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Jesse J. Griffin-Former VSR Financial Broker-Discloses Settlement of Customer Complaints- Palm City, FL

Jesse J. Griffin-Former VSR Financial Broker-Discloses Settlement of Customer Complaints- Palm City, FL 150 150 Rex Securities Law

Rex Securities Law is investigating former VSR Financial Services broker Jesse J. Griffin, Jr. of Palm City, Florida, in connection with the sale of various alternative investments including real estate securities, oil and gas securities, promissory notes and other direct investments. Griffin was employed by VSR Financial from 10/2006-7/2016. He is currently registered with Newbridge Securities Corp. 

According to FINRA records Griffin has been named in in 6 customer disputes, some of which relate to alternative investments, including the following:

  • A claim brought by a former customer of VSR Financial alleging that investments in limited partnerships and direct investments in oil and gas, real estate investments (REITS) and promissory notes was settled in 6/2015 for $52,000.
  • FINRA case 14-0322 brought by a former customer of VSR Financial alleging that they were given poor advice and that that investments in limited partnerships and direct investments in oil and gas, real estate investments (REITS) and promissory notes was settled in 6/2015 for $92,500.
  • FINRA case 13-0867 brought by a former customer of VSR Financial alleging breach of fiduciary duty, misrepresentation and violation of Arizona securities law  and that that investments in limited partnerships and direct investments in oil and gas, real estate investments (REITS) and promissory notes was settled in 9/2013  for $77,500.
  • FINRA arbitration #11-0894 in which a customer of VSR Financial Services alleged damages of $685,500 for violations of Maine securities laws and other common law claims in connection with the purchase of direct investments in oil & gas, promissory notes, real estate and security futures. The case was settled for $250,000.

 

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. 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.

 VSR wound down operations at the end of 2016 and transferred most of their brokers and customer accounts to Summit Brokerage ServicesSee this for more information regarding VSR Financial Services.

If you have questions about an account  handled by Jesse Griffin  or have losses on alternative investments purchased from VSR Financial Services call to learn how you may be able to recover damages through FINRA arbitration.

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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Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

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