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 Services. See 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.
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