Category Archives: MLP (master Limited Partnership)

John Carolyn-UBS Financial Broker-Subject of Numerous Customer Arbitrations Involving Oil & Gas Investments-Houston, TX

May 2017-Houston, TX

The FINRA records of John Carolyn,  a  stockbroker who is employed by  UBS Financial Services  disclose 5 pending customer disputes involving oil and gas securities  and one prior 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.

The pending disputes include:

  • FINRA case 17-0513- a UBS customer seeks damages of $70,000 for unsuitable concentration of oil and gas investments.
  • FINRA case 16-2280- a UBS customer seeks damages of $450,000 for unsuitable concentration of oil and gas investments.
  • FINRA case 16-1941- a UBS customer seeks damages of $100,000 for unsuitable concentration of oil and gas investments.
  • FINRA case 16-1731- a UBS customer seeks damages of $750,000 for unsuitable concentration of energy securities.

 

John Carolyn has been employed by UBS Financial Services since 4/2002.

If you have questions about an account  handled by John Carolyn , contact us 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

Jonathan T. Pyne-Berthel Fisher Broker-Discloses Settlements Over Alternative Investments-Minneapolis, MN

May 2017-Minneapolis, MN

The FINRA records of  Jonathan T. Pyne (aka Jon Pyne )  ,  a  stockbroker who is currently registered with Berthel Fisher & Co. Financial Services disclose a pending customer dispute 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.

In the currently pending  a customer of Berthel Fisher alleges damages in an unstated amount due to poor performance of the overall account. The investments at issue include oil & gas, real estate securities and business development companies. This complaint was received by Berthel Fisher in September 2016.

In September 2016 Berthel Fisher settled a complaint brought by one of Pyne’s customers alleging that oil and gas and real estate securities purchased in 2008 and 2009 were unsuitable and misrepresented. That matter was settled for $48,175.

In FINRA arbitration 14-0952 a customer of Pyne’s alleged damages of $250,000 in connection with the sale of unsuitable investments sold to her in 2007 and 2008 in equipment leasing, oil and gas and real estate securities. That case was settled in 11/2015 for $110,000.

Pyne has been employed by Berthel Fisher & Co.   since 2/2007. Pyne discloses a business affiliation with Evergreen Financial Group.

See this for our prior investigation of Jonathan T. Pyne over the sale of the following alternative investments:

  • Gulf Coast Rig & Equipment
  • Reef Income & Development
  • Leaf Equipment Leasing Fund
  • Inland American
  • Cornerstone Properties (now Summit Health Care)
  • Columbia Properties

If you have questions about an account  handled by Jonathan T. Pyne , contact us to discuss your options.

Alternative investments include non publicly traded real estate investment trusts (REITS) , equipment leasing, oil and gas, 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.

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

William C. Fenwick Jr.-First Kentucky Securities Broker-Discloses Customer Dispute Over MLP-Louisville, KY

April 2017-Louisville, KY

The FINRA records of  William C. Fenwick Jr.  ,  a  stockbroker who is currently registered with First Kentucky Securities Corporation disclose a pending customer dispute and 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 currently pending FINRA arbitration 17-0157 a customer of First Kentucky Securities Corp. alleges damages of $500,000 for unsuitable investments in MLPs and other investments from 2015-2016.

 

Fenwick has been employed by First Kentucky Securities since 11/2005.

If you have losses in an account in an account handled by William C. Fenwick Jr.   , 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

Tom Parks, Jr.-Former Ameriprise Broker-Discloses Numerous Customer Disputes Over Oil & Gas Master Ltd. Partnerships-Stephenville, TX

April 2017-Stephenville, TX 

According to publicly available records Tom Gilliam Parks, Jr. , (CRD#1558909) ,  a  stockbroker who is not currently registered and who last was employed by Ameriprise Financial Services  discloses 14 pending customer disputes, 8 prior final customer disputes 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.

The pending customer disputes include:

  • FINRA arbitration 17-0563 in which an Ameriprise customer alleges damages of $113,486 for unsuitable investments, including investments in annuities
  • FINRA arbitration 17-0026 in which an Ameriprise customer alleges damages of $335,000 for unsuitable investments in mutual funds and oil & gas master limited partnerships
  • FINRA arbitration 16-03649 in which an Ameriprise customer alleges damages of $180,000 for unsuitable investments in  oil & gas master limited partnerships
  • FINRA arbitration 16-03125 in which an Ameriprise customer alleges damages of $101,000 for unsuitable investments in  oil & gas master limited partnerships, a closed end mutual fund and a business development company (BDC)

Six of the prior final customer disputes have been resolved by cash settlements, including:

  • FINRA Case 16-03529 in which an Ameriprise customer alleged damages of $95,000 for unsuitable investments in oil & gas master limited partnerships, and a  RiverSource variable universal life policy. That case was settled for $50,000.
  • FINRA Case 16-01069 in which an Ameriprise customer alleged damages of $244,000 for unsuitable investments in equities, funds and oil & gas master limited partnerships. That case was settled for $175,000.
  • FINRA Case 16-0653 in which an Ameriprise customer alleged damages of $148,000 for unsuitable investments in an annuity, an exchange traded fund (ETF) mutual funds and oil & gas master limited partnerships. That case was settled for $70,000.

Tom Parks was employed by Ameriprise Financial Services from 12/1993-4/2016. In 4/2016 Parks was ‘permitted to resign’ from Ameriprise who made the following allegation on his FINRA record: “Registered representative resigned while on heightened supervision for violations of company policy related to suitability, client disclosure and outgoing correspondence.”

If you have losses in an account handled by Tom Parks, Jr. you may be able to recover damages from his former employer 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

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

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

Parks Brown, Jr.-Former VSR Financial Services Broker-Update on Investigation

December 2016- Marietta, Georgia

We continue our investigation of former VSR Financial Services broker Parks H. Brown, Jr. who operated  IM Portfolios, Inc.  in Marietta, Georgia,. Our client is of an elderly widow who alleges that Parks Brown recommended the purchase of numerous unsuitable investments resulting in significant losses to her retirement nest egg.

The investments include the following securities:

  • Exco Resources
  • Linn Energy
  • Rock Creek Pharma Inc.
  • Star Scientific, Inc. 

According to FINRA records Brown was registered with VSR Financial Services from 10/2005 until 7/2016.  As of December 5, 2016, Parks Brown is not currently registered with any brokerage firm.

Parks Brown was named in a FINRA arbitration in 2014 (#14-1744) by a VSR Financial Services customer who alleged unsuitable investments, churning, unauthorized trades and breach of fiduciary duty. That case was settled in 9/2015 for $71,500.

In 2001, Parks Brown, who at the time was working for A.G. Edwards,  was named in another arbitration ( NASD 01-1817) by a customer alleging unauthorized transactions, churning excessive concentration and violations of securities laws. A FINRA arbitration panel awarded  $229,839 to the customer.

VSR Financial’s Recent Regulatory Woes

NOVEMBER 2016-FINRA Censured and fined VSR Financial $400,000, required VSR pay restitution of $4.5 million and required that the firm conduct undertakings for supervisory failures related to the sale of annuity products.

MAY 2013- 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 information you think may be helpful to our investigation, we would like to hear from you. If you have losses in an account handled by Parks Brown or losses in a VSR Financial Services account handled by another VSR broker , 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