Tag Archives: investor recovery from vsr financial

Charles Geraci Investigation-Former VSR Financial Services Broker-Woodlands, TX

November 2017-The Woodlands, Texas

According to FINRA records, Charles Geraci a former VSR FInancial Services broker who is not currently registered with any brokerage firm, discloses two pending customer disputes and 6 prior customer disputes that have been resolved .

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 #16-1180, a customer of VSR Financial Services alleges damages of $930,216 for negligent misrepresentation, breach of contract and unsuitable investments in equipment leasing, real estate securities, limited partnerships and other direct investments.

In currently pending FINRA case 16-2097,  a customer of VSR Financial Services alleges damages of $500,000 for unsuitable investments in private placements and alternative investments including:

  • Behringer Harvard REIT I
  • Cole Credit Property Trust II
  • United Development Funding III
  • Cypress Income Fund VII
  • FS Investment Corporation
  • Odyssey Diversified Notes IX
  • Grubb & Ellis Healthcare
  • Canadian UIT

FINRA records indicate that Geraci was employed by VSR Financial Services 6/2008-1/2013 and then again 1/2014-7/2016. From 1/2013-12/2013 he was employed by Sagepoint Financial.

 

VSR Financial Services Problems with Alternative Investments

In July 2013, FINRA fined VSR Financial $550,000 for over concentrating   customer accounts with various  alternative investments. See this for more information.

During the past three years we have represented quite a few people seeking damages from VSR Financial Services  for losses suffered on investments made  in REITs, oil and gas partnerships, equipment leasing and other alternative investments. Follow this link for more information on our investigation into the sales practices of VSR Financial Services.

Many of these investments were purchased years ago and persons suffering damages from these investments should be aware that there are statutes of limitations and regulatory rules that may make it impossible to collect damages if claims are not brought in a timely manner. Victims who wish to pursue their claims should act now without further delay or risk losing valuable legal rights.

If you have questions about an account handled  by Charles Geraci or if you have losses in an account at 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

Mickey Long-Former VSR Financial Broker-DIscloses Numerous Customer Complaints Over Alternative Investments-Plano, TX

November  2017-Plano, Texas

According to public records former VSR Financial Services broker M. F. (Mickey) Long discloses a prior final regulatory event, 10 prior customer disputes that are final and 4 pending customer disputes. In addition Long discloses a prior regulatory matter that is final.

Three of the prior customer disputes were brought by Long’s customers while he was employed by VSR Financial Services and allege damages related to investments in real estate investment trusts (REITs), oil and gas, equipment leasing and promissory notes (alternative investments). Settlements paid by VSR Financial in those three cases are $196,500, $82,500 and $235,000.

The three pending cases against Long are all brought by customers of VSR Financial and relate to alternative investments such as REITs, oil and gas and equipment leasing. Damages sought in the four pending cases range from  $94,438 to $838,389. Claims alleged are highly unsuitable investments that are illiquid and that were overly concentrated.

In October 2016, the Texas State Securities Board (TSSB) entered a Disciplinary Order against M. F. (Mickey) Long II. 

The TSSB Order made certain findings with regard to Mr. Long’s business practices during the time he was employed by VSR Financial Services (6/2002-6/2016), including the following:

  • Long routinely recommended that VSR Financial clients invest in non-listed real estate investment trusts (REITs) and interests in exploratory drilling programs sold through private offerings (Alternative Investments)
  • Long recommended that a client of VSR Financial who was over 70 years of age invest in Alternative Investments at risk tolerance levels that were excessive.
  • Long did not have a reasonable basis to believe that the recommendations he made to invest in the Alternative Investments were suitable for this elderly client.

Long and and his new employer Calton & Associates agreed that so long as Mr. Long is registered with Calton he will not sell or recommend the purchase of any Alternative Investments.  In addition, Long and Calton agreed that Calton will establish a heightened supervision plan for the supervision of Mr. Long’s practice for two years. Mr Long’s registration with TSSB was suspended for 45 days as a part of the Order.

See this for prior posts on Mickey Long. 

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

See this for prior posts on 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. 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.

Long was employed by VSR FInancial  Services from 6/2002-7/2016. He has been registered with Calton & Associates since 6/2016. Long discloses a business affiliation with Wealth Preservation Consultants and  First FInancial Services Group.

