Saint Louis Park, MN
UPDATE FEBRUARY 2017– IN July 2016 a customer of Nevin’s former employer VSR Financial filed FINRA case 16-1993 alleging fraud and unsuitability in connection with an investment in a promissory note and an investment in Breakwater Capital Group II, LLC. The customer seeks damages of $50,000.
VSR FINANCIAL HAS CLOSED OPERATIONS-In the fall of 2016, VSR Financial announced that it was closing operations and transferring existing customers and most of its brokers to a related entity, Summit Brokerage Services. For more information VSR’s issues related to the sale of alternative investments, follow this link.
ORIGINAL POST 2/6/2016–Rex Securities Law is investigating former VSR Financial Services broker Kevin Mark Nevin in connection with the sale of various alternative investments including real estate securities, oil and gas securities, and other direct investments.
According to FINRA records Nevin has been named in in 3 customer disputes, some of which relate to alternative investments, and one regulatory matter.
In May 2014, Nevin was fined $37,000 and suspended by FINRA for six months to resolve allegations that he did not properly notify his member firm of his involvement in the sale of $690,000 of private placement investments.
In 2013 a customer filed a FINRA arbitration (#12-00513) claim alleging damages of $555,000 in connection with the sale of various alternative investments, including direct investments and limited partnership investments in oil & gas and real estate securities. That case was settled for $361,250, paid by his then member firm VSR Financial.
According to FINRA records Nevin was registered with VSR Financial from 3/2006-2/2011. He was next registered with Capital Guardian, LLC from 2/2011-5/2014. Nevin has been registered currently with Sandlapper Securities since 1/2015.
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 Kevin Nevin or other VSR Financial stockbroker, contact us to discuss how you may be able to recover damages for those losses from Nevin’s employer.
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.
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