Category Archives: Alternative Investments

Steven H. Orr-H. Beck Broker-Discloses Settlement of Customer Arbitrations-Victoria, Texas

Victoria, Texas

MAY 2017 UPDATE-Steven H. Orr discloses that FINRA case 15-1527 ,below, was settled in Oct 2016 for $280,000.

Original Post May 2016

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.

According to FINRA records, Steven H. Orr , currently a broker with H. Beck, Inc.  discloses that he is named in two pending customer disputes and has resolved 3 prior customer disputes.

In FINRA Case 15-01527 , which is currently pending, a customer of H. Beck alleges damages of between $1million and $5 million for unsuitable investments , including direct investments and limited partnership interests, that were sold between 1/2008-7/2015. SETTLED SEE UPDATE ABOVE.

In FINRA Case 13-2205, a customer of H. Beck alleged damages of $1,000,000 for the sale of direct participation programs between 2004-2012. That case was resolved for $900,000.

In FINRA Case 13-0120, a customer of H. Beck alleged damages of $252,000 for the sale of direct participation investments, including equipment leasing and real estate programs. That case was settled for $200,000.

Orr has been registered with H. Beck, Inc. since 4/2011. He was previously registered with H. Beck from 12/1994-4/2009. From 4/2009-5/2011 he was registered with Dewaay Financial Network. 

If you have losses in an account handled by Steven H. Orr, 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

Keith Bradley-VSR Financial, Houston, Texas-Discloses Pending Customer Dispute

Houston , Texas

UPDATE December 2016-Keith Bradley’s FINRA records disclose a pending customer initiated claim seeking damages of $100,000 for unsuitable investments and negligence related to Direct Investments, Limited Partnerships, equipment leasing, oil & gas investments, real estate securities and private placements.

Original Post May 2016–Rex Securities Law is investigating VSR Financial Services broker Keith Allen Bradley  (dba Reserve Management Financial Services)  in connection with the sale of alternative investments  to several retired persons in Houston, Texas.

The investments include:

  • Alliance Petroleum Corp 2005/2006
  • Arciterra Note Fund 
  • Arciterra Real Estate Investment Trust
  • Behringer Harvard Investments
  • Bradford Drilling Assoc.
  • KBS REIT
  • Mackenzie Patterson Flagship Fund
  • Mewbourne Energy Partners
  • NetREIT
  • Reef Income & Development Funds
  • Ridgewood Energy Funds
  • Waveland Drilling Partners
  • WNC Housing Tax Credit

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.

According to FINRA records, Keith Allen Bradley has been registered with VSR Financial Services since 1/2002, and he discloses 4 pending judgment/liens, including a $400,431 Federal Tax lien, a lien of $109,201 to Harris County Court, TX, and a $108,959 lien to Montgomery County Court, Texas.

VSR FINANCIAL SANCTION FOR SALE OF UNSUITABLE ALTERNATIVE INVESTMENTS 

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 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.

If you have losses in an account handled by Keith Bradley, 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

Robert Hardcastle Investigation-VSR Financial Services Stockbroker

Chesterfield, MO

Rex Securities Law is investigating VSR Financial Services broker Robert B. Hardcastle  in connection with the sale of fixed annuities, mutual funds, equities,  limited partnerships, direct investments in oil & gas,  and real estate securities.

According to FINRA records Hardcastle has been named in  seven customer disputes that have been resolved, including:

  • NASD Case 5-5562- customer alleged that Hardcastle, while employed by National Securities Corporation, made unsuitable investments in mutual funds and alleged damages of $300,000. The case was settlement for $130,000.
  • NASD Case 5-4574-customer alleged that Hardcastle, while employed by National Securities Corporation, made unsuitable, over concentrated investments in high risk aggressive stocks and claimed damages of $675,000. The case was settled for $100,000.

There are currently four customer disputes pending against Hardcastle, including:

  • Complaint 5/11/2015-customer alleges that Hardcastle, while employed by VSR Financial Services, made  unsuitable investments, misrepresentations and other claims in connection limited partnerships and direct investments in oil & gas and real estate securities. Damages are claimed to be $366,000.
  • Complaint 3/27/2015-customer alleges that while employed by VSR Financial Services, Hardcastle overcharged for the management of their account. Damages claimed, $52,577.

