On August 27, 2014, the Financial Industry Regulatory Authority (FINRA) filed a complaint against Steven L. Stahler for making unsuitable recommendations to four customers. The complaint alleges that Stahler, while employed with VSR Financial Services, sold customers high concentration levels of private placements and real estate investment trusts exposing them to risk of loss far beyond their stated risk tolerance and investment objectives.
Stahler made $165,000 in net commissions on the unsuitable sales and misrepresented the risk by telling the customers that the investments were only moderately risky.
Stahler is not currently registered. Since leaving VSR financial in June 2009, Stahler has been with three other broker dealers:
- Berthel Fisher & Co.
- Ausdal Financial Partners
- Lowell & Company, Inc.
The REITs and private placements sold by Stahler & VSR include the following:
- AmREIT Monthly Income & Growth Fund
- Arciterra Whitefish Opp Fund
- Arciterra Real Estate Inv. Trust
- Atlas Resource Public #17-2008
- Behringer Harvard Opp REIT I
- Bradford Drilling Assoc.
- Cole Credit Prop. Trust II
- CNL Income Fund
- Cypress Equipment Fund XII
- Cypress Growth Fund
- Cypress Income V
- Florida Capital Real Estate Partners
- Icon Leasing Fund Eleven
- Inland American REIT
- KBS Real Estate Trust
- Laeroc Edge Fund
- Lease Equity Appreciation Fund II
- LEAF Equipment Leasing Income Fund III
- LEAF Commercial FInance Fund 8.25% note
- Mewbourne Energy Partners
- MPF Income Fund
- MPF Senior Note Program
- Odyssey Diversified Notes VII
- Odyssey Operating Partnership II
- Odyssey Residential II 9% Notes
- United Development Funding
In May 2013, FINRA fined VSR Financial $550,000 in connection with the sale of non-conventional investments and private placements.
Rex Securities Law has filed a number of cases against VSR Financial for making unsuitable recommendations to customers. Some of the above cited products were sold to those clients we presently represent. See this for more information and this and this.
If you had an account with a broker from VSR Financial and have suffered damages as a result of a recommendation to purchase a high concentration of REITs, private placements or other alternative investment, call to learn 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.
Florida-561 391 1900