Tag Archives: vsr financial lawsuit

Bob Wamhoff-Former VSR Financial Services Broker-Discloses Suits Involving REIT Investments-St. Charles, MO.

February 2018-Saint Charles, MO

The FINRA records of  Robert (Bob) Wamhoff,  a  stockbroker who was formerly employed by  VSR Financial Services  disclose 2 currently pending and  8 prior customer disputes that are final.

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.

Wamhoff, who operates Wamhoff Financial Planning and Accounting Services in St. Charles, MO discloses that he has settled 4 customer disputes , including:

  • FINRA Case 13-02493 in which a customer of VSR Financial Services alleged damages of $26,000  for breach of fiduciary duty, negligence and other claims related to an investment in real estate securities. That case was settled for $6,500.
  • A claim in July 2013 by a customer of VSR Financial Services who alleged unspecified damages for unsuitable investments in real estate securities and variable annuities. That case was settled for $30,000.
  • FINRA Case 9-6098 in which a customer of VSR Financial Services alleged damages of $150,000 for fraud, negligent omission and other claims in connection with investments in variable annuities, direct investments, limited partnerships and real estate securities. That case was settled for $65,000.

Two currently pending customers disputes are disclosed by Wamhoff:

  • 7/2017-a customer of VSR Financial Services alleges poor performance of oil and gas investments and real estate securities (REITs) and seeks damages of $235,000.
  • FINRA Case 17-0919- a customer of VSR Financial Services seeks damages of $50,000 and alleges breach of fiduciary duty, suitability, ongoing fraud, violation of Missouri Securities Act and other claims related to real estate securities.

Wamhoff is currently employed by Calton & Associates, Inc. He was employed by VSR Financial Services from 8/2005-7/2016. He discloses a business affiliation with DIBO Enterprises dba Wamhoff Financial Planning and Platinum Sports & Entertainment Management.

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. 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 losses in an account in an account handled by Robert (Bob) Wamhoff or VSR Financial Services , contact us to discuss how you may be able to recover damages for those losses.

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

Mickey Long-Former VSR Financial Broker-DIscloses Numerous Customer Complaints Over Alternative Investments-Plano, TX

November  2017-Plano, Texas

According to public records former VSR Financial Services broker M. F. (Mickey) Long discloses a prior final regulatory event, 10 prior customer disputes that are final and 4 pending customer disputes. In addition Long discloses a prior regulatory matter that is final.

Three of the prior customer disputes were brought by Long’s customers while he was employed by VSR Financial Services and allege damages related to investments in real estate investment trusts (REITs), oil and gas, equipment leasing and promissory notes (alternative investments). Settlements paid by VSR Financial in those three cases are $196,500, $82,500 and $235,000.

The three pending cases against Long are all brought by customers of VSR Financial and relate to alternative investments such as REITs, oil and gas and equipment leasing. Damages sought in the four pending cases range from  $94,438 to $838,389. Claims alleged are highly unsuitable investments that are illiquid and that were overly concentrated.

In October 2016, the Texas State Securities Board (TSSB) entered a Disciplinary Order against M. F. (Mickey) Long II. 

The TSSB Order made certain findings with regard to Mr. Long’s business practices during the time he was employed by VSR Financial Services (6/2002-6/2016), including the following:

  • Long routinely recommended that VSR Financial clients invest in non-listed real estate investment trusts (REITs) and interests in exploratory drilling programs sold through private offerings (Alternative Investments)
  • Long recommended that a client of VSR Financial who was over 70 years of age invest in Alternative Investments at risk tolerance levels that were excessive.
  • Long did not have a reasonable basis to believe that the recommendations he made to invest in the Alternative Investments were suitable for this elderly client.

Long and and his new employer Calton & Associates agreed that so long as Mr. Long is registered with Calton he will not sell or recommend the purchase of any Alternative Investments.  In addition, Long and Calton agreed that Calton will establish a heightened supervision plan for the supervision of Mr. Long’s practice for two years. Mr Long’s registration with TSSB was suspended for 45 days as a part of the Order.

See this for prior posts on Mickey Long. 

