Tag Archives: vsr financial complaints

Jesse Griffin – Former VSR Financial Services Broker- Discloses Numerous Customer Disputes – Palm City, FL

February 2018 – Palm City, FL

The FINRA records of  Jesse Julian Griffin, Jr. ,  a  stockbroker who was formerly  employed by  VSR Financial Services  discloses settlement of 5 customer disputes involving alternative investments.

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 June of 2015, a customer of VSR Financial Services alleged  that investments  in  direct investment programs,  limited partnership interests, oil and gas investments  , real estate securities and promissory notes were unsuitable. That case was settled for $52,000 .

In August of 2014, a customer of VSR Financial Services alleged investments that direct investments , limited partnership interests , investments in oil and gas programs and real estate securities were unsuitable given their age.  The case was settled for $7,000.

In April of 2014, another customer of VSR Financial Services alleged receiving poor advice  resulting in an unsuitable recommendation.   In FINRA Case #14-1322 they alleged fraud, break of fiduciary duty, and negligence  from May of 2007 to September 2008.  The investments at issue were direct investments, promissory note and limited partnership interests in oil and gas and real estate securities.  This case was settled for $92,500 .

In April of 2013, a VSR Financial Services customer alleged breach of fiduciary duty, misrepresentation, negligence, violation of Arizona securities laws and breach of contract for account activities from November 2006 to May of 2009.   The investments at issue were direct investments and limited partnership interests in oil and gas and real estate securities.   This case settled for $77,500 with the broker responsible for $10,000 of the settlement.

In FINRA Case 11-00894, a VSR Financial Services customer alleged violation of Maine Uniform Securities Act, common law fraud, misrepresentation, breach of fiduciary duty, gross negligence and breach of industry rules.    The investments at issue were direct investments and limited partnership interests in oil and gas and real estate securities, promissory note and security futures.  The case was settled for $250,000.

Griffin was employed by VSR Financial Services from October 2006-July 2016. He is currently employed by Newbridge Securities Corporation in Palm City, FL.  

If you have losses in an account in an account handled by Jesse Griffin 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-Barred From Securities Industry For Failing to Cooperate In Regulatory Investigation-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 to discuss how you may be able to recover damages for those losses.

VSR Financial Services

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 alternative investments similar to United Development Funding. 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. It may also include art, wine, antiques, coins or stamps. 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.

If you have questions about an account handled by Kenneth Neuner, call for a no charge consultation 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

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

Dennis Rasmusson- Former VSR Financial Broker- Discloses Customer Disputes-Scottsdale, AZ

April 2017- Scottsdale, AZ

The FINRA records of  Dennis D. Rasmusson,  a  stockbroker who is currently employed by  Berthel, Fisher & Company Financial Services, Inc.  and was previously employed by VSR Financial Services, disclose a prior regulatory event and two 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.

In FINRA arbitration 15-00152 a customer of VSR Financial Services alleged damages of $500,000 for failure to follow instructions, trading excessively, breach of fiduciary duties, unsuitable investments, negligence, misrepresentation,  breach of contract and violations of the Nebraska Securities Act from 10/2011 to 12/2013 in connection with equity listed common and preferred stocks.   That case was settled for $110,000.

In FINRA arbitration 13-02971 a customer of VSR Financial Services alleged damages of $81,000 for portfolio mismanagement from 3/2011- 2013.   That case was settled for $34,000.

In 2011 he was fined $12,500 by the Nebraska Department of Banking and Finance to resolve allegations that he failed to record and maintain books and records and failed to maintain required net capital and policies and procedures manual.

Rasmusson has been employed by Berthel, Fisher & Company Financial Services since 3/2014. Prior to that he was employed by VSR Financial Services from 2/2011 until 3/2014. He discloses a business affiliation with Rasmusson Financial Group, Scottsdale, AZ.

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 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 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 Dennis Rasmusson 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

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