Category Archives: VSR Financial Services

Scott V. Kaup-Former VSR Financial Services Broker-Discloses $1M+ Customer Dispute-Stuart, NE

April 2017-Stuart, NE

The FINRA records of  Scott V. Kaup ,  a  stockbroker who was formerly  employed by  VSR Financial Services  disclose a pending customer dispute involving alternative investments.

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 currently pending FINRA Case 16-01088, a customer of VSR Financial Services alleges damages of between $1,000,000 and $5,000,000 for unsuitable recommendations, violation of common law fraud, breach of fiduciary duty and negligence for account activity between 3/2001-6/2010. The investments at issue are direct investments, &  limited partnership interests in oil and gas and real estate securities.

Kaup was employed by VSR FInancial Services from 10/1989-9/2016. He is currently employed by Summit Brokerage Services and discloses a business affiliation with Kaup’s Financial Advisors, Inc. 

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 ServicesSee this for more information regarding VSR Financial Services.

If you have losses in an account in an account handled by Scott V. Kaup 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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Kenneth B. Neuner-Former VSR Financial Services Broker-Discharged by Summit Brokerage Services-Dallas, TX

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.

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 ServicesSee 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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Thomas W. Bodensteiner-Former VSR Financial Services Stockbroker-Discloses Customer Dispute Over UDF-Clear Lake, IA

April 2017-Clear Lake, IA

The FINRA records of  Thomas W. Bodensteiner ,  a  stockbroker who was formerly  employed by  VSR Financial Services  disclose a pending customer dispute over an investment in United Development Funding IV (UDF).

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.

Bodensteiner , who operates Bodensteiner Investments  in Clear Lake, IA discloses that  FINRA arbitration 17-0314 was  filed by a VSR Financial Services customer in 2/2017. The customer alleges damages of $50,000 for unsuitability, negligence and misrepresentation related to the investment in United Development Funding IV.

The offices of UDF were raided by the FBI in 2016. See this for more information on United Development Funding. 

Bodensteiner was registered with VSR Financial Services from 10/2001-09/2016 and is currently registered with Summit Brokerage Services, a related entity .

VSR wound down operations at the end of 2016. 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 Thomas W. Bodensteiner 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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Daniel C. Stewart-Former VSR Financial Services Broker-Discloses Customer Dispute-Shawnee, KS

April 2017-Shawnee, KS

The FINRA records of  Daniel C. Stewart ,  a  stockbroker who was formerly  employed by  VSR Financial Services  disclose a pending 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.

Stewart , who operates Professional Financial Concepts  in Shawnee, KS discloses that  a complaint filed by a VSR Financial Services customer in 10/2016 alleges damages of $40,000. The customer alleges that Stewart was instructed to move the account to cash in 11/2015 but failed to do so until 1/2016 causing the loss.

Stewart was registered with VSR Financial Services from 12/2006-11/2016 and is currently registered with Summit Brokerage Services, a related entity .

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 Daniel C. Stewart 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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Robert J. Hudson-Former VSR Financial Broker-Discloses Customer Dispute Over Annuities-Essex Junction, VT

April 2017-Essex Junction, VT

The FINRA records of  Robert James Hudson, Jr. ,  a  stockbroker who was formerly  employed by  VSR Financial Services  disclose a pending customer dispute, a prior customer dispute that has been resolved, two final regulatory events and 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.

Hudson , who operates Strategic Wealth Coach  in Essex Junction, VT discloses that  a complaint filed by a VSR Financial Services customer in 2/2017 alleges damages of $250,000 in connection with the sale/surrender of annuities that triggered substantial tax liabilities for 2010-2015.

Hudson was registered with VSR Financial Services from 8/2006-11/2016 and is currently registered with Summit Brokerage Services, a related entity .

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 Robert J. Hudson 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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

James Roy Kennedy-Former VSR Financial Services Broker-Investigation Update-Eastland, TX

April 2017-Eastland, Texas

We are continuing our investigation former VSR Financial Services broker James Roy Kennedy in connection with the sale of unsuitable investments, including alternative investments in real estate investment trusts (REITs), limited partnerships, direct investments and  promissory notes .

According to FINRA records Kennedy has been named in  four customer disputes which alleged unsuitable investments and resulted in financial settlements with the customers:

  • In 2008 a customer of VSR Financial Services alleged, on behalf of his mother, that Kennedy had recommended and sold unsuitable investments in a variable annuity. That case was settled for $7,500.
  • In another case in 2008, customers of VSR Financial Services alleged that investments in real estate investment trusts (REITs) , variable annuities and mutual funds had caused them damages of $200,000. That case was settled for $55,000.
  • In NASD arbitration 4-04053, a customer ofVSR Financial Services alleged that a managed account and an investment in a REIT were unsuitable. That case was settled for $97,500.

Kennedy was registered with VSR Financial Services from 1997 until 7/2016, and he  is currently registered with Calton & Associates.

James Kennedy discloses affiliations and business relationships with the following companies in Eastland, TX:

  • Smart Money Group
  • Jim Kennedy Insurance 
  • Kennedy Financial Services

If you have losses in an account handled by  James Roy Kennedy or other  VSR Financial Services  broker, contact us to discuss how you may be able to recover damages for those losses.

VSR Financial’s Prior Issues with Alternative Investments

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. During the summer of 2016, VSR Financial announced that they were winding down their brokerage business and transferring accounts and many of their brokers to an affiliated entity, Summit Brokerage Services.

See this for prior posts on VSR Financial Services and issues related to the sale of alternative investments.

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.

In the fall of 2016, VSR Financial Services closed their operations and transferred most of their brokers and customer accounts to Summit Brokerage Services, an affiliated entity.

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

David A. Basinger-Former VSR Financial Services Broker-Investigation Over Alternative Investments-Alexandria, VA

Alexandria, Virginia

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.

Follow this link for additional information related to VSR Financial Service’s issues related to alternative investments.

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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870