Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) on December 30, 2016 indicate that former Texas-based VSR Financial Services broker/adviser Dennis Van Patter has received several resolved or pending customer disputes and is currently not affiliated with any broker-dealer firm. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Van Patter (CRD# 1364583).
Dennis Van Patter has spent thirty years in the securities industry and was most recently registered with VSR Financial Services in Plano, Texas (1997-2016). Previous registrations include Dominion Capital Corporation in Dallas, Texas; Anchor National Financial Services; and NWNL Management Corporation. He is currently not registered with any state or firm.
According to his BrokerCheck report, Dennis Van Patter has received five customer complaints, three pending customer complaints, and one regulatory sanction.
In October 2016 a customer alleged Dennis Van Patter, while employed at VSR Financial Services, heavily concentrated the account in illiquid and unsuitable investments. The customer is seeking unspecified damages in the pending complaint.
In October 2016 a customer alleged Dennis Van Patter, while employed at VSR Financial Services, made unsuitable and over-concentrated investments. The customer is seeking $1,074,858 in damages in the pending complaint.
In 2015 a customer alleged he, while employed at VSR Financial Services, recommended unsuitable investments, breached his fiduciary duty, and acted negligently. The complaint settled for $40,000.
In 2015 FINRA sanctioned him following allegations “that his recommendation that a retired customer invest in alternative investments was not suitable in light of the customer’s ranked Primary Investment Objectives and Risk Tolerances, the concentrated nature of the investments, and the customer’s financial circumstances.” According to FINRA: “Van Platter recommended that the customer invest $1,614,000 in alternative investments, such as REITS, note programs, oil and gas drilling partnerships, and other private placements, all of which are securities. The investments recommended by Van Patter were all described in the offering documents as being “speculative,” “highly speculative,” “highly risky,” and/or involving a “high degree of risk.” Directly as a result of Van Patter’s recommendations, the customer had approximately 52% of his liquid net worth concentrated in high risk alternative investments.” He was issued a 45-day suspension and a fine of $10,000.
In 2014 a customer alleged he, while employed at VSR Financial Services, misrepresented material facts, breached his fiduciary duty, and acted negligently. The complaint settled for $215,000.
If you or someone you know has a complaint regarding Dennis Van Patter, call 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.