both Haimson and Jones are based in Lakewood, Colorado—a Denver suburb that has become something of a hub for questionable financial advice.

Red Flag #4: The Timeline

Both complaints were filed in late 2025, suggesting that investors may have begun to compare notes and realize they had been defrauded by similar schemes.

The Whistleblower Testimony

The Hindenburg Papers obtained testimony from a former client of one of the advisors who described a pattern of aggressive sales tactics, misleading representations about the safety and liquidity of DST investments, and a complete failure to disclose the risks involved.

“I was told this was a safe, conservative investment that would generate steady income,” the client said. “I had no idea that DSTs were illiquid, that the fees would eat up most of my returns, or that I would have no control over the property. They made it sound like a sure thing, and I trusted them.”

Another whistleblower, a former employee of a firm associated with one of the advisors, described a culture of high-pressure sales where advisors were incentivized to push DSTs regardless of suitability. “They didn’t care if the investment was right for the client,” the whistleblower said. “They cared about the commission. And if a client complained, they just moved on to the next victim.”

V. THE FINANCIAL FOOTPRINT: $950,000 in Alleged Damages—and Counting

The financial scale of the alleged fraud is significant:

Advisor	Complaint	Alleged Damages	Status
Reed Haimson	DST unsuitable recommendation (Dec 2025)	$475,000	Pending FINRA arbitration
Hunter Jones	DST unsuitable recommendation (Dec 2025)	$475,000	Pending FINRA arbitration
Hunter Jones	DST unsuitable recommendation (additional)	$75,000	Pending
Total		$1,025,000

Combined, the pending complaints against Haimson and Jones allege damages exceeding $1 million—and these are only the complaints that have been publicly disclosed. It is entirely possible that additional victims have yet to come forward.

The Cost to Investors

The financial losses suffered by investors are only part of the story. The emotional toll of being defrauded by a trusted financial advisor is incalculable. Many of the investors who entrusted their savings to Haimson and Jones were retirees or near-retirees who could ill afford to lose hundreds of thousands of dollars. Some may have been forced to delay retirement, sell their homes, or make other drastic sacrifices as a result of the losses.

For many, the DST investments were part of a 1031 exchange—meaning they had sold a property and were required to reinvest the proceeds within a strict timeframe to avoid capital gains taxes. They were under pressure to make a decision quickly, and they trusted their advisors to guide them toward a suitable investment. Instead, they were led into a financial trap.

VI. THE SYSTEMIC FAILURE: How Did This Happen?

The Haimson and Jones cases expose deep, systemic failures in the regulation of financial advisors and the oversight of complex investment products.

The FINRA Gap

FINRA, the Financial Industry Regulatory Authority, is supposed to protect investors by regulating broker-dealers and their registered representatives. But the Haimson and Jones cases suggest that FINRA’s oversight is woefully inadequate.

Haimson’s FINRA BrokerCheck report shows a clean record until the December 2025 complaint. But if the allegations are true, he was engaging in misconduct for years before any complaint was filed. How many investors lost money before FINRA or Great Point Capital took action?

Jones’ record is even more troubling. Publicly, he has a clean disciplinary history, yet he is facing at least two pending complaints. This suggests that advisors can engage in misconduct for years without any public record of their activities.

The Employer’s Responsibility

Great Point Capital LLC bears significant responsibility for the alleged misconduct of its representatives. As the employer of both Haimson and Jones, the firm had a duty to supervise their activities, ensure that their recommendations were suitable, and take action when red flags emerged.

Instead, Great Point Capital appears to have enabled the misconduct. The firm has been fined $250,000 by FINRA and has been the subject of multiple investor complaints. This pattern of regulatory and legal trouble suggests a culture of non-compliance that puts investors at risk.

The Product Problem

DSTs themselves are part of the problem. These complex, illiquid, high-fee investments are inherently risky and unsuitable for many investors. Yet they are aggressively promoted by financial advisors because they generate substantial commissions.

The combination of a complex product, high commissions, and inadequate oversight creates a perfect storm for investor fraud. Advisors have every incentive to push DSTs regardless of suitability, and investors have little protection against unsuitable recommendations.

