Tag Archives: VSR Financial Services arbitration

Kenneth B. Neuner-Former VSR Financial Services Broker-Discharged by Summit Brokerage Services-Dallas, TX

April 2017-Dallas, Texas

The FINRA records of  Kenneth B. Neuner ,  a  stockbroker who was formerly  employed by  VSR Financial 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.

Neuner was employed by VSR FInancial Services from 4/1996-9/2016 and Summit Brokerage Services 9/2016-3/2017.

In March 2017, Neuner was discharged from Summit Brokerage Services who made the following allegation: “Unauthorized exercise of discretion”.

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.

If you have losses in an account in an account handled by Kenneth B. Neuner 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

Steven Stahler-Former VSR Financial Broker-Discloses Numerous Customer Complaints

Baton Rouge, LA

UPDATE December 2016-Publicly available records disclose that in December 2016 a customer of Steven Stahler filed FINRA arbitration #16-3594 alleging damages for unsuitable investments in direct investments, equipment leasing, real estate securities, unit investment trusts and business development companies.

Original Post June 2016– According to FINRA records,  Steven L. Stahler  a stockbroker  who  formerly worked for VSR Financial Services discloses  1 final regulatory event, 11 final customer disputes, one pending customer dispute and one pending judgment/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 a currently pending matter, a customer while Stahler was employed by VSR Financial  Services alleges damages of $793,101 and alleges Stahler failed to diversify investments and was negligent in recommending direct investments in equipment leasing, oil and gas, promissory notes and REITs.

In November 2014, Stahler was suspended and fined by FINRA after being named in a FINRA complaint alleging that he made unsuitable recommendations to four customers. The recommendations were investments in private placements and REITs that were unsuitable for the customers.

Most of the previously resolved customer disputes against Stahler relate to investments made into alternative investments while Stahler was employed by VSR Financial Services. Settlements on those cases range as high as $1.3M.

Stahler was previously  registered with the following firms:

  • Lowell & Company                           8/2012=11/2013
  • Ausdal Financial Partners            12/2011-8/2012
  • Berthel Fisher Financial                 6/2009-12/2011
  • VSR Financial                                        10/1992-6/2009

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

We have represented a number of people with claims against VSR Financial Services over during the past several years. Follow this link for more information on our investigation into the sales practices of VSR Financial Services.

If you have questions about an account handled  by Steven Stahler or other VSR FInancial Services broker, 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

Keith Bradley-VSR Financial, Houston, Texas-Discloses Pending Customer Dispute

Houston , Texas

UPDATE December 2016-Keith Bradley’s FINRA records disclose a pending customer initiated claim seeking damages of $100,000 for unsuitable investments and negligence related to Direct Investments, Limited Partnerships, equipment leasing, oil & gas investments, real estate securities and private placements.

Original Post May 2016–Rex Securities Law is investigating VSR Financial Services broker Keith Allen Bradley  (dba Reserve Management Financial Services)  in connection with the sale of alternative investments  to several retired persons in Houston, Texas.

The investments include:

  • Alliance Petroleum Corp 2005/2006
  • Arciterra Note Fund 
  • Arciterra Real Estate Investment Trust
  • Behringer Harvard Investments
  • Bradford Drilling Assoc.
  • KBS REIT
  • Mackenzie Patterson Flagship Fund
  • Mewbourne Energy Partners
  • NetREIT
  • Reef Income & Development Funds
  • Ridgewood Energy Funds
  • Waveland Drilling Partners
  • WNC Housing Tax Credit

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.

According to FINRA records, Keith Allen Bradley has been registered with VSR Financial Services since 1/2002, and he discloses 4 pending judgment/liens, including a $400,431 Federal Tax lien, a lien of $109,201 to Harris County Court, TX, and a $108,959 lien to Montgomery County Court, Texas.

VSR FINANCIAL SANCTION FOR SALE OF UNSUITABLE 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 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.

If you have losses in an account handled by Keith Bradley, 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 Investigation Update-VSR Financial-Plano, TX

Plano, Texas

Rex Securities Law is investigating VSR Financial Services broker M. F. (Mickey)  Long  in connection with the sale of fixed annuities,  limited partnerships, direct investments in oil & gas,  and real estate securities.

