Tag Archives: Summit Brokerage Services

Ronald D. Clark-Summit Brokerage Services Broker-Discloses Pending Customer Disputes Involving REIT/Oil & Gas -Tampa, FL

March 2018 – Tampa, FL

According to publicly available records , Ronald D. Clark , (CRD# 1086724) ,  a  stockbroker who is employed by Summit Brokerage Services disclose  2 prior regulatory events, 2 pending customer disputes and 8 prior customer disputes  .

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.

Clark was suspended by FINRA for 15 business days in 2011 to resolve allegations that he participated in a private securities transaction without providing written notice to his former employer ProEquities, Inc.

In recently filed FINRA Case 17-02658, filed in December 2017, a customer of ProEquities Inc.  alleges that unsuitability, overconcentration and misrepresentation concerning their investments in real estate investment trusts (REITs). Damages of $450,000 are alleged.

In another pending matter, a customer of Summit Brokerage Services alleges that Clark did not properly use mutual fund break points from July 2014 to August 2016 and recommended an oil and gas investment that suffered losses. Damages are alleged to be $500,000.

In one of the prior customer disputes, a customer of ProEquities was paid $65,000 to resolve allegations that investments recommendations were unsuitable, cost of riders and surrender charges were not discussed and that a signature on a form was forged.

Clark has been registered with Summit Brokerage Services since 3/2009, and  discloses business affiliations with The Money Coach LLC, Money Matters of Tampa and Money Matters of Alabama. 

If you have questions about an account in an account handled by Ronald D. Clark , 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

Thomas Bodensteiner-Former VSR Financial Services Broker-Subject of Customer Suit Over Losses in UDF IV-Clear Lake, IA

February 2018 – Clear Lake, Iowa

The FINRA records of  Thomas W. Bodensteiner ,  a  stockbroker who was previously  employed by  VSR Financial Services  discloses a 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 FINRA arbitration #17-0314 a customer of VSR Financial Services alleges unsuitability, negligence and misrepresentation in connection with investments in real estate securities and United Development Funding IV (UDF IV). Damages sought are $50,000.

Bodensteiner was employed by VSR Financial Services from 10/2001-9/2016. He is currently employed by Summit Brokerage Services.  

If you have losses in an account in an account handled by Thomas W. Bodensteiner 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 B. Neuner-Former VSR Financial Services Broker-Accused of Unauthorized Trading-Barred From Securities Industry -Plano, TX

February 2018-Dallas, Texas

The FINRA records of  Kenneth B. Neuner ,  a  stockbroker who was formerly  employed by Summit Brokerage Services,  VSR Financial Services and TCFG Wealth Management disclose that he was recently barred from the securities industry by FINRA .

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 March 2017 Neuner was terminated from employment by Summit Brokerage Services for unauthorized exercise of discretion (trading without written authority from the customer).

Thereafter FINRA initiated an investigation into the purported misconduct and requested that Neuner appear for testimony in the investigation. Neuner advised FINRA that he would not appear for on the record testimony at any time in the matter. By refusing to appear and provide testimony Neuner was in violation of FINRA rules, resulting in a bar from associating with any FINRA member.

Neuner was employed by VSR FInancial Services from 4/1996-9/2016 and Summit Brokerage Services 9/2016-3/2017, and with TCFG Wealth Management from 4/2017-5/2017.

If you have losses in an account in an account handled by Kenneth B. Neuner , contact us for a no charge consultation to discuss how you may be able to recover damages for those losses.

VSR Financial Services Faces Numerous Customer Disputes Over Unsuitable REIT/Alternative Investments

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.

VSR Financial Services was fined $550,000 by the Financial Industry Regulatory Authority (FINRA) in May 2013 in connection with the sale of various alternative investments (such as Atlas Energy, Behringer Harvard REITs, Cole, CNL, Icon Income, Inland REIT, KBS REITs, MacKenzie Capital, Spirit Realty) . In their findings, FINRA criticized 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  tend to be complex, illiquid, nontransparent, hard to value and expensive. Most of the alternative investments sold  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

John G. Lewis III-Former VSR Financial Broker-Discloses Customer Dispute Over UDF Investment-Arlington, MA

April 2017-Arlington, MA

The FINRA records of  John G. Lewis III ,  a  stockbroker who is currently  employed by  Summit Brokerage Services  disclose a pending customer dispute over investments in United Development Funding.

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 12/2016 a customer filed a claim seeking an unstated amount of damages on investments in various United Development Funding investments: UDF II, UDF III, UDF IV and UDF V.

United Development Funding’s Office Raided by the FBI-for more information on recent problems for UDF, follow this link.

Lewis has been employed by Summit Brokerage Services since 9/2016. Prior to that he was employed by VSR Financial Services from 5/2005-9/2016.

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.

If you have questions about an account  handled by John G. Lewis III call for a no charge consultation.

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

Noel Vincent-Madison Ave. Securities Broker-Discloses Customer Disputes-Houston, TX

Houston, Texas

MAY 2018 UPDATESee this. 

AUGUST 2017 UPDATE-Noel R. Vincent discloses that in April 2017 a customer of Madison Avenue Securities filed FINRA arbitration 17-0818 seeking damages of $75,000 and alleging that United Development III and IV was sold to him without performing adequate due diligence and that it was negligently misrepresented.

ORIGINAL POST-March 2017-According to publicly available records Noel Ray Vincent, (CRD# 1370987) ,  a  stockbroker who previously worked for Investors Capital Corp and who is currently employed by Madison Avenue Securities  disclose a prior final regulatory matter, a pending customer dispute , 8 prior final customer disputes and an outstanding judgement/lien.

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 currently pending FINRA arbitration 17-0029 a customer of Investors Capital Corp. alleges damages of $500,000 for misrepresentations, breach of fiduciary duty and other claims related to the purchase of alternative investments during the period 2005-2008.

In one of the prior customer disputes, FINRA arbitration 15-0037,  a customer of Investors Capital Corp. alleged damages of $413,000  for unsuitable investments in oil & gas investments and real estate securities made between 2006 and 2009. That matter was settled for $125,000.

Vincent discloses an outstanding lien in favor of the Internal Revenue Service in the amount of $170,000, filed in Harris County, Houston.

Vincent has been employed by Madison Avenue Securities since 11/2009. He was employed by Investors Capital Corp. from 9/2001-11/2009.

Investors Capital Corp., a part of the Cetera Group, wound down its operations during 2016, transferring many of its brokers and customers to Summit Brokerage Services. In November 2016, Investors Capital Corp. withdrew its FINRA registration and closed operations.

INVESTORS CAPITAL CORP. SUBJECT OF 21 REGULATORY MATTERS–CEASES OPERATIONS FALL 2016

Investors Capital Corp. withdrew its registration with FINRA in fall 2016. Investors Capital has been named in 21 regulatory matters and a number of customer arbitrations. For more information on Investors Capital Corp, follow this link. 

If you have questions about an account in an account handled by Noel Ray Vincent, 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