Tag Archives: Summit Brokerage Services

Thomas Bodensteiner-Former VSR Financial Services Broker-Subject of Customer Suit Over Losses in UDF IV-Clear Lake, IA

February 2018 – Clear Lake, Iowa

The FINRA records of  Thomas W. Bodensteiner ,  a  stockbroker who was previously  employed by  VSR Financial Services  discloses 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 FINRA arbitration #17-0314 a customer of VSR Financial Services alleges unsuitability, negligence and misrepresentation in connection with investments in real estate securities and United Development Funding IV (UDF IV). Damages sought are $50,000.

Bodensteiner was employed by VSR Financial Services from 10/2001-9/2016. He is currently employed by Summit Brokerage Services.  

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.

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.

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-Barred From Securities Industry-Dallas, TX

February 2018-Dallas, Texas

The FINRA records of  Kenneth B. Neuner ,  a  stockbroker who was formerly  employed by Summit Brokerage Services,  VSR Financial Services and TCFG Wealth Management disclose that he was recently barred from the securities industry by FINRA .

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 March 2017 Neuner was terminated from employment by Summit Brokerage Services for unauthorized exercise of discretion (trading without written authority from the customer). Thereafter FINRA initiated an investigation and Neuner advised FINRA that he would not appear for on the record testimony at any time in the matter. By refusing to appear and provide testimony Neuner was in violation of FINRA rules, resulting in a bar from associating with any FINRA member.

Neuner was employed by VSR FInancial Services from 4/1996-9/2016 and Summit Brokerage Services 9/2016-3/2017, and with TCFG Wealth Management from 4/2017-5/2017.

If you have losses in an account in an account handled by Kenneth B. Neuner , contact us to discuss how you may be able to recover damages for those losses.

VSR Financial Services

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.

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

Noel Vincent-Madison Ave. Securities Broker-Discloses Customer Disputes-Houston, TX

Houston, Texas

AUGUST 2017 UPDATE-Noel R. Vincent discloses that in April 2017 a customer of Madison Avenue Securities filed FINRA arbitration 17-0818 seeking damages of $75,000 and alleging that United Development III and IV was sold to him without performing adequate due diligence and that it was negligently misrepresented.

ORIGINAL POST-March 2017-According to publicly available records Noel Ray Vincent, (CRD# 1370987) ,  a  stockbroker who previously worked for Investors Capital Corp and who is currently employed by Madison Avenue Securities  disclose a prior final regulatory matter, a pending customer dispute , 8 prior final customer disputes and an outstanding judgement/lien.

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 17-0029 a customer of Investors Capital Corp. alleges damages of $500,000 for misrepresentations, breach of fiduciary duty and other claims related to the purchase of alternative investments during the period 2005-2008.

In one of the prior customer disputes, FINRA arbitration 15-0037,  a customer of Investors Capital Corp. alleged damages of $413,000  for unsuitable investments in oil & gas investments and real estate securities made between 2006 and 2009. That matter was settled for $125,000.

Vincent discloses an outstanding lien in favor of the Internal Revenue Service in the amount of $170,000, filed in Harris County, Houston.

Vincent has been employed by Madison Avenue Securities since 11/2009. He was employed by Investors Capital Corp. from 9/2001-11/2009.

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

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 Noel Ray Vincent, 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

James Regier-VSR Financial Broker-Discloses Customer Complaints Over Alternative Investments-Topeka, KS

October 2016-Topeka, KS

The FINRA records of  James V. Regier,  a  stockbroker who is currently  employed by  VSR Financial Services & Summit Brokerage Services disclose 2 pending customer disputes and a prior customer dispute that is 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.

Regier, who operates ETA Financial Services in Topeka, Kansas discloses that  a complaint filed by a VSR Financial Services customer alleged that an investment in real estate securities was not suitable for her. That case was settled for $104,191 in July 2012.

In one of the pending matters filed in July 2016, a customer of VSR Financial alleges damages of $78,642 as a result of an unsuitable investment in United Development Funding IV (UDF).

In April 2016, a customer of VSR FInancial alleged that from April 2015-March 2016, unsuitable investments were made in the account by Regier. No damages are specified.

Regier has been registered with VSR Financial Services since 8/2002 and registered with Summit Brokerage Services since 9/2002. VSR is in the process of winding down operations and transferring many of the brokers and customer accounts to Summit Brokerage 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 James V. Regier 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

Mickey Long-VSR Financial Broker- Sanctioned by Texas State Securities Board-Plano, TX

October 2016-Plano, Texas

The Texas State Securities Board (TSSB) entered a Disciplinary Order against M. F. (Mickey) Long II who operates First Financial Services Group in Plano, TX, and stock brokerage firm Calton & Associates.

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 on-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 Calton 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 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. 

See this for prior posts on VSR Financial Services.

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. During the summer of 2016, VSR Financial announced that they were winding down their brokerage business and transferring accounts and brokers to an affiliated entity Summit Brokerage 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.

If you have losses in an account in an account handled by Mickey Long 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

Investors Capital Corp. Discloses 21 Regulatory Issues-Withdraws FINRA Registration

UPDATE FEBRUARY 2017-As of 11/18/2016 Investors Capital Corp is no longer registered with FINRA or a national securities exchange. In October 2016, Investors Capital was censured, fined $250,000 and required to pay restitution to customers in connection with the short term trading of unit investment trusts (UITS) and Steepener Notes.

ORIGINAL POST JUNE 2016According to FINRA records,  stock brokerage firm Investors Capital Corp.  discloses 19 regulatory events that are final and 14 final arbitrations. According to recent press, there are plans to shut down the company in the coming months.

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.

Investors Capital Corp. is an independent full-service broker-dealer and has been a FINRA member since 1992. They are headquartered in Lynnfield, Massachusetts and employ over 500 brokers in over 300 offices nationwide.

During 2013-2014, RCS Capital Corp. (RCAP) acquired Investors Capital Corp. along with a number of other independent broker-dealers, including Cetera Financial Group. In early 2016 RCAP filed for bankruptcy and in spring 2016, Cetera announced that as part of its restructuring they would be merging Investors Capital and VSR Financial Services, known for its sales of alternative investments, into its Summit Brokerage Services unit.

Investors Capital Corps.’s recent regulatory events include:

  • 8/2014-New Hampshire regulators assessed a fine of $125,000 and required rescission of unsuitable sales of non-traded REITs. Regulators alleged that Investors Capital made telemarketing calls to residents in violation of FINRA telemarketing rules and sold unsuitable non-traded REITs.
  • 3/2014-FINRA alleged that the firm failed to have a proper process in place to ensure that prospectuses were delivered to purchasers of exchange traded funds (ETFs) and that the firm did not engage in training brokers about the features and risks of ETFs. A fine of $100,000 was assessed.

If you have questions about an account at  Investors Capital Corp., 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