Publicly available records published by the Financial Industry Regulatory Authority (FINRA) on November 22, 2016 indicate that former Georgia-based VSR Financial Services broker Parks Brown is currently not affiliated with any broker-dealer firm. The securities and investment fraud law firm Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Brown (CRD# 1692166).
Parks Brown has spent 28 years in the securities industry and was most recently registered with VSR Financial Services in Marietta, Georgia (2005-2016). Previous registrations include Register & Akers Investments in Atlanta, Georgia; AG Edwards & Sons in St. Louis, Missouri; Bear Stearns & Company in New York, New York; and Morgan Keegan & Company in Memphis, Tennessee. He is currently not registered with any state or firm.
According to his BrokerCheck report, Parks Brown has received three customer complaints and one pending customer complaint.
In October 2016 a customer alleged Parks Brown, while employed at VSR Financial Services, recommended illiquid and highly unsuitable investments. The customer is seeking unspecified damages in the pending complaint.
In 2014 a customer alleged Parks Brown, while employed at VSR Financial Services, made unsuitable recommendations, churned the account, executed unauthorized trades, breached his fiduciary duty, and acted negligently. The complaint settled for $71,500.
In 204 a customer alleged Parks Brown, while employed at AG Edwards & Sons, misrepresented material facts. The complaint settled for $4,000.
In 2001 a customer alleged Parks Brown, while employed at AG Edwards & Sons, executed unauthorized transactions, made unsuitable recommendations, excessively concentrated investments, churned investments, and breached his fiduciary duty. The complaint resulted in an award to the customer of more than $229,800.
Churning, or excessive trading, refers to the excessive execution of transactions in a customer account for the primary purpose of generating commissions. In churning cases, a broker does not buy, sell, or trade securities in order to advance a client’s investment goals. Instead, large volumes of transactions are made in order to increase fees and charges. Account churning generally arises in situations where a broker has the control over making investment transactions on a client’s account. Situations where this can occur usually involve discretionary or managed funds, or some margin funds. Brokers who engage in excessive trading may be subject to disciplinary action by FINRA or the Securities and Exchange Commission.
If you or someone you know has complaints regarding Parks Brown, call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. You may be entitled to recover lost funds. All cases are taken on contingency: we only receive payment if and when you collect money. Time to file your claim may be limited, so we suggest you avoid delay. Call 877-238-4175 now to speak to an attorney for free.