April 2017-Dallas, Texas
The FINRA records of Kenneth B. Neuner , a stockbroker who was formerly employed by VSR Financial Services disclose a termination from employment.
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.
Neuner was employed by VSR FInancial Services from 4/1996-9/2016 and Summit Brokerage Services 9/2016-3/2017. He is currently registered with TCFG Wealth Management in Missouri City, Texas.
In March 2017, Neuner was discharged from Summit Brokerage Services who made the following allegation: “Unauthorized exercise of discretion”.
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.
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 similar to United Development Funding. 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 in an account handled by Kenneth B. Neuner 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.
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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