Category Archives: VSR Financial Services

Jay A. Wallinger-Former VSR Financial Services Broker-Discloses Customer Suit Over Equipment Leasing Investment-Stuart, Nebraska

February 2018-Stuart, NE

The FINRA records of  Jay Alan Wallinger ,  a  stockbroker who was formerly  employed by  VSR Financial Services  disclose the recent settlement of a customer dispute involving an alleged overconcentration of unsuitable 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 16-03696, a customer of VSR Financial Services brought a claim over equipment leasing investments. The amount of damages sought was not stated but the customer alleged that the concentration level of this type of investment was too high and unsuitable, given the customer’s investment objectives and risk tolerance.

FINRA records indicate that the customer was paid $330,000 to resolve the case in January 2018.

Wallinger was employed by VSR FInancial Services from 9/1993-9/2016. He is currently employed by Summit Brokerage Services and discloses a business affiliation with Wallinger Financial Services LLC.

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, equipment leasing investments, commodities and derivatives contracts and, managed futures. These investments tend to be complex, illiquid, non-transparent, 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.

Non liquid investments are generally not suitable for retirees who are seeking steady and dependable income.

 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 losses in an account in an account handled by Jay A. Wallinger 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.

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

Kenneth B. Neuner-Former VSR Financial Services Broker-Barred From Securities Industry For Failing to Cooperate In Regulatory Investigation-Plano, TX

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 to discuss how you may be able to recover damages for those losses.

VSR Financial Services

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.

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 similar to United Development Funding. 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 questions about an account handled by Kenneth Neuner, call for a no charge consultation to discuss your options.

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

Scott V. Kaup-Former VSR Financial Services Broker-Discloses $1M+ Customer Dispute, Stuart, NE

January 2018-Stuart, NE

The FINRA records of  Scott V. Kaup ,  a  stockbroker who was formerly  employed by  VSR Financial Services  disclose a pending 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 currently pending FINRA Case 16-01088, a customer of VSR Financial Services alleges damages of between $1,000,000 and $5,000,000 for unsuitable recommendations, violation of common law fraud, breach of fiduciary duty and negligence for account activity between 3/2001-6/2010. The investments at issue are direct investments, &  limited partnership interests in oil and gas and real estate securities.

Kaup was employed by VSR FInancial Services from 10/1989-9/2016. He is currently employed by Summit Brokerage Services and discloses a business affiliation with Kaup’s Financial Advisors, Inc. 

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 losses in an account in an account handled by Scott V. Kaup 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.

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

Lisa Allen-Former VSR Financial Services Broker-Investigation-Austin, TX

December 2017–Austin, Texas

We are investigating former 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 was the subject of  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.

FINRA records  report that Allen is currently registered with Calton & Associates. She was previously registered with VSR Financial Services from 6/2002-8/2016. Lisa Allen discloses a business relationship with Smart Money Group, LLC.

VSR’s  Alternative Investment Problem & Closing of Firm

VSR Financial Services closed down its offices in the Fall of 2016.

See below for discussion of VSR’s regulatory issues related to the sale of real estate investment trusts (REITs), oil and gas partnerships and other alternative investments and how you may be able to recover damages for losses on those investments.

VSR is well known for its sales of alternative investments such as non-traded REITs, equipment leasing programs, oil & gas drilling programs, promissory notes and commodity funds. In 2013, VSR and its president Donald Beary, were sanctioned by FINRA in connection with the sale of alternative investments. VSR paid a fine of $550,000.

Recovery of Investment Losses On Limited Partnerships and Other Alternative Investments Purchased From VSR Financial

Over the past several years we have represented a number of investors, mostly retirees, who were recommended alternative investments with the promise of steady, dependable income and minimal risk.

Follow this link for other postings related to the recovery of losses on investments purchased from VSR Financial Services.

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.

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 .

Time is of the essence, so if you have a claim, you would be wise to pursue immediately.

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

Charles Geraci -Former VSR Financial Services Broker-Subject of $1.4M Customer Suits-Woodlands, TX

March 2018-The Woodlands, Texas

According to FINRA records, Charles Geraci a former VSR FInancial Services broker who is not currently registered with any brokerage firm, discloses two pending customer disputes and 7 prior customer disputes that have been resolved .

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 currently pending FINRA Case #16-1180, a customer of VSR Financial Services alleges damages of $930,216 for negligent misrepresentation, breach of contract and unsuitable investments in equipment leasing, real estate securities, limited partnerships and other direct investments that were purchased from 11/2006-8/2009.

In currently pending FINRA case 16-2097,  a customer of VSR Financial Services alleges damages of $500,000 for unsuitable investments in private placements, limited partnerships and alternative investments including:

  • Behringer Harvard REIT I
  • Cole Credit Property Trust II
  • United Development Funding III
  • Cypress Income Fund VII
  • FS Investment Corporation
  • Odyssey Diversified Notes IX
  • Grubb & Ellis Healthcare
  • Canadian UIT

FINRA records indicate that Geraci was employed by VSR Financial Services 6/2008-1/2013 and then again 1/2014-7/2016. From 1/2013-12/2013 he was employed by Sagepoint Financial.

Geraci discloses business affiliations with C. Geraci & Company Wealth and Investment Advisor.

VSR Financial Services Problems with Alternative Investments

In July 2013, FINRA fined VSR Financial $550,000 for over concentrating   customer accounts with various  alternative investments. See this for more information.

During the past three years we have represented quite a few people seeking damages from VSR Financial Services  for losses suffered on investments made  in REITs, oil and gas partnerships, equipment leasing and other alternative investments. Follow this link for more information on our investigation into the sales practices of VSR Financial Services.

Many of these investments were purchased years ago and persons suffering damages from these investments should be aware that there are statutes of limitations and regulatory rules that may make it impossible to collect damages if claims are not brought in a timely manner. Victims who wish to pursue their claims should act now without further delay or risk losing valuable legal rights.

If you have questions about an account handled  by Charles Geraci or if you have losses in an account at VSR Financial Services, call for a no charge consultation.

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