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 in an account handled by Robert B. Hardcastle 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

Losses on Oil & Gas Investments? How to Recover Damages.

March 2016

With oil down 60% from just a year ago, it is no surprise that investments in oil and gas have followed a similar path, generating significant losses in investment accounts of many Americans. If you or one of your loved ones has suffered significant losses in oil and gas investments, you may be able to recover damages.

Brokers Must Make Recommendations that Are Suitable

If the recommendation to invest is not suitable for your investment objectives or risk tolerance you may have a valid claim.

If too large a percentage of your portfolio was invested in oil and gas stocks you may have a valid claim.

If the broker failed to apprise you adequately of the risks accociated with oil and gas investments, you may have a valid claim.

The bankruptcy law practice group of Haynes and Boone reports that since the beginning of 2015,  51 North American oil and gas producers have filed for bankruptcy and that indications suggest further energy company bankruptcies will continue during 2016.

According to the Haynes and Boone report those companies seeking bankruptcy protection include:

  • IVANHOE ENERGY INC. (IVAN)
  • DUNE ENERGY INC. (DUNR)
  • BPZ RESOURCES, INC. (BPZ)
  • QUICKSILVER RESOURCES (KWKAQ)
  • AMERICAN EAGLE ENERGY CORP. (AMZGQ)
  • SUN RIVER ENERGY (SNRV)
  • SARATOGA RESOURCES (HARVEST OIL & GAS) (SARAQ)
  • SEFTON RESOURCES (SER)
  • ARABELLA PETROLEUM (AXPLF)
  • SABINE OIL & GAS (SOGC)
  • AMERICAN STANDARD ENERGY CORP
  • LUCA INTERNATIONAL GROUP
  • SAMCO OIL
  • BLACK ELK ENERGY OFFSHORE
  • SABLE OPERATING COMPANY
  • AMERICAN NATURAL ENERGY CORPORATION (ANEC)
  • ARMADA OIL INC (AOIL)
  • CONTINENTAL EXPLORATION, LLC
  • SAMSON RESOURCES CORPORATION
  • MILLER ENERGY RESOURCES (MILL)
  • AIX ENERGY INC
  • ESCALERA RESOURCES CO (ESCR)
  • PARALLEL ENERGY LP
  • ENERGY & EXPLORATION PARTNERS (ENXP)
  • TRANSCOASTAL CORPORATION (TCEC)
  • CUBIC ENERGY, INC (CBNR)
  • MAGNUM HUNTER RESOURCES CORPORATION (MHR)
  • NEW GULF RESOURCES, LLC
  • SWIFT ENERGY COMPANY (SFYWQ)
  • AURORA OPERATING, LLC
  • MOG PRODUCING, LP
  • ANTERO ENERGY PARTNERS, LLC
  • EMKEY RESOURCES, LLC
  • OSAGE EXPLORATION AND DEVELOPMENT, INC. (OEDV)
  • GINGER OIL COMPANY
  • PRIMROSE LA SARA, LLC
  • ARGENT ENERGY (U.S.) HOLDINGS, INC
  • D.J. SIMMONS, INC.

Call to discuss you legal rights.

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

Keith Chapman-Former VSR Financial Broker-Discloses Customer Dispute-Dallas, Texas

Dallas, Texas

Former VSR Financial Services broker Keith E. Chapman of Chapman Wealth Management  discloses a customer dispute related to  the sale of limited partnerships, direct investments, equipment leasing investments and real estate securities. (Alternative investments)

According to FINRA records Chapman was named in  a FINRA arbitration by a customer alleging damages of $250,000 in connection with the purchase of real estate securities, equipment leasing securities and limited partnerships. The customer alleged common law fraud, unsuitable investments, negligence and breach of contract. The matter was settled for $40,000. FINRA Case# 12-3655.  According to FINRA records

Chapman  was registered with VSR Financial Services from 3/2001-9/2016. He is currently registered with Summit Brokerage 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. 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.

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.

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 in an account handled by Keith Chapman 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