Category Archives: Capital Guardian

William H. Smathers-NEXT Financial Group Broker-Discloses Prior Customer Disputes

August  2016-The Villages, Florida

The FINRA records of William H. Smathers ,  a  stock broker who is currently employed by NEXT Financial Group , disclose 9 prior final customer disputes.

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.

The prior customer disputes include three that were settled:

  • NASD Case 4-07644 in which a customer of Smather’s former employer, Morgan Stanley DW, alleged damages of $309,000 for common law and statutory violations. That case was settled for $462,000.
  • NASD Case 3-02611 in which a customer of Morgan Stanley Dean Witter alleged damages of $90,000 for common law and statutory violations. That case was settled for $30,000.
  • A case brought in 2001 a Morgan Stanley customer alleged damages of $800,000 for unsuitable trades, unauthorized trades and excessive use of margin. That case was settled for $200,000.

Smathers has been employed by NEXT Financial Group since 9/2013. His prior employment includes Capital Guardian, Sagepoint Financial, SunAmerica Securities and Morgan Stanley Dean Witter.

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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Former VSR Financial Broker Kevin M. Nevin Discloses Pending Customer Dispute-St. Louis Park, MN

Saint Louis Park, MN

UPDATE FEBRUARY 2017– IN July 2016 a customer of Nevin’s former employer VSR Financial filed FINRA case 16-1993 alleging fraud and unsuitability in connection with an investment in a promissory note and an investment in Breakwater Capital Group II, LLC. The customer seeks damages of $50,000.

VSR FINANCIAL HAS CLOSED OPERATIONS-In the fall of 2016, VSR Financial announced that it was closing operations and transferring existing customers and most of its brokers to a related entity, Summit Brokerage Services. For more information VSR’s issues related to the sale of alternative investments, follow this link.

ORIGINAL POST 2/6/2016–Rex Securities Law is investigating former VSR Financial Services broker Kevin Mark Nevin  in connection with the sale of various alternative investments including real estate securities, oil and gas securities, and other direct investments.

According to FINRA records Nevin has been named in in 3 customer disputes, some of which relate to alternative investments, and one regulatory matter.

In May 2014, Nevin was fined $37,000 and suspended by FINRA for six months to resolve allegations that he did not properly notify his member firm of his involvement in the sale of $690,000 of private placement investments.

In 2013 a customer filed a FINRA arbitration (#12-00513) claim alleging damages of $555,000 in connection with the sale of various alternative investments, including direct investments and limited partnership investments in oil & gas and real estate securities. That case was settled for $361,250, paid by his then member firm VSR Financial.

According to FINRA records Nevin was registered with VSR Financial from 3/2006-2/2011. He was next registered with Capital Guardian, LLC from 2/2011-5/2014. Nevin has been registered currently with Sandlapper Securities since 1/2015.

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.

If you have losses in an account handled by Kevin Nevin or other VSR Financial stockbroker, contact us to discuss how you may be able to recover damages for those losses from Nevin’s employer.

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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870