Tag Archives: vsr

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

VSR Financial Services-How to Recover Damages On Investment Losses

OCTOBER  2017VSR Financial Services closed down its operations in the Fall of 2016. Many of its brokers and clients have been transferred to Summit Brokerage Services, a related entity which is part of the Cetera Financial Group.

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’s  Alternative Investment Problem

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.

If you have suffered losses as a result of investing in alternative investments that were recommended to you by a VSR Financial Services broker (including, but not limited to John Towers, Dennis Van Patter, Mickey Long, Parks Brown, Jr.  , and Keith Bradley) , we may be able to help you recover damages.

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

VSR Financial-Overland Park, KS, Brokerage Firm- Shutting Down Operations

November 3, 2016-Overland Park, KS

The Kansas City Star reports that VSR Financial, which has been in business since 1984, it shutting down and moving its brokers and customers to other related firms in the Cetera Financial Group.

VSR Financial had about 215 brokers in 58 branches nationwide.

VSR has had several significant regulatory issues to deal with in the recent years:

Alternative Investment Issue

In May 2013, VSR Financial Services was fined $550,000 by the Financial Industry Regulatory Authority (FINRA)  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.

For more information related to VSR Financial’s alternative investment issues, follow this link. 

Variable Annuity Sales Issue

In October 2016, VSR Financial was censured and fined $400,000 for various supervisory issues related to the sale of variable annuities to customers. Related entities Cetera Advisor Networks, Cetera Financial Specialists, First Allied Securities and Summit Brokerage Services were also sanctioned by FINRA for supervisory failures related to the sales of variable annuities.

Follow this link to 10/2016 VSR Financial FINRA Sanction for Variable Annuity Sales Violations

If you have losses in an account in an account at  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