Category Archives: VSR Financial Services

Timothy Hobbs-Former VSR Financial Broker-Discloses Customer Disputes-Bedford Texas

Bedford, Texas

UPDATE September 2016– As of 9/2016, Timothy Hobbs is registered with Summit Brokerage Services.

Original Post February 2016

Rex Securities Law is investigating VSR Financial Services broker Timothy C. Hobbs of the Crest Retirement Planning in connection with the sale of various direct investments including real estate securitie, equipment leasing investments, promissory notes and limited partnership interests.

According to FINRA records in 2014 Hobbs was named in a FINRA arbitration by a customer alleging unsuitable investments and breach of fiduciary duty in connection with the sale of various direct investments. FINRA Case #14-00192. That case was settled in 5/2015 for $82,500.

In 9/2009, a customer complained that he bought an annuity with the understanding that it included a 5 year rider, however the rider was not purchased. That matter was settled for $20,000 according to FINRA.

According to FINRA records Hobbs  has been registered with VSR Financial Services since 5/1996.

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 Timothy Hobbs or  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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Rex Securities Law Investigates VSR Financial Services Broker Lisa Allen- Austin, TX

Austin, Texas

UPDATE DECEMBER 2017-Lisa Allen is currently registered with Calton & Associates. See this for more information regarding VSR Financial Services. 

Rex Securities Law is investigating VSR Financial Services broker Lisa A. Allen (Lisa Ann Fowler)  in connection with the sale of various direct investments including real estate securities and limited partnership interests.

According to FINRA records in 2013 Allen was named in a FINRA arbitration by a customer alleging unsuitable investments, negligence and breach of fiduciary duty in connection with the sale of various direct investments. FINRA Case #13-2256.

According to FINRA records Allen has been registered with VSR Financial Services since 6/2002. Prior to that she was registered with Rushmore Securities from 1/2001-6/2002.

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 with 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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Rex Securities Law Investigates Former VSR Financial Services Broker Gregory Ellis-Baton Rouge, LA

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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Former VSR Financial Broker Kevin M. Nevin Discloses Pending Customer Dispute-St. Louis Park, MN

Saint Louis Park, MN

UPDATE FEBRUARY 2017– IN July 2016 a customer of Nevin’s former employer VSR Financial filed FINRA case 16-1993 alleging fraud and unsuitability in connection with an investment in a promissory note and an investment in Breakwater Capital Group II, LLC. The customer seeks damages of $50,000.

VSR FINANCIAL HAS CLOSED OPERATIONS-In the fall of 2016, VSR Financial announced that it was closing operations and transferring existing customers and most of its brokers to a related entity, Summit Brokerage Services. For more information VSR’s issues related to the sale of alternative investments, follow this link.

ORIGINAL POST 2/6/2016–Rex Securities Law is investigating former VSR Financial Services broker Kevin Mark Nevin  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 Nevin has been named in in 3 customer disputes, some of which relate to alternative investments, and one regulatory matter.

In May 2014, Nevin was fined $37,000 and suspended by FINRA for six months to resolve allegations that he did not properly notify his member firm of his involvement in the sale of $690,000 of private placement investments.

In 2013 a customer filed a FINRA arbitration (#12-00513) claim alleging damages of $555,000 in connection with the sale of various alternative investments, including direct investments and limited partnership investments in oil & gas and real estate securities. That case was settled for $361,250, paid by his then member firm VSR Financial.

According to FINRA records Nevin was registered with VSR Financial from 3/2006-2/2011. He was next registered with Capital Guardian, LLC from 2/2011-5/2014. Nevin has been registered currently with Sandlapper Securities since 1/2015.

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 Kevin Nevin or other VSR Financial stockbroker, contact us to discuss how you may be able to recover damages for those losses from Nevin’s 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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

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

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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870