Kenneth Devane – Former VSR Financial Services Broker- Discloses Customer Dispute – Tampa, FL

Kenneth Devane – Former VSR Financial Services Broker- Discloses Customer Dispute – Tampa, FL

Kenneth Devane – Former VSR Financial Services Broker- Discloses Customer Dispute – Tampa, FL 150 150 Rex Securities Law

February 2018 – Tampa, FL

The FINRA records of  Kenneth Manuel Devane  a  currently unregistered stockbroker who was formerly  employed by  VSR Financial Services  discloses settlement of a  customer dispute involving alternative investments.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

In FINRA case 12-04161, a customer of VSR Financial Services alleged misrepresentation, unsuitable investments, violation of Florida Securities and Investor Protection Act, breach of fiduciary duty, violation of FINRA conduct rules and negligence in connection with  investments in real estate securities. That case was settled for $36,000.

Devane was employed by VSR Financial Services from November 2001 until December 2014.  He was employed by Ameriprise Financial Services until 8/2015.  

If you have losses in an account in an account handled by Kenneth Devane or another broker who was employed by VSR Financial Services , contact us to discuss how you may be able to recover damages for those losses.

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.

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

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Florida-561 391 1900 


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