Category Archives: John H. Towers (VSR Financial)

VSR Financial Services-How to Recover Damages On Losses In REITs and Alt. Investments

April 2018VSR Financial Services closed down its operations in the Fall of 2016. Many of its brokers and clients have been transferred to Summit Brokerage Services, a related entity which is part of the Cetera Financial Group.

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’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 On Limited Partnerships and Other Alternative Investments Purchased From VSR Financial

Over the past several years we have represented a considerable 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.

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 the following brokers who formerly were employed by VSR) contact us for a no charge consultation to discuss your options:

Time is of the essence, so if you have a claim, you would be wise to pursue it immediately, otherwise valuable legal rights may be lost.

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

VSR Financial Sold to RCS Capital Corp.

On August 7, 2014, The Investment News reported that RCS Capital Corp. (RCAP) , a broker dealer controlled by Nicholas Schorsch, has agreed to buy VSR Financial Services, Inc. Terms of the deal were not disclosed.

During the past year RCAP announced the purchase of four Cetera Financial Group broker dealers, Investors Capital Holdings, First Allied Holdings, Summit Financial, and J.P. Turner. 

VSR Financial, which was recently sanctioned by the Financial Industry Regulatory Authority (FINRA) for improper sales of alternative investments, is based in Overland, Kansas.  VSR has over 260 financial advisors nationwide and more than $12 billion of assets under management. See details here. 

We are investigating potential investor claims for investors suffering losses on unsuitable investments purchased from VSR Financial Services. Call 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

 

RSL INVESTIGATES VSR BROKER M.F. (MICKEY) LONG II & PERSONAL WEALTH ADVISORS, LLC

Rex Securities Law is investigating VSR Financial Services broker Mickey Long II, of Plano , TX, and his company Personal Wealth Advisors, LLC,  on behalf of several customers who were sold high concentrations of alternative investments that have resulted in significant losses. Our clients attended dinner meeting/sales seminars sponsored by VSR Financial Services, Inc. during which Mickey Long and former VSR Financial broker, John H. Towers, gave presentations on various alternative investments.

Some of the investments purchased by our clients include:

Alliance Petroleum Corp 2006-B

Alliance Petroleum Corp. 2007A

Altegris Winton Futures Fund LP Class A

Arciterra Note Fund III, LLC

Arciterra Strategic Retail Echelon

Arcitera Whitefish Opportunity Fund

Atlas America Public #17-2007A Ltd.

Behringer Harvard REIT, I, Inc.

Bradford Drilling Associates 27, LP

Cole Credit Property Trust II, Ltd.

Cypress Equipment Fund 13

Cypress Equipment Fund 15

Florida Capital Real Estate Partners 27

FS Investment Corporation

KBS REIT, Inc.

Mewbourne Energy Partners 9A, 10A, 11A, 12A

NetREIT Common

Odyssey Residential Realty II LLC 9% Note

Odyssey Properties III

Reef Income & Development Fund 3

Reef SWD 2007-A

Waveland Drilling Partners 2006-B, 2007-A, 2008-B

Waveland NeoMatrix, LLC

Waveland Resource Partners

Waveland Vanguard Partners

The Certified Financial Planning Board website lists Mickey Long and John H. Towers under the “suspension” category on its listing of disciplined individuals.

VSR Financial was recently sanctioned and assessed a fine of $550,000 in connection with the sale of alternative investments, non-conventional investments and private placements. (FINRA Case #2010022963602, July 2013.)

John H. Towers was discharged from VSR in December 2013 after he was fined $25,000 and suspended for three months connection with the sale of over $6 million in alternative investments to a couple who were seeking low risk investments. See this for more details. 

Our clients anticipate filing one of more FINRA arbitrations in the immediate future seeking the recovery of damages. If you have information related to these matters we would appreciate hearing from you.

If you have questions about investments made through Mickey Long, John H. Towers or Dennis Van Patter or any other VSR Financial Services, Inc. broker, please call us at 561 391 1900 to discuss this matter with an experienced securities attorney. Contingent fee representation.

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 Broker M.F. (Mickey) Long II & Personal Wealth Advisors, LLC Investigated by Rex Securities Law

Rex Securities Law is investigating VSR Financial Services broker Mickey Long II, of Plano , TX, and his company Personal Wealth Advisors, LLC,  on behalf of several customers who were sold high concentrations of alternative investments that have resulted in significant losses. Our clients attended dinner meeting/sales seminars sponsored by VSR Financial Services, Inc. during which Mickey Long and former VSR Financial broker, John H. Towers, gave presentations on various alternative investments, including the following:

Alliance Petroleum Corp 2006-B

Alliance Petroleum Corp. 2007A

Altegris Winton Futures Fund LP Class A

Arciterra Note Fund III, LLC

Arciterra Strategic Retail Echelon

Arcitera Whitefish Opportunity Fund

Atlas America Public #17-2007A Ltd.

Behringer Harvard REIT, I, Inc.

Bradford Drilling Associates 27, LP

Cole Credit Property Trust II, Ltd.

Cypress Equipment Fund 13

Cypress Equipment Fund 15

Florida Capital Real Estate Partners 27

FS Investment Corporation

KBS REIT, Inc.

Mewbourne Energy Partners 9A, 10A, 11A, 12A

NetREIT Common

Odyssey Residential Realty II LLC 9% Note

Odyssey Properties III

Reef Income & Development Fund 3

Reef SWD 2007-A

Waveland Drilling Partners 2006-B, 2007-A, 2008-B

Waveland NeoMatrix, LLC

Waveland Resource Partners

Waveland Vanguard Partners

The Certified Financial Planning Board website lists Mickey Long and John H. Towers under the “suspension” category on its listing of disciplined individuals.

VSR Financial was recently sanctioned and assessed a fine of $550,000 in connection with the sale of alternative investments, non-conventional investments and private placements. (FINRA Case #2010022963602, July 2013.)

John H. Towers was discharged from VSR in December 2013 after he was fined $25,000 and suspended for three months connection with the sale of over $6 million in alternative investments to a couple who were seeking low risk investments. See this for more details. 

Our clients anticipate filing one of more FINRA arbitrations in the immediate future seeking the recovery of damages. If you have information related to these matters we would appreciate hearing from you.

If you have questions about investments made through Mickey Long, John H. Towers or Dennis Van Patter or any other VSR Financial Services, Inc. broker, please call us to discuss this matter with an experienced securities attorney. Nationwide representation.

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