Category Archives: Reg D Offerings(private placements)

Lisa Allen-Former VSR Financial Services Broker-Investigation-Austin, TX

December 2017–Austin, Texas

We are investigating former VSR Financial Services broker Lisa A. Allen (Lisa Ann Fowler)  in connection with the sale of various direct investments including real estate securities and limited partnership interests.

According to FINRA records in 2013 Allen was was the subject of  a FINRA arbitration by a customer alleging unsuitable investments, negligence and breach of fiduciary duty in connection with the sale of various direct investments. FINRA Case #13-2256.

FINRA records  report that Allen is currently registered with Calton & Associates. She was previously registered with VSR Financial Services from 6/2002-8/2016. Lisa Allen discloses a business relationship with Smart Money Group, LLC.

VSR’s  Alternative Investment Problem & Closing of Firm

VSR Financial Services closed down its offices in the Fall of 2016.

See below for discussion of VSR’s regulatory issues related to the sale of real estate investment trusts (REITs), oil and gas partnerships and other alternative investments and how you may be able to recover damages for losses on those investments.

VSR is well known for its sales of alternative investments such as non-traded REITs, equipment leasing programs, oil & gas drilling programs, promissory notes and commodity funds. In 2013, VSR and its president Donald Beary, were sanctioned by FINRA in connection with the sale of alternative investments. VSR paid a fine of $550,000.

Recovery of Investment Losses On Limited Partnerships and Other Alternative Investments Purchased From VSR Financial

Over the past several years we have represented a number of investors, mostly retirees, who were recommended alternative investments with the promise of steady, dependable income and minimal risk.

Follow this link for other postings related to the recovery of losses on investments purchased from VSR Financial Services.

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.

If you have losses in an account with VSR Financial Services, contact us to discuss how you may be able to recover damages for those losses .

Time is of the essence, so if you have a claim, you would be wise to pursue immediately.

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

Mark Trewitt-Former VFG Securities Broker-Discloses 11 Pending Customer Suits-Plano, TX

November 2017-Plano, Texas

According to publicly available records Mark A. Trewitt , (CRD# 1364490) ,  a   stockbroker who formerly worked for VFG Securities discloses 11 pending customer disputes and a two prior 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 pending cases include:

FINRA Case 17-2010-a customer of VFG Securities seeks damages of $150,000 for negligence and breach of fiduciary duty in connection with the recommendation to purchase private non publicly traded real estate investment trusts (REITs).

In March 2017 a customer of VFG Securities filed FINRA Case 17-0669 seeking damages of $300,000 alleging an over concentration of alternative investments, including limited partnerships, direct investments in equipment leasing, promissory notes and real estate investments.

In February 2017 a customer of Madison Avenue Securities and VFG Securities filed FINRA arbitration 17-0217 claiming damages of $400,000 and alleges that between 2007-2011 Trewitt sold the customer real estate investment trusts (REITs) and private placements that were misrepresented.

In June 2016 a customer of VFG Securities claimed damages of $130,000 for unsuitable recommendations and misrepresentations of investment program safety for investments made by Trewitt in limited partnerships and private placements made between December 2012-June 2015. The matter is currently pending.

In March 2016, in another matter that is currently pending, a customer of VFG Securities claimed damages of $213,000 for poor and unsuitable recommendations and advice and deceptive marketing practices by Trewitt related to direct investments, limited partnerships and private placements.

In a prior matter that was settled in 12/2014 a customer of VFG Securities alleged a misappropriation of his investment in KBR Barons Cove, a private placement. That matter was settled with Trewitt buying back the investment from the customer for the $25,000 purchase price.

Trewitt worked for  VFG Securities from 11/2010-11/2017 and  Niagara International Securities from  4/2017-6/2017. Prior to that he was employed by Madison Avenue Securities in Plano, TX, from 9/2006- 11/2010.

Mark A. Trewitt discloses numerous other business activities with other entities, including:

  • Insurance Funding Solutions
  • Integrated Financial Solutions
  • First Financial Resources
  • Stop the Wealth Leakage, LLC
  • Exceptional Risk Advisors
  • First Life Funding & Succession Capital Alliance
  • SDC Energy (Sandview Development Corp.)
  • Kosmos Management, LLC 

If you have questions about an account handled by Mark A. Trewitt, contact us to discuss your options.

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.

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

Investigation-William A. Hightower-Former UBS/Legacy Asset Broker-Houston, TX

OCTOBER 2017- Houston, TX

We are currently investigating former stockbroker William A. Hightower of Houston, TX, on behalf of a former UBS Financial Services client who alleges Hightower recommended that she invest in an unsuitable and illiquid investment, Reproductive Research Technologies.

Hightower was employed by UBS Financial Services from 2007-2013 and then by Legacy Asset Securities from 2013-2015.

