JANUARY 2014 UPDATE: In January 2014, John Towers was fined $25,000 and suspended for three months by FINRA in connection with the sale of over $6 million of real estate investment trusts (REITs) and private placements to a couple that had indicated they wanted only moderate risk for their brokerage account. Official FINRA records report that Towers was discharged by VSR Financial 12/31/2013. See this for more details.
Rex Securities Law, Boca Raton, FL , is investigating VSR Financial broker John H. Towers on behalf of one of his former customers whose account suffered losses in alternative investments. The subject account of our elderly client was invested in a number of alternative investments that appear unsuitable given her age, limited net worth and lack of financial sophistication.
The investments include the following:
- Penneco Oil Company
- Odyssey Diversified Notes IX
- Arciterra Note Fund III, LLC
- Mewbourne Energy Partners 10-A
- Mewbourne Energy Partners 11-A
- Waveland Resource Partners I
- Waveland Energy 2011-A
- Waveland Drilling Partners 2008A
- UDF III
- UDF Land Opportunity
to FINRA records, Towers has been registered with VSR Financial
Services, Inc. since June 2002, and offices in Plano, Texas.
estate investment trusts, especially those not traded on a conventional
exchange, as well as other alternative investments such as oil and gas
and other limited partnerships are generally not considered suitable for
retired conservative investors.
In May 2013, VSR
Financial Services was fined $550,000 for sales of alternative
investments that were too high a concentration level for customer
accounts, for falsifying sales documents and for providing inaccurate
and misleading reports. See here for more information.
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.
Florida-561 391 1900