Tag Archives: VSR Financial Services problem

Kenneth Devane – Former VSR Financial Services Broker- Discloses Customer Dispute – Tampa, FL

February 2018 – Tampa, FL

The FINRA records of  Kenneth Manuel Devane  a  currently unregistered stockbroker who was formerly  employed by  VSR Financial Services  discloses settlement of a  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 FINRA case 12-04161, a customer of VSR Financial Services alleged misrepresentation, unsuitable investments, violation of Florida Securities and Investor Protection Act, breach of fiduciary duty, violation of FINRA conduct rules and negligence in connection with  investments in real estate securities. That case was settled for $36,000.

Devane was employed by VSR Financial Services from November 2001 until December 2014.  He was employed by Ameriprise Financial Services until 8/2015.  

If you have losses in an account in an account handled by Kenneth Devane 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

Ronald Kudlacek-VSR Financial Services Broker-Discloses Settlement of Customer Dispute Involving Annuity

The FINRA records of  Ronald J. Kudlacek,  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.

Kudlacek , 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.

Kudlacek 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. See 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 losses in an account in an account handled by Ron Kudlacek 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

Mickey Long-VSR Financial Broker- Sanctioned by Texas State Securities Board-Plano, TX

October 2016-Plano, Texas

The Texas State Securities Board (TSSB) entered a Disciplinary Order against M. F. (Mickey) Long II who operates First Financial Services Group in Plano, TX, and stock brokerage firm Calton & Associates.

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 on-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 Calton 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 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. 

See this for prior posts on VSR Financial Services.

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. During the summer of 2016, VSR Financial announced that they were winding down their brokerage business and transferring accounts and brokers to an affiliated entity Summit Brokerage 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.

If you have losses in an account in an account handled by Mickey Long 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

Steven Stahler-Former VSR Financial Broker-Discloses Numerous Customer Complaints

Baton Rouge, LA

UPDATE December 2016-Publicly available records disclose that in December 2016 a customer of Steven Stahler filed FINRA arbitration #16-3594 alleging damages for unsuitable investments in direct investments, equipment leasing, real estate securities, unit investment trusts and business development companies.

Original Post June 2016– According to FINRA records,  Steven L. Stahler  a stockbroker  who  formerly worked for VSR Financial Services discloses  1 final regulatory event, 11 final customer disputes, one pending customer dispute and one pending judgment/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 a currently pending matter, a customer while Stahler was employed by VSR Financial  Services alleges damages of $793,101 and alleges Stahler failed to diversify investments and was negligent in recommending direct investments in equipment leasing, oil and gas, promissory notes and REITs.

In November 2014, Stahler was suspended and fined by FINRA after being named in a FINRA complaint alleging that he made unsuitable recommendations to four customers. The recommendations were investments in private placements and REITs that were unsuitable for the customers.

Most of the previously resolved customer disputes against Stahler relate to investments made into alternative investments while Stahler was employed by VSR Financial Services. Settlements on those cases range as high as $1.3M.

Stahler was previously  registered with the following firms:

  • Lowell & Company                           8/2012=11/2013
  • Ausdal Financial Partners            12/2011-8/2012
  • Berthel Fisher Financial                 6/2009-12/2011
  • VSR Financial                                        10/1992-6/2009

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

We have represented a number of people with claims against VSR Financial Services over during the past several years. Follow this link for more information on our investigation into the sales practices of VSR Financial Services.

If you have questions about an account handled  by Steven Stahler or other VSR FInancial Services broker, 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

Keith Bradley-VSR Financial, Houston, Texas-Discloses Pending Customer Dispute

Houston , Texas

UPDATE December 2016-Keith Bradley’s FINRA records disclose a pending customer initiated claim seeking damages of $100,000 for unsuitable investments and negligence related to Direct Investments, Limited Partnerships, equipment leasing, oil & gas investments, real estate securities and private placements.

Original Post May 2016–Rex Securities Law is investigating VSR Financial Services broker Keith Allen Bradley  (dba Reserve Management Financial Services)  in connection with the sale of alternative investments  to several retired persons in Houston, Texas.

The investments include:

  • Alliance Petroleum Corp 2005/2006
  • Arciterra Note Fund 
  • Arciterra Real Estate Investment Trust
  • Behringer Harvard Investments
  • Bradford Drilling Assoc.
  • KBS REIT
  • Mackenzie Patterson Flagship Fund
  • Mewbourne Energy Partners
  • NetREIT
  • Reef Income & Development Funds
  • Ridgewood Energy Funds
  • Waveland Drilling Partners
  • WNC Housing Tax Credit

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.

According to FINRA records, Keith Allen Bradley has been registered with VSR Financial Services since 1/2002, and he discloses 4 pending judgment/liens, including a $400,431 Federal Tax lien, a lien of $109,201 to Harris County Court, TX, and a $108,959 lien to Montgomery County Court, Texas.

VSR FINANCIAL SANCTION FOR SALE OF UNSUITABLE 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 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.

If you have losses in an account handled by Keith Bradley, 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