February 2018-Dallas, Texas
The FINRA records of Kenneth B. Neuner , a stockbroker who was formerly employed by Summit Brokerage Services, VSR Financial Services and TCFG Wealth Management disclose that he was recently barred from the securities industry by FINRA .
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 March 2017 Neuner was terminated from employment by Summit Brokerage Services for unauthorized exercise of discretion (trading without written authority from the customer).
Thereafter FINRA initiated an investigation into the purported misconduct and requested that Neuner appear for testimony in the investigation. Neuner advised FINRA that he would not appear for on the record testimony at any time in the matter. By refusing to appear and provide testimony Neuner was in violation of FINRA rules, resulting in a bar from associating with any FINRA member.
Neuner was employed by VSR FInancial Services from 4/1996-9/2016 and Summit Brokerage Services 9/2016-3/2017, and with TCFG Wealth Management from 4/2017-5/2017.
If you have losses in an account in an account handled by Kenneth B. Neuner , contact us for a no charge consultation to discuss how you may be able to recover damages for those losses.
VSR Financial Services Faces Numerous Customer Disputes Over Unsuitable REIT/Alternative Investments
VSR wound down operations at the end of 2016 and transferred most of their brokers and customer accounts to Summit Brokerage Services. See this for more information regarding VSR Financial Services.
VSR Financial Services was fined $550,000 by the Financial Industry Regulatory Authority (FINRA) in May 2013 in connection with the sale of various alternative investments (such as Atlas Energy, Behringer Harvard REITs, Cole, CNL, Icon Income, Inland REIT, KBS REITs, MacKenzie Capital, Spirit Realty) . In their findings, FINRA criticized 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 tend to be complex, illiquid, nontransparent, hard to value and expensive. Most of the alternative investments sold are not traded on any public market making them difficult to value and even more difficult to liquidate if cash is needed.
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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