February 2018 – Palm City, FL
The FINRA records of Jesse Julian Griffin, Jr. , a stockbroker who was formerly employed by VSR Financial Services discloses settlement of 5 customer disputes 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 June of 2015, a customer of VSR Financial Services alleged that investments in direct investment programs, limited partnership interests, oil and gas investments , real estate securities and promissory notes were unsuitable. That case was settled for $52,000 .
In August of 2014, a customer of VSR Financial Services alleged investments that direct investments , limited partnership interests , investments in oil and gas programs and real estate securities were unsuitable given their age. The case was settled for $7,000.
In April of 2014, another customer of VSR Financial Services alleged receiving poor advice resulting in an unsuitable recommendation. In FINRA Case #14-1322 they alleged fraud, break of fiduciary duty, and negligence from May of 2007 to September 2008. The investments at issue were direct investments, promissory note and limited partnership interests in oil and gas and real estate securities. This case was settled for $92,500 .
In April of 2013, a VSR Financial Services customer alleged breach of fiduciary duty, misrepresentation, negligence, violation of Arizona securities laws and breach of contract for account activities from November 2006 to May of 2009. The investments at issue were direct investments and limited partnership interests in oil and gas and real estate securities. This case settled for $77,500 with the broker responsible for $10,000 of the settlement.
In FINRA Case 11-00894, a VSR Financial Services customer alleged violation of Maine Uniform Securities Act, common law fraud, misrepresentation, breach of fiduciary duty, gross negligence and breach of industry rules. The investments at issue were direct investments and limited partnership interests in oil and gas and real estate securities, promissory note and security futures. The case was settled for $250,000.
Griffin was employed by VSR Financial Services from October 2006-July 2016. He is currently employed by Newbridge Securities Corporation in Palm City, FL.
If you have losses in an account in an account handled by Jesse Griffin 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.
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 Services. See this for more information regarding VSR Financial Services.
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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