April 2017-Williamsburg, VA
The FINRA records of Terrell Calvin Lady , a stockbroker who is currently employed by DFPG Investments disclose a prior final customer dispute.
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.
In FINRA arbitration 11-725 a customer of VSR Financial Services alleged damages of $687,500 for violations of Virginia securities laws and various common law claims in connection with the investment in direct investments, limited partnerships, equipment leasing investments, oil & gas, promissory notes and real estate securities. That case was settled for $169,500.
Terrell Lady has been employed by DFPG Investments since 8/2016. Prior to that he was employed by VSR Financial Services from 8/2004-7/2016.
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. 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 wound down operations at the end of 2016 and transferred most of their brokers and customer accounts to Summit Brokerage Services. See this for more information regarding VSR Financial Services.
If you have questions about an account handled by Terrell Lady or have losses on alternative investments purchased from VSR Financial Services call for a no charge consultation.
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.
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