The securities fraud law firm of Fitapelli Kurta is interested in hearing from investors who have invested and lost money with VSR Financial Services, or any of its’ brokers.
VSR Financial Services, Inc. is a broker-dealer firm incorporated in Missouri in 1983, with their main office located in Shawnee Mission, Kansas. They are registered with both the Securities Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA).
According to its FINRA BrokerCheck Report, VSR has been the subject of at least nine regulatory events, one of which is currently pending. In addition, VSR has been through five arbitrations before FINRA.
The following are FINRA complaints filed against VSR or one of its’ brokers:
- On May 15, 2013, VSR was fined $550,000 by FINRA for failing to properly implement an appropriate supervisory system over its brokers, and for allowing its brokers to make unsuitable recommendations of non-conventional investments to six customers, resulting in millions of dollars of losses for the customers.
- On April 24, 2013, VSR and Donald Beary entered into an AWC stating that from 2005 to 2008, one of their brokers, Michael D. Shaw (CRD# 1571907) recommended and sold high risk private placements to several customers. Specifically, Michael D. Shaw recommended his customers invest in Odyssey Diversified VI, Arciterra Note Fund II, and Odyssey Diversified Notes IX, all of which were private placements that were unsuitable for the customers risk tolerance. Michael D. Shaw is not curerntly registered with any FINRA approved broker-dealer firm.
- Donald J. Beary (CRD# 15818) was the broker referenced in the May 15, 2013 violation. Beary was suspended for 45 days from associating with any FINRA member firm and fined $10,000 for the above mentioned malfeasance. Beary has a laundry list of customer complaints himself, all of which occurred while he was employed by VSR, including a $10 million settlement of a claim brought by a customer alleging failure to disclose material information, negligence and breach of contract.
- On December 1, 2011, the State of Missouri demanded VSR pay $150,000 for failing to maintain and preserve records of various private securities transactions.
- On March 4, 2008, FINRA fined VSR $20,000 for failing to supervise one of its brokers, and failing to detect that broker was making unsuitable recommendations for investors.
- On January 11, 2007, a customer was awarded $77,000 by a FINRA arbitration panel, stemming from allegations of fiduciary duty, breach of contract, and negligence.
- On June 24, 2005, the NASD (FINRA’s predecessor) fined VSR $10,000 for once again failing to properly supervise its’ brokers.
For a full list of VSR’s FINRA violations and fines, see their BrokerCheck Report.
If you or a loved one has suffered financial loss as a result of the misconduct of VSR Financial or one of its brokers, you may be entitled to compensation. Contact the experienced attorneys at Fitapelli Kurta today for your free case evaluation. Time is limited, so do not delay. Call now.