Campbell, CA
According to FINRA records, Barry W. Lemay , a stockbroker who formerly worked for VSR Financial Services discloses 9 final customer disputes and one pending customer dispute.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
In currently pending FINRA Case 15-01649, a customer while Lemay was employed by VSR Financial Services alleges damages of $2,822,797 and alleges Lemay was negligent, breached his fiduciary duty and made unsuitable recommendations in tenant in common investments from 2003-2008.
Four of the prior customer disputes have resulted in monetary settlements, including:
- FINRA Case 15-0044 in which a VSR Financial Services customer alleged damages of $1 million for unsuitable investments in limited partnerships, oil & gas investments and real estate securiteis. That case was settled for $255,000.
- FINRA Case 10-3130 in which a VSR Financial Services customer alleged damages of $737,200 for breach of fiduciary duty, negligence and misrepresentation. That case was settled for $299,000.
Lemay is currently employed by Concorde Investment Services.
In July 2013, FINRA fined VSR Financial $550,000 for over concentrating alternative investments in customer accounts.
We have represented a number of people with claims against VSR Financial Services over during the past several years. Follow this link for more information on our investigation into the sales practices of VSR Financial Services.
If you have questions about an account handled by Barry W. Lemay, call for a no charge consultation.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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