Rex Securities Law is investigating former VSR Financial Services broker Brian C. TIllotson (VIrtus Wealth Management) in connection with the sale of unsuitable real estate investments during the time he was employed by VSR Financial Services from 1/2002-6/2014.
According to FINRA records Tillotson was named in FINRA arbitration #12-444 in which a customer alleged damages of $350,000 in connection with the sale of real esate securities. That customer alleged breach of contract, breach of fiduciary duty, fraud, misrepresentation, negligence and unsuitability. The case was settled for $148,000, according to FINRA.
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 Tillotson while he was employed by VSR Financial Services , contact us to discuss how you may be able to recover damages for those losses.
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