Tag Archives: vsr financial

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

Matthew J. Westfall-Former Securities America Broker-Discloses Pending Customer Dispute

February 2017-Grand Isle, NE

According to publicly available records Matthew J. Westfall , (CRD# 1112977) ,  a   stockbroker who is not currently registered, discloses a pending customer dispute, a discharge from employment and a final regulatory matter.

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.

Westfall discloses that in March 2016, a customer of Securities America filed FINRA arbitration 16-0771 alleging damages of $336,813 for unsuitable recommendations, fraudulent misrepresentation and violations of federal and Nebraska securities laws in connection with an investment in real estate securities. That matter is currently pending.

Westfall discloses that in 12/2012 he was discharged from National Planning Corporation who alleged that he solicited an investment and accepted funds in connection with an investment that was not offered by the firm.

Westfall discloses that in January 2014, he was fined $25,000 and suspended for two years to resolve allegations that he solicited and accepted funds from firm customers to purchase Iraqi Dinar currency as an investment and other allegations.

Westfall’s prior employment includes Primex, National Planning Corporation, Securities America, Sunamerica Securities and VSR Financial Services. 

If you have questions about an account in an account handled by Matthew J. Westfall , 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

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

VSR Financial Sold to RCS Capital Corp.

On August 7, 2014, The Investment News reported that RCS Capital Corp. (RCAP) , a broker dealer controlled by Nicholas Schorsch, has agreed to buy VSR Financial Services, Inc. Terms of the deal were not disclosed.

During the past year RCAP announced the purchase of four Cetera Financial Group broker dealers, Investors Capital Holdings, First Allied Holdings, Summit Financial, and J.P. Turner. 

VSR Financial, which was recently sanctioned by the Financial Industry Regulatory Authority (FINRA) for improper sales of alternative investments, is based in Overland, Kansas.  VSR has over 260 financial advisors nationwide and more than $12 billion of assets under management. See details here. 

We are investigating potential investor claims for investors suffering losses on unsuitable investments purchased from VSR Financial Services. Call 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

 

RSL INVESTIGATES VSR BROKER M.F. (MICKEY) LONG II & PERSONAL WEALTH ADVISORS, LLC

Rex Securities Law is investigating VSR Financial Services broker Mickey Long II, of Plano , TX, and his company Personal Wealth Advisors, LLC,  on behalf of several customers who were sold high concentrations of alternative investments that have resulted in significant losses. Our clients attended dinner meeting/sales seminars sponsored by VSR Financial Services, Inc. during which Mickey Long and former VSR Financial broker, John H. Towers, gave presentations on various alternative investments.

Some of the investments purchased by our clients include:

Alliance Petroleum Corp 2006-B

Alliance Petroleum Corp. 2007A

Altegris Winton Futures Fund LP Class A

Arciterra Note Fund III, LLC

Arciterra Strategic Retail Echelon

Arcitera Whitefish Opportunity Fund

Atlas America Public #17-2007A Ltd.

Behringer Harvard REIT, I, Inc.

Bradford Drilling Associates 27, LP

Cole Credit Property Trust II, Ltd.

Cypress Equipment Fund 13

Cypress Equipment Fund 15

Florida Capital Real Estate Partners 27

FS Investment Corporation

KBS REIT, Inc.

Mewbourne Energy Partners 9A, 10A, 11A, 12A

NetREIT Common

Odyssey Residential Realty II LLC 9% Note

Odyssey Properties III

Reef Income & Development Fund 3

Reef SWD 2007-A

Waveland Drilling Partners 2006-B, 2007-A, 2008-B

Waveland NeoMatrix, LLC

Waveland Resource Partners

Waveland Vanguard Partners

The Certified Financial Planning Board website lists Mickey Long and John H. Towers under the “suspension” category on its listing of disciplined individuals.

VSR Financial was recently sanctioned and assessed a fine of $550,000 in connection with the sale of alternative investments, non-conventional investments and private placements. (FINRA Case #2010022963602, July 2013.)

John H. Towers was discharged from VSR in December 2013 after he was fined $25,000 and suspended for three months connection with the sale of over $6 million in alternative investments to a couple who were seeking low risk investments. See this for more details. 

Our clients anticipate filing one of more FINRA arbitrations in the immediate future seeking the recovery of damages. If you have information related to these matters we would appreciate hearing from you.

