Category Archives: Private Placements

Jesse Griffin – Former VSR Financial Services Broker- Discloses Numerous Customer Disputes – Palm City, FL

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 ServicesSee 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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Kenneth Devane – Former VSR Financial Services Broker- Discloses Customer Dispute – Tampa, FL

February 2018 – Tampa, FL

The FINRA records of  Kenneth Manuel Devane  a  currently unregistered stockbroker who was formerly  employed by  VSR Financial Services  discloses settlement of a  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 FINRA case 12-04161, a customer of VSR Financial Services alleged misrepresentation, unsuitable investments, violation of Florida Securities and Investor Protection Act, breach of fiduciary duty, violation of FINRA conduct rules and negligence in connection with  investments in real estate securities. That case was settled for $36,000.

Devane was employed by VSR Financial Services from November 2001 until December 2014.  He was employed by Ameriprise Financial Services until 8/2015.  

If you have losses in an account in an account handled by Kenneth Devane 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 ServicesSee 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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Robert Armstrong- Dawson James Securities Broker-Discloses Customer Suits Alleging Unsuitable Investments-Boca Raton, FL

April 2018 – Boca Raton, FL

Robert D. Armstrong Phd. (aka Dr. Armstrong) , a stockbroker currently employed by Dawson James Securities discloses 3 pending customer disputes on his publicly available FINRA record.

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 February 2018 a Dawson James Securities customer filed FINRA Case 18-0502 alleging that Armstrong made misrepresentations, promissory statements and unsuitable investment recommendations and is seeking damages of $230,000.

In March 2018 a customer of Dawson James Securities  filed FINRA Case #18-0944 alleging false and misleading assurances and unsuitable recommendations and is seeking damages of $444,000.

In April 2018 a customer of Dawson James Securities filed FINRA Case #18-01176 alleging that Dr. Armstrong made misrepresentations and promissory statements in regard to a private placement that was not suitable and is seeking damages of $900,000.

Armstrong has been employed by Dawson James Securities  since 8/2012.  His previous employers include Westpark Capital Aurora Capital and Tyratech, Inc.

Armstrong discloses business affiliations with Auxol Capital, Royal Palm Investors, Ark Financial Services and  Helomics.

If you have questions about an account handled by Robert Armstrong, contact us for a no charge consultation to discuss your legal 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

Donna Boyd (Chen)-Former Sunbelt Securities Broker-Named In SEC Complaint-Houston, TX

January 2018-Houston, Texas

Donna Boyd (formerly Donna Chen) , a former stockbroker who last worked for Sunbelt Securities was named in a complaint filed by the Securities and Exchange Commission in December 2017, which alleges that Boyd acted as an unregistered broker in connection with the solicitation and sale of investments in Presidio Venture Capital fund (PVC),  a company she formed with another former Sunbelt Securities broker, James Tao.

The SEC alleges that Boyd and Tao raised funds for PVC without the knowledge or approval of their employing firm Sunbelt Securities.

Link to SEC complaint.

According to FINRA records Boyd worked for Sunbelt Securities in Houston from 10/2011-3/2016. Prior to that she was employed by Ameriprise Financial. On her FINRA records, Boyd discloses 2 prior regulatory events and 2 terminations from 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.

In 8/2013 Boyd was suspended for 10 days and fined $5,000 by FINRA to resolve allegations that she maed 58 discretionary trades without obtaining prior written authority from the customers.

In 10/2011 Boyd was discharged by Ameriprise Financial Services who alleged that Boyd violated the firms policy on discretionary trading.

In 3/2016, Boyd was discharged by Sunbelt Securities who made the following allegation on FINRA records: “Registrant is under internal review for potential violations of FINRA rules. These violations relate to failure to provide prior written notification and receive written approval for outside business activities and private securities transactions”.

In 8/2016, Boyd was permanently barred from the securities industry by FINRA for failing to respond to a request for information in connection with a FINRA investigation.

If you have questions about  an account handled by Donna Boyd (formerly Donna Chen) , contact us to discuss your legal 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

James Tao-Former Sunbelt Securities Stockbroker-Named in SEC Complaint-Houston, TX

January 2018-Houston, Texas

James Tao, a former stockbroker who last worked for Sunbelt Securities was named in a complaint filed by the Securities and Exchange Commission in December 2017, which alleges that Tao misappropriated investor money and made material misrepresentations in offering documents for Presidio Venture Capital fund (PVC).

Link to SEC complaint.

The SEC alleges that Tao misused investor funds by investing more than $200,000 in companies he owned or had a personal interest and used investor funds to pay for various expenses unrelated to uses authorized in the private placement memorandum for PVC.

According to FINRA records Tao worked for Sunbelt Securities in Houston from 8/2012-3/2016. On his FINRA records, Tao discloses a prior regulatory event and a termination from 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.

In 3/2016, Tao was discharged by Sunbelt Securities who made the following allegation on FINRA records: “Registrant is under internal review for potential violations of FINRA rules. These violations relate to failure to provide prior written notification and receive written approval for outside business activities and private securities transactions”.

In 8/2016, Tao was permanently barred from the securities industry by FINRA for failing to respond to a request for information in connection with a FINRA investigation.

 

If you have questions about  an account handled by James Tao, contact us to discuss your legal 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