Tag Archives: vsr financial reit problem

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

Scott V. Kaup-Former VSR Financial Services Broker-Discloses $1M+ Customer Dispute-Stuart, NE

April 2017-Stuart, NE

The FINRA records of  Scott V. Kaup ,  a  stockbroker who was formerly  employed by  VSR Financial Services  disclose a pending customer dispute 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 currently pending FINRA Case 16-01088, a customer of VSR Financial Services alleges damages of between $1,000,000 and $5,000,000 for unsuitable recommendations, violation of common law fraud, breach of fiduciary duty and negligence for account activity between 3/2001-6/2010. The investments at issue are direct investments, &  limited partnership interests in oil and gas and real estate securities.

Kaup was employed by VSR FInancial Services from 10/1989-9/2016. He is currently employed by Summit Brokerage Services and discloses a business affiliation with Kaup’s Financial Advisors, Inc. 

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 losses in an account in an account handled by Scott V. Kaup 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.

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

Matthew J. Westfall-Former Securities America Broker-Discloses Pending Customer Dispute

February 2017-Grand Isle, NE

According to publicly available records Matthew J. Westfall , (CRD# 1112977) ,  a   stockbroker who is not currently registered, discloses a pending customer dispute, a discharge from employment and a final regulatory matter.

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.

Westfall discloses that in March 2016, a customer of Securities America filed FINRA arbitration 16-0771 alleging damages of $336,813 for unsuitable recommendations, fraudulent misrepresentation and violations of federal and Nebraska securities laws in connection with an investment in real estate securities. That matter is currently pending.

Westfall discloses that in 12/2012 he was discharged from National Planning Corporation who alleged that he solicited an investment and accepted funds in connection with an investment that was not offered by the firm.

Westfall discloses that in January 2014, he was fined $25,000 and suspended for two years to resolve allegations that he solicited and accepted funds from firm customers to purchase Iraqi Dinar currency as an investment and other allegations.

Westfall’s prior employment includes Primex, National Planning Corporation, Securities America, Sunamerica Securities and VSR Financial Services. 

If you have questions about an account in an account handled by Matthew J. Westfall , 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

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

Brad Wilson-VSR Financial Broker-Discloses Settlement of Customer Dispute

October 2016-Houston, Texas

The FINRA records of  John “Brad” Wilson,  a  stockbroker who is currently  employed by  VSR Financial Services & Summit Brokerage Services disclose a prior customer dispute that has 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.

Wilson, who operates Core + Financial Strategies in Houston, Texas discloses that  a complaint filed by a VSR Financial Services customer alleged damages of $550,000 in connection with the loss of guaranteed benefits on a variable annuity due to the fact an incorrect amount was withdrawn that exceeded the maximum withdrawal limit. That dispute was resolved by a settlement payment of $178,800 according to FINRA records.

Wilson has been registered with VSR Financial Services since 12/2010 and registered with Summit Brokerage Services since 9/2016. VSR Financial Services is in the process of winding down operations and transferring many of the brokers and customer accounts to a related entity, Summit Brokerage 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 losses in an account in an account handled by Brad Wilson 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.

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