If you have questions about investments made through Mickey Long, John H. Towers or Dennis Van Patter or any other VSR Financial Services, Inc. broker, please call us at 561 391 1900 to discuss this matter with an experienced securities attorney. Contingent fee representation.

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 Van Patter-FINRA Arbitration Filed –Plano, Texas

Rex Securities Law has been investigating VSR Financial broker Dennis Van Patter and on April 22, 2014, filed a FINRA arbitration against VSR Financial on behalf of one of Van Patter’s former clients. The arbitration is on behalf of a widow who received insurance proceeds of about $750,000  following her husband’s death and was sold a large number of unsuitable investments including the following alternative investments:

  • Atlas Energy
  • Public 17-2008B
  • Atlas Energy Public 18 2009B
  • Boston Capital Series 44
  • Boston Capital Series 47
  • CNL Lifestyle Fund
  • Cole Credit Property Trust  II
  • Cypress Equipment Fund 15
  • Inland American Real Estate Trust
  • KBS Real Estate Investment Trust Inc.
  • MPF Income Fund 25
  • Penneco Oil Company 2008-1

 

United Development Funding III UPDATE FEBRUARY 2016- FBI RAIDS UNITED DEVELOPMENT FUNDING OFFICES IN GRAPEVINE, TEXAS 

 

The arbitration alleges that the investment strategy was unsuitable and that Van Patter’s employer, VSR Financial Services was negligent in the  supervision of their registered representative Dennis Van Patter and breached their fiduciary duty to their customer. Van Patter operates his financial business through First Financial Services Group in Plano, TX.

 

VSR Financial was fined $550,000 in 2013 by FINRA in connection with the sale of private placements and alternative investments. See this for more information. 

Investors with losses in accounts handled by Dennis Van Patter may be able to recover damages from VSR Financial Services. Call 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

VSR Broker M.F. (Mickey) Long II & Personal Wealth Advisors, LLC Investigated by Rex Securities Law

Rex Securities Law is investigating VSR Financial Services broker Mickey Long II, of Plano , TX, and his company Personal Wealth Advisors, LLC,  on behalf of several customers who were sold high concentrations of alternative investments that have resulted in significant losses. Our clients attended dinner meeting/sales seminars sponsored by VSR Financial Services, Inc. during which Mickey Long and former VSR Financial broker, John H. Towers, gave presentations on various alternative investments, including the following:

Alliance Petroleum Corp 2006-B

Alliance Petroleum Corp. 2007A

Altegris Winton Futures Fund LP Class A

Arciterra Note Fund III, LLC

Arciterra Strategic Retail Echelon

Arcitera Whitefish Opportunity Fund

Atlas America Public #17-2007A Ltd.

Behringer Harvard REIT, I, Inc.

Bradford Drilling Associates 27, LP

Cole Credit Property Trust II, Ltd.

Cypress Equipment Fund 13

Cypress Equipment Fund 15

Florida Capital Real Estate Partners 27

FS Investment Corporation

KBS REIT, Inc.

Mewbourne Energy Partners 9A, 10A, 11A, 12A

NetREIT Common

Odyssey Residential Realty II LLC 9% Note

Odyssey Properties III

Reef Income & Development Fund 3

Reef SWD 2007-A

Waveland Drilling Partners 2006-B, 2007-A, 2008-B

Waveland NeoMatrix, LLC

Waveland Resource Partners

Waveland Vanguard Partners

The Certified Financial Planning Board website lists Mickey Long and John H. Towers under the “suspension” category on its listing of disciplined individuals.

VSR Financial was recently sanctioned and assessed a fine of $550,000 in connection with the sale of alternative investments, non-conventional investments and private placements. (FINRA Case #2010022963602, July 2013.)

John H. Towers was discharged from VSR in December 2013 after he was fined $25,000 and suspended for three months connection with the sale of over $6 million in alternative investments to a couple who were seeking low risk investments. See this for more details. 

Our clients anticipate filing one of more FINRA arbitrations in the immediate future seeking the recovery of damages. If you have information related to these matters we would appreciate hearing from you.

If you have questions about investments made through Mickey Long, John H. Towers or Dennis Van Patter or any other VSR Financial Services, Inc. broker, please call us to discuss this matter with an experienced securities attorney. Nationwide representation.

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