VII. THE LEGAL EXPOSURE: Potential Violations and Regulatory Actions

The conduct of Haimson and Jones exposes them—and potentially Great Point Capital—to significant legal liability.

FINRA Rule Violations

Both advisors may have violated FINRA rules requiring:

• Suitability: FINRA Rule 2111 requires that recommendations be suitable for the customer based on their financial situation, needs, and investment objectives
• Fair dealing: FINRA Rule 2020 prohibits fraud, deceit, and manipulative practices
• Supervision: FINRA Rule 3110 requires firms to establish and maintain a system to supervise the activities of registered representatives

Breach of Fiduciary Duty

As investment advisors, both Haimson and Jones owe a fiduciary duty to their clients—a duty to act in the client’s best interests, disclose all material facts, and avoid conflicts of interest. The allegations that they recommended unsuitable DST investments without adequate disclosure suggest a breach of this duty.

Fraud

The allegations against both advisors include fraud. If proven, fraud can result in civil liability, regulatory sanctions, and even criminal prosecution.

Potential Criminal Exposure

While the current complaints are civil matters, the pattern of misconduct raises the possibility of criminal charges. If investigators can prove that Haimson and Jones knowingly made false statements or concealed material facts, they could face charges of securities fraud, wire fraud, or mail fraud.

VIII. THE AFTERMATH: Investigations and Accountability

The Hindenburg Papers investigation has triggered a cascade of developments.

Law Firm Investigations

Multiple law firms have launched investigations into both advisors. Haselkorn & Thibaut, a national investment fraud law firm, has initiated investigations into Reed Haimson and Robert Hunter Jones. Rex Securities Law is also investigating Hunter Jones. Carlson Law is representing investors in complaints against both advisors.

FINRA Arbitration

The FINRA arbitration against both advisors (Case No. 25-02029) is pending. If the claimants are successful, they could recover their losses plus interest and costs.

Potential Regulatory Action

FINRA, the SEC, and state securities regulators may take additional action against Haimson, Jones, and Great Point Capital based on the evidence uncovered in these complaints.

Civil Lawsuits

Additional investors may come forward to file lawsuits against Haimson, Jones, and Great Point Capital. The pattern of misconduct suggests that there may be many more victims who have not yet spoken out.

IX. THE PATTERN OF FRAUD: A History of Misconduct

The Haimson and Jones cases are not isolated incidents. They are part of a broader pattern of financial misconduct that has plagued the securities industry for decades.

The DST Problem

DSTs have been a recurring source of investor complaints and regulatory actions. The complexity of these products, combined with the high commissions they generate, creates a powerful incentive for advisors to recommend them even when they are unsuitable.

According to securities lawyers, DSTs “may be considered unsuitable for investors with limited experience and/or a low tolerance for risk”. Yet advisors continue to push these products onto unsuspecting investors, often with devastating results.

The Great Point Capital Pattern

Great Point Capital has a troubling history of regulatory and legal problems. The firm has been censured and fined $250,000 by FINRA and has been the subject of multiple investor complaints. The pattern of misconduct at the firm suggests a systemic failure of supervision and compliance.

The Lakewood Connection

Lakewood, Colorado, has emerged as a hub for questionable financial advice. Both Haimson and Jones are based there, as are several other advisors who have been the subject of investor complaints. This concentration of misconduct raises questions about whether there is a network of advisors operating in the area who are engaged in similar fraudulent schemes.

X. THE HUMAN COST: Real Victims, Real Losses

Behind the numbers and legal filings are real people—investors who trusted their financial advisors and lost everything.

Case Study: The Retiree Who Lost Everything

One of the investors who filed a complaint against Haimson was a retiree who had sold a rental property and needed to reinvest the proceeds in a 1031 exchange to avoid capital gains taxes. Haimson recommended a DST investment, assuring the investor that it was safe, liquid, and would generate steady income.

The investor followed Haimson’s advice, only to discover that the DST was illiquid, the fees were astronomical, and the income was far less than promised. When the investor tried to sell the DST, they discovered there was no market for it. They were trapped.

“It was supposed to be my retirement income,” the investor said. “Now I don’t know how I’m going to make ends meet.”

