Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) on March 2, 2016 indicate that Utah-based VSR Financial Services broker/adviser Alan Flake, also known as Ken Flake is the subject of several customer complaints. The securities and investment fraud law firm Fitapelli Kurta is investigating allegations of misconduct against Mr. Flake (CRD# 209342).
Alan Flake has spent 45 years in the securities industry and has been registered with VSR Financial Services in Park City, Utah since 2002. Previous registrations include Rushmore Securities in Dallas, Texas; Northstar Securities in Dallas, Texas; Dominion Capital Corporation in Dallas, Texas; IFG Network Securities in Atlanta, Georgia; Derand/Pennington/Bass; Pennington/Bass Equities; Lifestyle Investment Securities; Financial Synergies Equities; Income Builders; Vancaspel & Company; General Securities; and MFB Securities. He is a registered broker and investment adviser in eight US states: Arizona, California, Colorado, Idaho, North Carolina, Oregon, Texas, and Utah.
According to his BrokerCheck report, Alan Flake, also called Ken Flake is the subject of three customer complaints and two regulatory sanctions.
- In 2003 a customer alleged Alan Flake, while employed at Reserve Management, breached his contract and failed to supervise. The complaint settled in 2004 for $40,000, to which Mr. Flake individually contributed $40,000.
- In 2003 a customer alleged Alan Flake, also known as Ken Flake while employed at Reserve Management, recommended unsuitable limited partnership investments. The complaint settled for $30,000, to which Mr. Flake individually contributed $30,000.
- In 2003 the State of Texas sanctioned Alan Flake following allegations he was negligent in supervising the activities of a registered representative, resulting in losses. He was issued a $3,000 fine and a 15-day suspension.
- In 1999 the Texas State Securities Board sanctioned Alan Flake following allegations he failed to disclose a bankruptcy filing.
- In 1985 a customer alleged Alan Flake, while employed at Hall-Flakes & Associates, violated the Securities Exchange Act of 1933. The complaint settled for $35,000.
If you have lost money investing with Alan Flake, also known as Ken Flake, you may be able to recover your losses. Call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. All cases are taken on a contingency basis: Fitapelli Kurta only gets paid if and when you collect funds. Time to file your claim may be limited, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.
This information has been made public by the Financial Industry Regulatory Authority (FINRA) on March 4, 2016.