VSR Financial’s Prior Issues with Alternative Investments

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. VSR Financial announced that they were winding down their brokerage business and transferring many of their brokers and customer accounts  to an affiliated entity Summit Brokerage Services in the fall of 2016.

See this for prior posts on VSR Financial Services.

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.

Long was employed by VSR FInancial  Services from 6/2002-7/2016. He has been registered with Calton & Associates since 6/2016. Long discloses a business affiliation with Wealth Preservation Consultants and  First FInancial Services Group.

If you have losses in an account in an account handled by Mickey Long or  another VSR Financial Services broker, contact us to discuss how you may be able to recover damages for those losses.

The Law Offices of Robert H. Rex, P.C.  , 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

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

VSR Financial-Overland Park, KS, Brokerage Firm- Shutting Down Operations

November 3, 2016-Overland Park, KS

The Kansas City Star reports that VSR Financial, which has been in business since 1984, it shutting down and moving its brokers and customers to other related firms in the Cetera Financial Group.

VSR Financial had about 215 brokers in 58 branches nationwide.

VSR has had several significant regulatory issues to deal with in the recent years:

Alternative Investment Issue

In May 2013, VSR Financial Services was fined $550,000 by the Financial Industry Regulatory Authority (FINRA)  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.

For more information related to VSR Financial’s alternative investment issues, follow this link. 

Variable Annuity Sales Issue

In October 2016, VSR Financial was censured and fined $400,000 for various supervisory issues related to the sale of variable annuities to customers. Related entities Cetera Advisor Networks, Cetera Financial Specialists, First Allied Securities and Summit Brokerage Services were also sanctioned by FINRA for supervisory failures related to the sales of variable annuities.

Follow this link to 10/2016 VSR Financial FINRA Sanction for Variable Annuity Sales Violations

If you have losses in an account in an account at  VSR Financial Services , contact us to discuss how you may be able to recover damages for those losses.

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

Charles Geraci-Former VSR Financial Services Broker-Discloses Customer Disputes-The Woodlands, TX

The Woodlands, Texas

UPDATE NOVEMBER 2017Charles Geraci no longer registered with VSR FInancial Services. See this for details. 

UPDATE December 2016VSR Financial Services has ceased operations. Many of its brokers have transferred to Summit Brokerage Services, an affiliated company.

UPDATE SEPTEMBER 2016FINRA records report that former VSR Financial Services broker Charles Geraci has not been registered with any broker dealer since July 2016.

In July 2016 FINRA case 16-2097 was filed by a customer of VSR Financial Services alleging damages of $500,000 for unsuitable investments in private placements and alternative investments including:

  • Behringer Harvard REIT I
  • Cole Credit Property Trust II
  • United Development Funding III
  • Cypress Income Fund VII
  • FS Investment Corporation
  • Odyssey Diversified Notes IX
  • Grubb & Ellis Healthcare
  • Canadian UIT

Original post June 2016

According to FINRA records, Charles Geraci  a stockbroker who is employed by VSR Financial Services ,  discloses one pending customer dispute and 6 prior customer disputes that have been resolved .

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 Case #16-1180, a customer of VSR Financial Services alleges damages of $930,216 for negligent misrepresentation, breach of contract and unsuitable investments in equipment leasing, real estate securities, limited partnerships and other direct investments.

VSR Financial Services Problems with Alternative Investments

In July 2013, FINRA fined VSR Financial $550,000 for over concentrating   customer accounts with various  alternative investments. See this for more information.

We have represented a number of people with claims against VSR Financial Services  for losses suffered on investing in REITs, oil and gas partnerships, equipment leasing and other alternative investments during the past several years . Follow this link for more information on our investigation into the sales practices of VSR Financial Services.

Many of these investments were purchased years ago and persons suffering damages from these investments should be aware that there are statutes of limitations and regulatory rules that may make it impossible to collect damages if claims are not brought in a timely manner. Victims who wish to pursue their claims should act now without further delay or risk losing valuable legal rights.

If you have questions about an account handled  by Charles Geraci or if you have losses in an account at VSR Financial Services, 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

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