According to FINRA records Mickey Long has been named in  eight customer disputes that have been resolved, including:

  • FINRA Case 11–01180- customer alleged Mickey Long committed negligence and breach of fiduciary duty related to sale of direct investments and limited partnership investments in oil and gas and real estate. Case was settled for $235,000

There is currently one customer dispute pending against Mickey Long:

  • FINRA Case 15-00957-customer alleges that while employed by VSR Financial Services, Long made unsuitable investments in oil & gas, equipment leasing and real estate limited partnerships and direct investments. Damages alleged are $500,000.

FINRA records report that Mickey Long was recently employed as follows:

  • 8/2007-present                         VSR FInancial Services
  • 6/2002-3/2014                           Personal Wealth Advisors
  • 3/2014-4/2015                          Wealth Preservation Consultants
  • 4/2015-present                          First Financial Services Group

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 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

Robert Hardcastle Investigation-VSR Financial Services Stockbroker

Chesterfield, MO

Rex Securities Law is investigating VSR Financial Services broker Robert B. Hardcastle  in connection with the sale of fixed annuities, mutual funds, equities,  limited partnerships, direct investments in oil & gas,  and real estate securities.

According to FINRA records Hardcastle has been named in  seven customer disputes that have been resolved, 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.

There are currently four customer disputes pending against Hardcastle, including:

  • Complaint 5/11/2015-customer alleges that Hardcastle, while employed by VSR Financial Services, made  unsuitable investments, misrepresentations and other claims in connection limited partnerships and direct investments in oil & gas and real estate securities. Damages are claimed to be $366,000.
  • Complaint 3/27/2015-customer alleges that while employed by VSR Financial Services, Hardcastle overcharged for the management of their account. Damages claimed, $52,577.

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

Brian C. Tillotson- Former VSR Financial Broker- Investigation- Southlake, Texas

Southlake, Texas

Rex Securities Law is investigating former VSR Financial Services broker Brian C. TIllotson (VIrtus Wealth Management) in connection with the sale of unsuitable real estate investments during the time he was employed by VSR Financial Services from 1/2002-6/2014.

According to FINRA records Tillotson was named in FINRA arbitration #12-444 in which a customer alleged damages of $350,000 in connection with the sale of real esate securities. That customer alleged breach of contract, breach of fiduciary duty, fraud, misrepresentation, negligence and unsuitability. The case was settled for $148,000, according to FINRA.

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  Tillotson while he 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

Dennis Van Patter Investigation- VSR Financial, Plano, Texas -Update

March 9, 2016-Plano Texas

Over the past few years we have represented a number of individuals with claims against brokers, including Dennis Van Patter, who, while employed by VSR Financial Services, sold real estate investment trusts (REITs), oil and gas partnerships, equipment leasing programs and other alternative investments to unsuspecting investors.

The Financial Industry Regulatory Authority (FINRA) reports that another arbitration was recently filed against VSR Financial Services broker Dennis Van Patter.

In FINRA Case #16-00091, filed in January, 2016, a customer makes the following allegations:

  • unsuitability
  • breach of fiduciary duty
  • violations of Texas securities laws

The investments complained of in this recent case appear to be substantially the same investments as we have seen in the prior VSR cases: direct investments, limited partnerships, oil and gas securities and real estate securities.

FINRA records  report that Van Patter has been involved in 7 customer disputes that have been resolved. In these prior cases customers alleged unsuitability, negligence, misrepresentation, breach of fiduciary duty.  See this for details. 

Van Patter Sanctioned by FINRA

In November 2015, Van Patter, who operates his business through First Financial Services Group in Plano, Texas was fined and suspended by FINRA to resolve allegations that he recommended investments that were not suitable to his customers. See this for more details.

VSR FINANCIAL’S PRIOR FINRA SANCTION FOR SALE OF ALTERNATIVE INVESTMENTS

In May 2013 VSR Financial was sanctioned and assessed a fine of $550,000 by FINRA in connection with the sale of alternative investments, non-conventional investments and private placements. See our prior posting on that matter. 

If you have losses in an account handled by Dennis Van Patter, you may be able to recover damages from VSR Financial Services. Call to discuss your options with an experienced securities attorney.

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