Published on:

John Towers is Permanently Barred

John TowersPublicly available records provided by the Financial Industry Regulatory Authority (FINRA) on May 25, 2016 indicate that former Texas-based VSR Financial Services broker John Towers has been permanently barred from acting as a broker or otherwise associating with firms that sell securities to the public. The securities and investment fraud law firm Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Towers (CRD# 700221).

John Towers has spent 43 years in the securities industry and was most recently registered with VSR Financial Services in Plano, Texas (2002-2013). Previous registrations include Rushmore Securities Corporation in Dallas, Texas (2001-2002); Northstar Securities in Dallas, Texas (1998-2001); and Dominion Capital Corporation in Dallas, Texas (1991-1998). Mr. Towers is currently not registered with any state or firm.

According to his BrokerCheck report, John Towers is the subject of 27 customer complaints, seven pending customer complaints, and two regulatory sanctions.

In December 2015, FINRA sanctioned John Towers following allegations he failed to respond to a request for information. He was permanently barred from the securities industry.

In November 2015, a customer alleged John Towers, while employed at VSR Financial, recommended unsuitable investments, acted negligently, committed fraud, and breached his fiduciary duty. The complaint settled in April 2016 for $23,750.

In October 2015, a customer alleged John Towers, while employed at VSR Financial, acted negligently, recommended unsuitable investments, committed fraud, and breached his fiduciary duty. The complaint settled in April 2016 for $223,000.

In March 2015, a customer alleged John Towers, while employed at VSR Financial, made unsuitable investment recommendations, breached his fiduciary duty, committed fraud, and acted negligently. The complaint settled in March 2016 for $25,925.

In 2014, a customer alleged John Towers, while employed at VSR Financial, committed fraud, breached his fiduciary duty, and acted negligently. The complaint settled in August 2015 for $257,000.

In 2014, a customer alleged John Towers, while employed at VSR Financial, breached his fiduciary duty, acted negligently, and committed common law fraud. The complaint settled in 2015 for $670,000.

In 2013, FINRA sanctioned John Towers following allegations he recommended high-risk private placements and real estate investment trusts (REITs) to a married couple. Mr. Towers was issued a $25,000 fine and a three-month suspension from association with any FINRA member in any capacity.

If you or someone you know has a complaint regarding John Towers, call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. You may be eligible to recoup losses. Fitapelli Kurta accepts every case on contingency: we only get paid if and when you collect money. Time to file your claim may be limited, so we recommend you avoid delay. Call 877-238-4175 now to speak to an attorney for free.