Category Archives: Limited Partnerships

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

James T. Flynn-Former Voya Financial Advisors Broker-Discloses Customer Disputes / Outstanding Liens-Greenville, SC

April 2017-Greenville, SC

The FINRA records of  James T. Flynn ,  a  former Voya Financial Advisors stockbroker  disclose a pending customer dispute, 4 prior final customer disputes, a termination from employment and 3 outstanding judgment/liens.

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 matter,  a customer of Voya Financial and Brookstone Securities alleges damages in connection with a $575,000 investment in annuities and real estate investment trust (REITs) which they allege were unsuitable.

In February 2017  Flynn was discharged from Voya Financial Advisors who made the following allegation in connection therewith: “The representative provided misleading information to the Firm during a complaint investigation” related to a variable annuity.

Flynn discloses Federal Tax Liens of $256,165 and $18,837.

Jim Flynn is currently registered with IFS Securities. He was registered with Voya Financial Advisors 5/2013-2/2017, Capital Investment Group in Greer, SC, 7/2011-6/2013 and Brookstone Securities 9/2006-7/2011. He discloses a business affiliation with Flynn Insurance Group and Flynn Wealth Management.

If you have questions about an account  handled by James  (Jim) T. Flynn  , contact us to discuss to discuss your options.

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 P. Smith-Former Titan Securities Broker-Discloses Customer Dispute Over Alternative Investment-Arlington, TX

April 2017-Arlington, Texas

The FINRA records of  Thomas P. Smith ,  a   stockbroker who is currently registered with Center Street Securities 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.

In currently pending FINRA case #16-3184 a customer of his prior employers Titan Securities & Newbridge Securities alleges damages of $250,000 for negligence, violations of the Texas Securities Act and other claims related to the purchase of a non-traded alternative investment.

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.

 

Smith has been employed by Center Street Securities since 5/2016. He was with Titan Securities from 8/2011-6/2016 and with Newbridge Securities 6/2010-8/2011. Smith discloses a business relationship with Bering Financial in Arlington, TX.

If you have losses in an account in an account handled by Thomas P. Smithcontact 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

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

Source Capital Group Discloses Customer Disputes and Regulatory Sanctions

March 2017- Westport, CT

According to publicly available records Source Capital Group, (CRD# 36719) ,  a  broker dealer with headquarters in Westport, CT, discloses 8 prior final regulatory events, one regulatory event that is currently on appeal and 2 prior customer arbitrations.

Source Capital Group has about 130 brokers in 15 branch offices.

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 one of the prior customer disputes, FINRA case 16-0147, a customer alleged damages of $810,000 for breach of fiduciary duty, unsuitable investments, failure to supervise, violations of the securities acts of Georgia, Kentucky and Ohio and other claims. The arbitration panel awarded over $1.1 million to the customer.

In July 2014, Source Capital Group was censured and fined $100,000 by FINRA to resolve allegations that through a branch manager, Source sold investments in private offerings of oil and gas securities without adequately disclosing material information to investors. FINRA Case 2008011771602.

If you have questions about an account in an account at Source Capital Group , contact us to discuss your legal options.

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

Donnie E. Ingram-Former Investors Capital Corp. Broker-Discloses Customer Disputes-WInter Haven, FL

April 2017-Winter Haven, FL

According to publicly available records Donnie E. Ingram, (CRD# 1416971) ,  a  stockbroker who previously worked for Investors Capital Corp and who is currently employed by Centaurus Financial Inc.  disclose 5  pending customer disputes  and 3 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 currently pending FINRA arbitrations include:

  • 16-2238-a customer of Investors Capital Corp. alleges damages of $906,354  related to the purchase of unsuitable alternative investments during the period 2003-2015.
  • FINRA arbitration 16-2599-a customer of Investors Capital Corp. alleges damages of $222,266  related to the purchase of unsuitable alternative investments in real estate and other investments during the period 2005-2011.
  • FINRA arbitration 16-2304-a customer of Investors Capital Corp. alleges damages of $230,457  related to the purchase of unsuitable alternative investments in real estate and other investments during the period 2011-2012.

Ingram has been employed by Centaurus Financial  since 7/2016. He was employed by Investors Capital Corp. from 2/1997-7/2016

In November 2016, Investors Capital Corp., a part of the Cetera Group, withdrew its FINRA registration and closed operations, transferring many of its brokers and customers to Summit Brokerage Services..

INVESTORS CAPITAL CORP. SUBJECT OF 21 REGULATORY MATTERS–CEASES OPERATIONS FALL 2016

Investors Capital Corp. withdrew its registration with FINRA in fall 2016. Investors Capital has been named in 21 regulatory matters and a number of customer arbitrations. For more information on Investors Capital Corp, follow this link. 

If you have questions about an account in an account handled by Donnie E. Ingram, contact us to discuss your legal options.

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