Baton Rouge, LA
Rex Securities Law is investigating former VSR Financial Services broker Gregory M. Ellis 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 Ellis has been named in in 11 customer disputes, some of which relate to alternative investments.
In September 2015 FINRA arbitration 15-01245 was filed by a customer alleging the sale of unsuitable investments in limited partnerships, equipment leasing investments, oil and gas securities, promissory notes and real estate securities. That matter was settled for $445,000.
In May 2015 to resolve a customer complaint alleging violations of Louisiana securities laws, breach of contract, and other claims related to the sale of oil & gas securities, equipment leasing investments and real estate securities, Ellis‘ employer VSR Financial Services paid the customer $243,277. FINRA Case #14-00606.
According to FINRA records Ellis is not currently registered. He was registered with VSR Financial Services from 2/2000-4/2010.
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 Gregory Ellis, contact us to discuss how you may be able to recover damages for those losses from his former 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.
Florida-561 391 1900