Rex Securities Law is investigating broker David Alan Basinger on behalf of a elderly, retired widow from Alexandria who was advised to purchase limited partnerships, direct investments in oil & gas, , real estate securities, and other investments which she believes were unsuitable, for her retirement accounts. Basinger was employed by VSR Financial Services during the relevant time period.
The investments include:
- KBS REIT
- NET REIT
- Star Scientific stock
Basinger discloses one prior customer dispute and four outstanding liens to the Internal Revenue Service on his FINRA record.
According to public records, Basinger was employed by VSR Financial Services from 9/2003-6/2014. He is currently employed by Ameriprise Financial Services.
VSR Financial Services was fined $550,000 by the Financial Industry Regulatory Authority (FINRA) in May 2013 in connection with the sale of alternative investments. In their findings, FINRA criticised VSR Financial for recommending high concentration levels of alternative investments in customer accounts and for its lack of supervision over the use of consolidated reports prepared by brokers and provided to customers.
Alternative investments include non publicly traded real estate investment trusts (REITS) , hedge funds, real estate, commodities and derivatives contracts and, managed futures. It may also include art, wine, antiques, coins or stamps. These investments tend to be complex, illiquid, nontransparent, hard to value and expensive. Many of the alternative investments sold over recent years are not traded on any public market making them difficult to value and even more difficult to liquidate if cash is needed.
VSR Financial closed down its operations in the fall of 2016, transferring most brokers and clients to Summit Brokerage Services, an affiliated entity.
If you have losses in an account in an account handled by David A. Basinger or another broker who was employed by VSR Financial Services , contact us to discuss how you may be able to recover damages for those losses through FINRA arbitration.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
Florida-561 391 1900