In October 2015 Hightower was permanently barred from the securities industry by the Financial Industry Regulatory Authority (FINRA). Without admitting or denying the findings, Hightower agreed to the bar and to entry of findings that while employed by UBS Financial he failed to respond to requests for information  in connection with a FINRA investigation that he improperly referred customers to an unapproved private securities transaction. Specifically, Hightower failed to provide a list of any customers he referred to the private securities transaction.

FINRA records report that former UBS Financial Services stockbroker William A. Hightower is named in  currently pending FINRA arbitration case #15-03387 by a former customer who is seeking damages of $150,000 from UBS Financial Services.

The former UBS Financial Services customer alleges that in 2012 Hightower recommended the purchase of a high risk, illiquid and unsuitable private placement. Claimant further alleges omissions and misrepresentations regarding the recommended investment.

 

If you have losses in an account handled by William Hightower, call to learn how you may be able to recover damages from his former employer.

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-Update on Investigation-Minneapolis, MN

October 2017-Minneapolis, MN

Jonathan Todd Pyne (aka Jon Pyne )  ,  a  stockbroker who is currently registered with Berthel Fisher & Co. Financial Services discloses 2 pending customer disputes and 3 prior final customer disputes on his FINRA record.

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 of the currently  pending  disputes, received in 7/2017 , a customer of Berthel Fisher alleges damages in excess of $5,000 and claims that she was misled by Pyne into purchasing a real estate investment that she did not know was illiquid.

In another currently pending matter received in 9/2016, a Berthel Fisher customer is upset with the overall performance of the account which was invested in oil & gas, real estate securities and a business development company. Damages are not specified, but exceed $5,000.

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

Joseph Sterling-Geneos Wealth Management Broker-Subject of Customer Suits Over Real Estate Investments-Apple Valley, MN

October 2017-Apple Valley, MN

The FINRA records of  Joseph H. Sterling ,  a  stockbroker who has been registered with Geneos Wealth Management since 2005 disclose 2 pending 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 pending customer disputes both relate to the sale of real estate securities.

  • FINRA Case 17-1906- A customer of Geneos Wealth Management alleges that Sterling recommended unsuitable real estate investments in 2012 and 2013 and is seeking damages of $290,000.
  • FINRA Case 17-1685-A customer of Geneos Wealth Management alleges unsuitable recommendations by Sterling to invest in real estate securities and other direct investments, including limited partnerships. Damages of between $500,000 and $900,000 are sought.

Brokers are required to only recommend investments to clients that meet the client’s investment objectives and risk tolerance. Call to discuss your options. If you have losses in an account in an account handled by Joseph H. Sterling , you may be able to recover damages 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

Losses on Tiburon Saltwater Reclamation Fund Private Placement ?

October 2017-Austin, Texas / Greenville, South Carolina

If you lost money on the Tiburon Saltwater Reclamation Fund, we may be able to help you recover damages.

FINRA (The Financial Industry Regulatory Authority) recently filed a fraud complaint alleging that Sandlapper Securities created and sold private placements in saltwater disposal wells in Texas while charging huge markups (as much as 270%), totalling over $8 million in undisclosed markups.

Sandlapper CEO Trevor Gordon and another Sandlapper executive Jack Bixler are also named in the complaint which alleges that investors were defrauded when undisclosed markups were channeled to Sandlapper through a middleman development company owned by the defendants. FINRA Complaint No. 2014041860801. 

According to the FINRA complaint, investors in Tiburon Saltwater Reclamation Fund were led to believe that not only was their capital protected but they could also anticipate a long term return of 15%.

Private placements are non public offerings that are only sold to accredited investors.

If you purchased  the Tiburon Saltwater Reclamation Fund, call to learn about your options for recovery.

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

VSR Financial Services-How to Recover Damages On Investment Losses

OCTOBER  2017VSR Financial Services closed down its operations in the Fall of 2016. Many of its brokers and clients have been transferred to Summit Brokerage Services, a related entity which is part of the Cetera Financial Group.

See below for discussion of VSR’s regulatory issues related to the sale of real estate investment trusts (REITs), oil and gas partnerships and other alternative investments and how you may be able to recover damages for losses on those investments.

 

VSR’s  Alternative Investment Problem

VSR is well known for its sales of alternative investments such as non-traded REITs, equipment leasing programs, oil & gas drilling programs, promissory notes and commodity funds. In 2013, VSR and its president Donald Beary, were sanctioned by FINRA in connection with the sale of alternative investments. VSR paid a fine of $550,000.

Recovery of Investment Losses On Limited Partnerships and Other Alternative Investments Purchased From VSR Financial

Over the past several years we have represented a number of investors, mostly retirees, who were recommended alternative investments with the promise of steady, dependable income and minimal risk.

Follow this link for other postings related to the recovery of losses on investments purchased from VSR Financial Services.

If you have suffered losses as a result of investing in alternative investments that were recommended to you by a VSR Financial Services broker (including, but not limited to John Towers, Dennis Van Patter, Mickey Long, Parks Brown, Jr.  , and Keith Bradley) , we may be able to help you recover damages.

Time is of the essence, so if you have a claim, you would be wise to pursue immediately.

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