Tag Archives: alternative investments

Joseph Roop-Former Kalos Capital Broker-Discloses 6 Prior Customer Disputes & 1 Pending Customer Dispute-Belmont, NC

February- 2020 – Belmont, NC

The FINRA records of Joseph Patrick Roop,  a broker currently employed by  Dempsey Lord Smith,  disclose  6 prior customer disputes and 1 pending 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 10/2018  a  customer of Kalos Capital, Inc.  was paid $90,000 to  resolve allegations of unsuitable investments and sale of securities by a rep that was not property registered in the State of Alabama.

Between 8/2010 and 1/2014, three Bank of America Investment Services customers were paid a total of $115,500 to resolve allegations including misrepresentation, omission of material facts,  excessive trading, unsuitable investments by Roop.

In 2/2009 and in 6/2009, two customers of Wachovia Securities were paid a total of $141,000 to resolve allegations that included unsuitable options trading.

In 5/2019 a Kalos Capital, Inc., client filed FINRA case #19-2019 alleging unsuitable investments in alternative investments and alleges damages of $450,000.  The case is pending.

Joseph Patrick Roop  has been employed with Dempsey Lord Smith since 7/2019.   Before that he was with Kalos Capital from 4/2009 until 7/2019.   He was previously with Wachovia Securities and bank of America Investment Services.    

If you have questions about an account  handled by Joseph Patrick Roop  call for a no charge consultation to learn more about 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.

International Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Steven E. Love-Parkland Securities Broker-Subject of Arbitration Claim-Terre Haute, Indiana

March 2018-Terre Haute, Indiana

We recently filed FINRA Case #18-1047 on behalf of an 81 year old widow from Terre Haute, Indiana, who alleges that Parkland Securities (formerly Sammons Securities) stock broker Steven Eugene Love failed to follow her instructions to invest her retirement funds in safe, suitable investments.

The FINRA arbitration alleges that Parkland Securities failed to supervise Love and allowed him to invest a large percentage of our client’s retirement funds in high commission, illiquid, risky and non-publicly traded real estate investment trusts (REITs) and other alternative investments.

The arbitration claim seeks damages of $100,000-$500,000.

FINRA BrokerCheck records indicate that Love has been employed by Parkland Securities since 8/2013 and has a business affiliation with Love Financial Services. Love was discharged by Alanar Incorporated,  a prior employer,  in 2003 for inappropriate trade activity related to private placements.

If you have questions about an account handled by Steven E. Love, call for a no charge consultation to discuss your legal options.

Alternative investments include non publicly traded real estate investment trusts (REITS) , oil & gas partnerships and equipment leasing investments. These investments tend to be complex, illiquid, non transparent, hard to value and expensive. Many of these investments  are not traded on any public market making them difficult to value and even more difficult to liquidate if cash is needed for daily living or health related expenses.

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

National Toll Free: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Mark Reinking-Former Leader’s Group Broker-Subject of $1M Customer Suit-Austin, TX

February 2018-Austin, Texas

The FINRA records of  Mark B. Reinking ,  a  stockbroker who is not currently registered with any broker dealer and who was last employed by The Leaders Group Inc. disclose a pending customer arbitraiton complaint.

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 January 2018 a customer of Reinking’s  former employer Sunset Financial Services filed FINRA arbitration case #17-03513 seeking damages of $1 million. The customer alleges breach of fiduciary duty, fraud, breach of contract, negligence in connection with the purchase of various direct investments, including real estate securities.

Reinking’s prior employment includes: The Leader’s Group 3/2015-8/2017; Centaurus Financial 6/2010-3/2013; Sunset Financial Services 11/197-6/2010. Reinking discloses business affiliations with RAM Financial Group (formerly Reinking Asset Management) and Risk Paradigm Group, both of which are located in Austin, TX.

If you have questions about an account handled by Mark Reinking , call to speak with an experienced securities attorney to discuss your options.

Alternative investments include non publicly traded real estate investment trusts (REITS) , equipment leasing partnerships, oil and gas partnerships, hedge funds, real estate, commodities and derivatives contracts and, managed futures. These investments tend to be complex, illiquid, non transparent, 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.

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 Investigates Former VSR Financial Broker Michael D. Shaw

Michael D. Shaw was a broker for VSR Financial in Baton Rouge, LA,  from 7/2003-10/2011. In October 2011, he was discharged by VSR Financial who made the following allegations on Shaw’s FINRA records:

“Alleged misrepresentations and unsuitability in connection with the sale of private placements, and alleged false entries made on customer account statements. ”

That same month, October 2011, FINRA permanently barred Shaw from the securities industry finding that he willfully violated section 10(B) and SEC Rule 10B-5 of the Securities Exchange Act of 1934 in connection with the sale of private placements and alleged false entries on customer account documents.

Shaw’s CRD, the official FINRA record disclosing customer complaints and employment history, Michael Shaw FINRA CRD indicates that he has been the subject of 24 customer disputes. Most complaints relate to private placement investments or other alternative investments. There are multiple accusations of falsifying documents and inflating customer net worth. Settlements with customers have ranged from $50,000 to over $400,000

In 2013 VSR Financial was sanctioned $550,000 in connection with the sale of alternative investments.

If you had an account with Shaw and suffered losses, contact us to learn how you may be able to recover damages.

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

Paul C. Larsen-Former VSR Financial Broker-Discloses 17 Customer Disputes-Naples, FL

UPDATE December 2016FINRA records disclose that Paul C. Larsen, formerly a broker with VSR Financial in Naples, FL, discloses 17 customer disputes, several of which are currently pending. FINRA has permanently barred Larsen from acting as a broker or otherwise associating with firms that sell securities to the public.

In the fall of 2016 VSR Financial closed its doors and transferred most of its brokers and customers to a related entity, Summit Brokerage Services. For more information on VSR Financial and their issues related to the sale of alternative investments, including real estate investment trusts (REITs), oil and gas partnerships and equipment leasing investments, follow this link. 

If you have losses on alternative investments made with VSR Financial Services, contact us to learn how you may be able to recover damages through FINRA arbitration. Cases handled on a contingent fee basis, meaning that you pay nothing unless we are successful.

Time is of the essence since there are statutes and rules that affect your right to pursue these claims, so you would be wise not to delay. 

 

OUR ORIGINAL POST OCTOBER 2014

We are investigating Paul C. Larsen, a broker who was registered with VSR Financial Services in Naples, FL, from June 2004-September 2010. Larsen was permanently barred from the securities industry by FINRA in December 2011 when he failed to provide information and documentation to FINRA regarding possible outside business activities and/or private securities transactions. Those outside business activities involved the Yokam Land Holdings, the Camenisch Fann and  a company called CW Capital.

A review of Larsen’s official FINRA records reveals that since 2011 there have been 8 customer disputes filed and settled against Larsen and there are presently 7 customer disputes filed and pending.  These disputes, most of which are substantial six figure claims involve direct investments like oil & gas investments or real estate investment trusts (REITs) as well as tenant in common investments (TICs).

VSR Financial was sanctioned by FINRA in 2013 in connection with the sale of private placements, direct investments and other non-conventional investments and assessed a fine of $550,000. One of the criticisms by FINRA was that VSR did not supervise brokers and permitted them to invest too large a percentage of their liquid net worth in alternative investments.

If you have losses in an account at VSR Financial contact us to find out your options for recovering damages.

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