Tag Archives: VSR Financial Services reit problem

Lisa Allen-Former VSR Financial Services Broker-Investigation-Austin, TX

December 2017–Austin, Texas

We are investigating former VSR Financial Services broker Lisa A. Allen (Lisa Ann Fowler)  in connection with the sale of various direct investments including real estate securities and limited partnership interests.

According to FINRA records in 2013 Allen was was the subject of  a FINRA arbitration by a customer alleging unsuitable investments, negligence and breach of fiduciary duty in connection with the sale of various direct investments. FINRA Case #13-2256.

FINRA records  report that Allen is currently registered with Calton & Associates. She was previously registered with VSR Financial Services from 6/2002-8/2016. Lisa Allen discloses a business relationship with Smart Money Group, LLC.

VSR’s  Alternative Investment Problem & Closing of Firm

VSR Financial Services closed down its offices in the Fall of 2016.

See below for discussion of VSR’s regulatory issues related to the sale of real estate investment trusts (REITs), oil and gas partnerships and other alternative investments and how you may be able to recover damages for losses on those investments.

VSR is well known for its sales of alternative investments such as non-traded REITs, equipment leasing programs, oil & gas drilling programs, promissory notes and commodity funds. In 2013, VSR and its president Donald Beary, were sanctioned by FINRA in connection with the sale of alternative investments. VSR paid a fine of $550,000.

Recovery of Investment Losses On Limited Partnerships and Other Alternative Investments Purchased From VSR Financial

Over the past several years we have represented a number of investors, mostly retirees, who were recommended alternative investments with the promise of steady, dependable income and minimal risk.

Follow this link for other postings related to the recovery of losses on investments purchased from 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. 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 with VSR Financial Services, contact us to discuss how you may be able to recover damages for those losses .

Time is of the essence, so if you have a claim, you would be wise to pursue immediately.

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

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

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. He is currently registered with TCFG Wealth Management in Missouri City, Texas.

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

Thomas W. Bodensteiner-Former VSR Financial Services Stockbroker-Discloses Customer Dispute Over UDF-Clear Lake, IA

April 2017-Clear Lake, IA

The FINRA records of  Thomas W. Bodensteiner ,  a  stockbroker who was formerly  employed by  VSR Financial Services  disclose a pending customer dispute over an investment in United Development Funding IV (UDF).

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.

Bodensteiner , who operates Bodensteiner Investments  in Clear Lake, IA discloses that  FINRA arbitration 17-0314 was  filed by a VSR Financial Services customer in 2/2017. The customer alleges damages of $50,000 for unsuitability, negligence and misrepresentation related to the investment in United Development Funding IV.

The offices of UDF were raided by the FBI in 2016. See this for more information on United Development Funding. 

Bodensteiner was registered with VSR Financial Services from 10/2001-09/2016 and is currently registered with Summit Brokerage Services, a related entity .

VSR wound down operations at the end of 2016. 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 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.

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

Daniel C. Stewart-Former VSR Financial Services Broker-Discloses Customer Dispute-Shawnee, KS

April 2017-Shawnee, KS

The FINRA records of  Daniel C. Stewart ,  a  stockbroker who was formerly  employed by  VSR Financial Services  disclose 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.

Stewart , who operates Professional Financial Concepts  in Shawnee, KS discloses that  a complaint filed by a VSR Financial Services customer in 10/2016 alleges damages of $40,000. The customer alleges that Stewart was instructed to move the account to cash in 11/2015 but failed to do so until 1/2016 causing the loss.

Stewart was registered with VSR Financial Services from 12/2006-11/2016 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 Daniel C. Stewart 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

James Roy Kennedy-Former VSR Financial Services Broker-Investigation Update-Eastland, TX

April 2017-Eastland, Texas

We are continuing our investigation of former VSR Financial Services broker James Roy Kennedy in connection with the sale of unsuitable investments, including alternative investments in real estate investment trusts (REITs), limited partnerships, direct investments and  promissory notes .

According to FINRA records Kennedy has been named in  four customer disputes which alleged unsuitable investments and resulted in financial settlements with the customers:

  • In 2008 a customer of VSR Financial Services alleged, on behalf of his mother, that Kennedy had recommended and sold unsuitable investments in a variable annuity. That case was settled for $7,500.
  • In another case in 2008, customers of VSR Financial Services alleged that investments in real estate investment trusts (REITs) , variable annuities and mutual funds had caused them damages of $200,000. That case was settled for $55,000.
  • In NASD arbitration 4-04053, a customer ofVSR Financial Services alleged that a managed account and an investment in a REIT were unsuitable. That case was settled for $97,500.

Kennedy was registered with VSR Financial Services from 1997 until 7/2016, and he  is currently registered with Calton & Associates.

James Kennedy discloses affiliations and business relationships with the following companies in Eastland, TX:

  • Smart Money Group
  • Jim Kennedy Insurance 
  • Kennedy Financial Services

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

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 many of their brokers to an affiliated entity, Summit Brokerage Services.

See this for prior posts on VSR Financial Services and issues related to the sale of alternative investments.

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.

In the fall of 2016, VSR Financial Services closed their operations and transferred most of their brokers and customer accounts to Summit Brokerage Services, an affiliated entity.

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