Tag Archives: john towers

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

Dennis Van Patter Named in Second Arbitration Complaint-Plano Texas

 Rex Securities Law has been investigating VSR Financial broker Dennis Van Patter and on April 22, 2014, filed a FINRA arbitration against VSR Financial on behalf of one of Van Patter’s former clients. See this for details on that matter.

On May 9th, 2014, Rex Securities Law filed a second FINRA arbitration against VSR Financial on behalf of another one of Van Patter’s former clients from Richmond, Texas. That arbitration is on behalf of a retired couple in their mid-70’s who allege that they were misled as to the nature of  the investments they were sold and that the investments are unsuitable. Damages in excess of $400,000 are being sought on claims that VSR Financial was negligent in its supervision of Van Patter.

The unsuitable investments include the following:

  • Allianz Master Dex 10 Annuity
  • Bradford Drilling XVIII
  • Black Diamond Diamond Energy
  • Boston Capital Series 30
  • Cole Credit Property Trust II
  • Franklin Founding Funds
  • Franklin Income Funds
  • Global Macro Trust
  • Inland American REIT
  • KBS REIT
  • MPF Income Fund 22
  • Retail Property of America (Inland Western REIT)
  • United Development Funding

The arbitration alleges that the investment strategy was unsuitable given the age, health and lack of financial sophistication of the retired couple and that VSR was negligent in the  supervision of their registered representative Dennis Van Patter and breached their fiduciary duty to their customer. Van Patter operates a company called First Financial Services Group in Plano, TX.

VSR Financial was fined $550,000 in 2013 by FINRA in connection with the sale of private placements and alternative investments. See this for more information.

If you have losses in an account handled by Dennis Van Patter, 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

 

 

Dennis Van Patter-FINRA Arbitration Filed –Plano, Texas

Rex Securities Law has been investigating VSR Financial broker Dennis Van Patter and on April 22, 2014, filed a FINRA arbitration against VSR Financial on behalf of one of Van Patter’s former clients. The arbitration is on behalf of a widow who received insurance proceeds of about $750,000  following her husband’s death and was sold a large number of unsuitable investments including the following alternative investments:

  • Atlas Energy
  • Public 17-2008B
  • Atlas Energy Public 18 2009B
  • Boston Capital Series 44
  • Boston Capital Series 47
  • CNL Lifestyle Fund
  • Cole Credit Property Trust  II
  • Cypress Equipment Fund 15
  • Inland American Real Estate Trust
  • KBS Real Estate Investment Trust Inc.
  • MPF Income Fund 25
  • Penneco Oil Company 2008-1

 

United Development Funding III UPDATE FEBRUARY 2016- FBI RAIDS UNITED DEVELOPMENT FUNDING OFFICES IN GRAPEVINE, TEXAS 

 

The arbitration alleges that the investment strategy was unsuitable and that Van Patter’s employer, VSR Financial Services was negligent in the  supervision of their registered representative Dennis Van Patter and breached their fiduciary duty to their customer. Van Patter operates his financial business through First Financial Services Group in Plano, TX.

 

VSR Financial was fined $550,000 in 2013 by FINRA in connection with the sale of private placements and alternative investments. See this for more information. 

Investors with losses in accounts handled by Dennis Van Patter may be able to recover damages 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

Investigation of John H. Towers-VSR Financial-UPDATED JAN 2014

 JANUARY 2014 UPDATE: In January 2014, John Towers was fined $25,000 and suspended for three months by FINRA in connection with the sale of over $6 million of real estate investment trusts (REITs) and private placements to a couple that had indicated they wanted only moderate risk for their brokerage account. Official FINRA  records report that Towers was discharged by VSR Financial 12/31/2013.  See this for more details. 

Rex Securities Law, Boca Raton, FL , is investigating VSR Financial broker John H. Towers on behalf of one of his former customers whose account suffered losses in alternative investments. The subject account of our elderly client was invested in a number of alternative investments that appear unsuitable given her age, limited net worth and lack of financial sophistication.

The investments include the following:

  • Penneco Oil Company
  • Odyssey Diversified Notes IX
  • Arciterra Note Fund III, LLC
  • Mewbourne Energy Partners 10-A
  • Mewbourne Energy Partners 11-A
  • Waveland Resource Partners I
  • Waveland Energy 2011-A
  • Waveland Drilling Partners 2008A
  • UDF III
  • UDF Land Opportunity
  • NetReit

According
to FINRA records, Towers has been registered with VSR Financial
Services, Inc. since June 2002, and offices in Plano, Texas.

Real
estate investment trusts, especially those not traded on a conventional
exchange, as well as other alternative investments such as oil and gas
and other limited partnerships are generally not considered suitable for
retired conservative investors.

In May 2013, VSR
Financial Services was fined $550,000 for sales of alternative
investments that were too high a concentration level for customer
accounts, for falsifying sales documents and for providing inaccurate
and misleading reports.
See here for more information.

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