Tag Archives: how to recover losses from VSR Financial

Charles R. Elhoff-LPL Financial Broker-Discloses Pending Customer Dispute-Arlington, TX

June 2017- Arlington, Texas

According to publicly available records Charles R. Elhoff, Jr.  (CRD#76936) ,  a  stockbroker who currently is employed by  LPL Financial,   discloses  a currently pending customer dispute and a 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.

In the currently pending matter a customer of Elhoff’s prior employer H. Beck seeks damages in a currently unstated amount for unsuitable illiquid investments in direct investments and limited partnerships purchased in 2009.

Charles R. Elhoff, Jr.  has been employed by LPL FInancial since 6/2014. His prior employment includes VSR Financial Services and H. Beck, Inc.

If you have losses  in an account handled by Charles R. Elhoff  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

Dennis Rasmusson- Former VSR Financial Broker- Discloses Customer Disputes-Scottsdale, AZ

April 2017- Scottsdale, AZ

The FINRA records of  Dennis D. Rasmusson,  a  stockbroker who is currently employed by  Berthel, Fisher & Company Financial Services, Inc.  and was previously employed by VSR Financial Services, disclose a prior regulatory event and 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.

In FINRA arbitration 15-00152 a customer of VSR Financial Services alleged damages of $500,000 for failure to follow instructions, trading excessively, breach of fiduciary duties, unsuitable investments, negligence, misrepresentation,  breach of contract and violations of the Nebraska Securities Act from 10/2011 to 12/2013 in connection with equity listed common and preferred stocks.   That case was settled for $110,000.

In FINRA arbitration 13-02971 a customer of VSR Financial Services alleged damages of $81,000 for portfolio mismanagement from 3/2011- 2013.   That case was settled for $34,000.

In 2011 he was fined $12,500 by the Nebraska Department of Banking and Finance to resolve allegations that he failed to record and maintain books and records and failed to maintain required net capital and policies and procedures manual.

Rasmusson has been employed by Berthel, Fisher & Company Financial Services since 3/2014. Prior to that he was employed by VSR Financial Services from 2/2011 until 3/2014. He discloses a business affiliation with Rasmusson Financial Group, Scottsdale, AZ.

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 criticized 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 questions about an account  handled by Dennis Rasmusson call for a no charge consultation.

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

Terrell Lady-Former VSR Financial Services Broker-Discloses Settlement of Alt Investment-Williamsburg, VA

April 2017-Williamsburg, VA

The FINRA records of  Terrell Calvin Lady ,  a  stockbroker who is currently  employed by  DFPG Investments  disclose 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 FINRA arbitration 11-725 a customer of VSR Financial Services alleged damages of $687,500 for violations of Virginia securities laws and various common law claims in connection with the investment in direct investments, limited partnerships, equipment leasing investments, oil & gas, promissory notes and real estate securities. That case was settled for $169,500.

Terrell Lady has been employed by DFPG Investments since 8/2016. Prior to that he was employed by VSR Financial Services from 8/2004-7/2016.

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 questions about an account  handled by Terrell Lady  or have losses on alternative investments purchased from VSR Financial Services call for a no charge consultation.

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 Hudson-Former VSR Financial Services Broker-Discloses Customer Dispute Over Annuity Purchase-Essex Junction, VT

April 2017-Essex Junction, VT

The FINRA records of  Robert J. Hudson, Jr.  ,  a  stockbroker who is currently  employed by  Summit Brokerage Services  disclose 2 prior regulatory events, a pending customer dispute, a prior final customer dispute 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.

In February 2017 a customer of VSR Financial Services alleged damages of $250,000 in connection with the sale/surrender of annuities that triggered substantial tax liabilities for 2010-2015. That matter is currently pending.

Robert Hudson has been employed by Summit Brokerage Services since 9/2016. Prior to that he was employed by VSR Financial Services from 8/2006-11/2016. Hudson discloses a business affiliation with Strategic Wealth 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. 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 questions about an account  handled by Robert Hudson  or have losses on alternative investments purchased from VSR Financial Services call for a no charge consultation.

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

Frank Scarito-Former VSR Financial Services Broker-Discloses Settlement of Customer Dispute-Manchester, NH

April 2017-Manchester, NH

The FINRA records of  Frank Charles Scarito ,  a  stockbroker who is currently  employed by  Berthel, Fisher & Co.  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 FINRA arbitration 15-0960 a customer of VSR Financial Services alleged damages of $389,000 for violations of Pennsylvania statutes and various common law claims in connection with the investment in direct investments, limited partnerships, equipment leasing investments, promissory notes and real estate securities. That case was settled for $65,000.

Scarito has been employed by Berthel Fisher & CO.  since 7/2016. Prior to that he was employed by VSR Financial Services from 7/2002-7/2016.

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 questions about an account  handled by Frank Scarito  or have losses on alternative investments purchased from VSR Financial Services call for a no charge consultation.

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

John G. Lewis III-Former VSR Financial Broker-Discloses Customer Dispute Over UDF Investment-Arlington, MA

April 2017-Arlington, MA

The FINRA records of  John G. Lewis III ,  a  stockbroker who is currently  employed by  Summit Brokerage Services  disclose a pending customer dispute over investments in United Development Funding.

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 12/2016 a customer filed a claim seeking an unstated amount of damages on investments in various United Development Funding investments: UDF II, UDF III, UDF IV and UDF V.

United Development Funding’s Office Raided by the FBI-for more information on recent problems for UDF, follow this link.

Lewis has been employed by Summit Brokerage Services since 9/2016. Prior to that he was employed by VSR Financial Services from 5/2005-9/2016.

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 questions about an account  handled by John G. Lewis III call for a no charge consultation.

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

Sara R. Bohn-Former VSR Financial Services Broker-Discloses Termination from Employment-Christiansburg, VA

April 2017-Christiansburg, VA

The FINRA records of  Sara R. Bohn ,  a  stockbroker who is currently  employed by  First Citizens Investor 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.

In 4/2014 Sara Bohn was discharged by VSR Financial Services who made the following allegation on her FINRA record: “Registered representative was terminated for failure to provide expected service to customers even after several meetings discussing her lack of service.”

Bohn has been employed by First CItizens Investor Services since 10/2014. Prior to that she was with Verity Investments from 8/2014-11/2014. She was employed by VSR Financial Services from 4/2011-5/2014.

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 questions about an account  handled by Sara R. Bohn call for a no charge consultation.

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