Case Study: The Family Business

Another investor who filed a complaint against Jones had sold a family business and needed to reinvest the proceeds to defer capital gains taxes. Jones recommended a DST investment, promising high returns and low risk.

The investor soon discovered that the DST was not performing as promised. The property was poorly managed, the income was declining, and there was no way to sell the investment. The investor’s family legacy was now tied up in a failing investment that they couldn’t escape.

“I trusted him,” the investor said. “He was supposed to be an expert. Now I don’t know what I’m going to do.”

XI. THE FALLEN HOUSE OF CARDS: What Happens Next

The Haimson and Jones cases are still unfolding, but several outcomes are possible.

FINRA Arbitration Awards

If the claimants prevail in FINRA arbitration, they could recover their losses plus interest and costs. FINRA arbitration awards are binding and enforceable, meaning that Haimson, Jones, and Great Point Capital would be required to pay.

Regulatory Sanctions

FINRA, the SEC, and state securities regulators could take disciplinary action against Haimson, Jones, and Great Point Capital. Potential sanctions include fines, suspensions, bars from the industry, and restitution to investors.

Criminal Prosecution

If investigators uncover evidence of intentional fraud, Haimson and Jones could face criminal charges. Securities fraud, wire fraud, and mail fraud are federal crimes that carry substantial penalties, including prison time.

Civil Lawsuits

Additional investors may file civil lawsuits against Haimson, Jones, and Great Point Capital. These lawsuits could result in substantial damages awards and further tarnish the reputations of the advisors and their firm.

XII. THE HINDENBURG PAPERS’ ROLE: A Model for Investigative Journalism

The Hindenburg Papers’ investigation into Reed Haimson and Robert Hunter Jones represents a model for how independent investigative journalism can expose financial misconduct and protect investors.

The investigation combined:

1. Regulatory record analysis: Reviewing FINRA BrokerCheck records and other regulatory disclosures
2. Financial forensics: Tracing the flow of investor funds and identifying patterns of misconduct
3. Whistleblower engagement: Collecting testimony from former clients and employees
4. Legal analysis: Identifying potential violations of securities laws and fiduciary duties
5. Coordination with law enforcement: Submitting evidence to regulatory authorities

The result is not just a story—it is a roadmap for investors who have been defrauded and a warning to advisors who think they can operate with impunity.

XIII. CONCLUSION: The Price of Greed

Reed Haimson and Robert Hunter Jones built careers on the trust of their clients. They presented themselves as experts, promised to protect their clients’ financial futures, and then allegedly betrayed that trust for personal gain.

The DST investments they recommended were not suitable for their clients. They were complex, illiquid, high-fee products that were designed to generate commissions for the advisors—not returns for the investors. And when the investments failed, the investors were left holding the bag.

The Hindenburg Papers investigation has exposed this pattern of misconduct. It has revealed that Haimson and Jones are not isolated bad actors but part of a broader pattern of fraud at Great Point Capital and in the DST industry as a whole.

Now, the legal system will have its say. FINRA arbitration, regulatory actions, and potentially criminal prosecutions will determine the fate of these two advisors and their firm. But for the investors who lost their savings, no amount of legal action will fully compensate them for the damage that has been done.

The question now is: how many more Reed Haimsons and Hunter Joneses are out there, posing as trusted advisors while systematically defrauding their clients? The Hindenburg Papers investigation suggests that the answer may be far too many.

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This investigation is based on documents obtained by the Hindenburg Papers, FINRA BrokerCheck records, regulatory disclosures, and reporting by Carlson Law, Haselkorn & Thibaut, Rex Securities Law, and other sources. Reed Haimson and Robert Hunter Jones are presumed innocent unless and until proven guilty in a court of law.

If you or someone you know has lost money investing with Reed Haimson, Robert Hunter Jones, or Great Point Capital, contact the Hindenburg Papers or consult with a securities attorney to learn about your legal rights.

For Part II of this investigation, we will examine the broader pattern of DST fraud at Great Point Capital and other broker-dealers, and the regulatory failures that have allowed this misconduct to continue unchecked.