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

The Law Offices of Robert H. Rex, P.C.  , 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

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Parks Brown, Jr. Investigation-Update-Marietta, GA

OCTOBER 2017- 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 investigation relates to the sale of various investments which our clients allege were unsuitable. 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 October 26, 2017, 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

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

Bob Wamhoff-Former VSR Financial Broker-Discloses Pending Customer Disputes

UPDATE SEPTEMBER 2017Robert Wamhoff discloses 2 currently pending customer disputes:

  • 7/2017-a customer of VSR Financial Services alleges poor performance of oil and gas investments and real estate securities and seeks damages of $235,000.
  • FINRA Case 17-0919- a customer of VSR Financial Services seeks damages of $50,000 and alleges breach of fiduciary duty, suitability, ongoing fraud, violation of Missouri Securities Act and other claims.

ORIGINAL POST-September 2016-St. Charles, MO

The FINRA records of  Robert (Bob) Wamhoff,  a  stockbroker who was formerly employed by  VSR Financial Services  disclose 7 prior customer disputes that are final.

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.

Wamhoff, who operates Wamhoff Financial Planning and Accounting Services in St. Charles, MO discloses that he has settled 4 customer disputes , including:

  • FINRA Case 13-02493 in which a customer of VSR Financial Services alleged damages of $26,000  for breach of fiduciary duty, negligence and other claims related to an investment in real estate securities. That case was settled for $6,500.
  • A claim in July 2013 by a customer of VSR Financial Services who alleged unspecified damages for unsuitable investments in real estate securities and variable annuities. That case was settled for $30,000.
  • FINRA Case 9-6098 in which a customer of VSR Financial Services alleged damages of $150,000 for fraud, negligent omission and other claims in connection with investments in variable annuities, direct investments, limited partnerships and real estate securities. That case was settled for $65,000.

Wamhoff is currently employed by Calton & Associates, Inc. He was employed by VSR Financial Services from 8/2005-7/2016. He discloses a business affiliation with Bodi Enterprises dba Wamhoff Financial Planning.

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 losses in an account in an account handled by Robert (Bob) Wamhoff or 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 B. Hardcastle-Former VSR Financial Broker-Discloses Settlement of Customer Disputes-Chesterfield, MO.

September 2016-Chesterfield, MO

The FINRA records of  Robert B. Hardcastle,  a  stockbroker who was formerly employed by  VSR Financial Services  disclose 11 prior customer disputes that are final.

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.

Hardcastle discloses that he has settled 4 customer disputes , including:

  • NASD Case 5-5562- customer alleged that Hardcastle, while employed by National Securities Corporation, made unsuitable investments in mutual funds and alleged damages of $300,000. The case was settlement for $130,000.
  • NASD Case 5-4574-customer alleged that Hardcastle, while employed by National Securities Corporation, made unsuitable, over concentrated investments in high risk aggressive stocks and claimed damages of $675,000. The case was settled for $100,000.

Hardcastle is currently employed by Summit Brokerage Services. His prior employment history includes:

  • VSR Financial Services 6/2004-9/2016
  • WS Griffith Securities 9/1999-6/2004

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 losses in an account in an account handled by Robert B. Hardcastle or 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 H. Brown Investigation-VSR Financial-Marietta, GA

UPDATE July 28, 2016 According to FINRA records, Parks Brown, Jr. left his employment with VSR Financial in July 2016. FINRA records indicate that he is not currently licensed.

Marietta, Georgia-February 2016

Rex Securities Law is investigating VSR Financial Services broker Parks H. Brown, Jr. of IM Portfolios, Inc.  in connection with the sale of unsuitable investments including options, penny stocks and common and preferred equities, including the following securities:

  • New Generation Biofuels Holdings
  • Exco Resources
  • Akamai Technologies
  • Synovus Financial 
  • Star Scientific, Inc. 

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

Earlier in 2001, 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. An arbitration panel awarded $229,839 to the customer.

According to FINRA records Brown has been registered with VSR Financial Services since 10/2005.

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 losses in an account handled by Parks Brown or losses in a VSR Financial Services account , 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