Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) on May 3, 2016 indicate that former Louisiana-based VSR Financial Services broker Michael Shaw, also known as Dan Shaw, has been permanently barred from acting as a broker. The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Shaw (CRD# 1571907).
Michael Shaw has spent 24 years in the securities industry and was most recently registered with VSR Financial Services in Baton Rouge, Louisiana (2003-2011). Previous registrations include UBS Financial Services in Weehawken, New Jersey (1989-2003) and AG Edwards & Sons in St. Louis, Missouri (1986-2003). He is currently not registered with any state or firm.
According to his BrokerCheck report, Michael Shaw has been the subject of 18 customer complaints and one regulatory sanction.
In April 2015, a customer alleged that Michael Shaw, while employed at VSR Financial Services, breached his fiduciary duty, committed fraud, misrepresented material facts, acted negligently, breached contract, and engaged in unjust enrichment. The complaint settled in February 2016 for $542,000.
In February 2015, a customer alleged that Michael Shaw, while employed at VSR Financial Services, acted negligently, breached his fiduciary duty, and breached contract. The complaint settled in July 2015 for $70,000.
In 2013, a customer alleged that Michael Shaw, while employed at VSR Financial Services, recommended unsuitable investments. The complaint settled for $91,000.
In 2012, a customer alleged that Michael Shaw, while employed at VSR Financial Services, breached his fiduciary duty, misrepresented material facts, committed fraud, acted negligently, breached contract, and violated Louisiana law. The complaint settled in June 2015 for more than $1,262,000.
In 2011, a customer alleged that Michael Shaw, while employed at VSR Financial Services, recommended unsuitable real estate investment trusts and made false entries on account documents. The complaint settled in 2012 for $165,000.
In 2011, FINRA sanctioned Michael Shaw following allegations that he recommended and effected the sale of high-risk private placements to customers without a reasonable basis to believe they were suitable investments. FINRA’s complaint additionally alleged Mr. Shaw made material misrepresentations and omissions and falsified account documents for customers so as to increase their net worths and change their risk profiles. Mr. Shaw was issued a permanent bar from the securities industry.
If you have lost money investing with Michael Shaw, call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. You may be eligible to recover lost funds. All cases are taken on contingency: we only receive payment if and when you recover money. You may have a limited window to file your complaint, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.