Category Archives: Private Placements

Legend Securities Loses Arbitration Hearing Brought by Former Customer

Tampa, Florida

A Financial Industry Regulatory Authority (FINRA) arbitration panel awarded damages of over $150,000 to two former customers of Legend Securities, Inc. who brought the action for losses suffered as a result of investing in several direct investments: Praetoria Fund, Ltd., Praetorian G Power VI , LLC and U.S. Coal Corporation. Brewer, et al. vs Legend Securities, Inc., FINRA Case 15-01041.

The compensatory award shall earn interest until paid. The award includes $5,000 sanctions for Respondent’s violation of the Panel’s discovery orders.

Legend Securities has been a FINRA member since 1998 and is headquartered in New York City. They have about 146 brokers located in 14 branch offices.

If you have questions about how your brokerage account has been handled, 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

VSR Financial Services-How to Recover Damages On Investment Losses

FEBRUARY 2017 UPDATEVSR Financial has closed operations. Many of its brokers and clients have been transferred to Summit Brokerage Services, a related entity. 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.

 

ORIGINAL POST June 2016—Overland, Kansas

VSR Financial Services will be closing down and transferring some of its brokers and current clients to another firm within the Cetera network of broker dealers, according to a spokesman for Cetera Financial Group.

RCS Capital, Cetera’s parent has been in bankruptcy and this consolidation is part of their restructuring. The company has indicated it will also close down Investors Capital Corp. , another small independent broker dealer as well. It is expected that most of the current brokers of VSR and Investors Capital will be asked to join Summit Brokerage Services, which is headquartered in Boca Raton, FL.

VSR’s  Alternative Investment Problem

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 From VSR

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 VSR’s alternative investment issues. 

If you have suffered losses as a result of investing in alternative investments that were recommended to you by a VSR Financial Services broker (including, but not limited to John Towers, Dennis Van Patter, Mickey Long, Parks Brown, Jr. or Keith Bradley) , we may be able to help you recover damages.

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

Michael M. Hurtgen-Former Raymond James Broker-Discloses Discharge

Greenwood, CO

According to FINRA records,  Michael M. Hurtgen   a stock broker currently  employed by Girard Securities , discloses a termination from prior employment.

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.

Michael M. Hurtgen discloses that he was discharged from Raymond James Financial in February 2016. The company made the following allegations on Hurtgen’s FINRA record: “Terminated for soliciting interest in a private placement, for a firm approved outside business activity and company owned by FA, to clients without approval. The solicited parties were a relative of FA and a longtime client.”

Hurtgen has been employed by Girard Securities since 3/2016. He was employed by Raymond James from 6/2009-3/2016.

If you have questions about an account handled  by Michael M. Hurtgen, 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

Rex Securities Law Investigating Minerva-Rockdale E&P IV

We are evaluating potential investor cases for persons who may have suffered losses on Minerva-Rockdale E&P IV.

The Minerva-Rockdale E&P IV, LLC,  private placement offering in March 2013, authorized the issuer Euro Pacific Capital to raise $17,365,000 for a pooled investment fund to invest in existing oil production in Texas. This investment is a private placement offering and therefore interests in this investment cannot be sold on any conventional market.

Stockbrokers are required to only make recommendations to investors that are suitable given age, health and level of financial sophistication. Private offerings in the energy sector such as this may not be suitable for retirees and those lacking financial sophistication.

Recently, the Manager of  a related fund, Minerva-Rockdale E&P III sent out a letter advising investors that they are still not receiving any revenue from the property. Investors were also advised in the letter that ” a few new developments also do not bode well for the longevity and financial health of our company”. See this for more details on Minerva-Rockdale E&P III

If you have losses on Minerva-Rockdale E&P III or IV, you may be able to recover losses through FINRA arbitration. Call to learn 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

Richard Poston-Former H. Beck Broker-Discloses Settlement with Customer-Plano, TX

Plano, Texas

UPDATE APRIL 2017-FINRA records reveal that Richard E. Poston is not currently registered as a broker. In July 2016, FINRA case # 16-0766, see below,  was settled for $185,000.

ORIGINAL POST JUNE 2016According to FINRA records, Richard E. Poston, a broker who worked for H. Beck, Inc. in Plano, Texas , until he was  discharged in December 2015  for failing to cooperate with an internal investigation, has recently been named in a customer dispute.

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 2016 a customer of  H. Beck, Inc. has instituted FINRA Case# 16-0766 seeking $200,000 in damages. The customer claims that he was sold an unsuitable concentration of illiquid investments in non-traded real estate investment trusts (REITs) between 10/2007-9/2015.

Poston’s FINRA record also discloses that on December 11, 2015, FINRA made a preliminary determination that disciplinary action be brought against Poston alleging potential violations of FINRA Rules 2010, 2150, 3240 and 8210. Wells Notice Examination #20150455785.

Poston is not currently employed in the securities industry as of July 5, 2016.

In 2009, Poston reports he was discharged from a Chapter 11 bankruptcy protection in the Eastern District of Texas.

Poston was employed by H. Beck, Inc. from  3/2010 until his discharge in 12/2015. Prior to that he worked for a number of other brokerage firms in the Plano area, including GunnAllen Financial and LPL Financial. 

Investors with  losses in accounts handled by Richard E. Poston , may be able to recover damages through FINRA arbitration. FINRA arbitration is a method of dispute resolution that is typically much shorter in duration than court litigation.

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