April 2017-Shawnee, KS
The FINRA records of Daniel C. Stewart , a stockbroker who was formerly employed by VSR Financial Services disclose a 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.
Stewart , who operates Professional Financial Concepts in Shawnee, KS, discloses that a complaint filed by a VSR Financial Services customer in 10/2016 alleges damages of $40,000. The customer alleges that Stewart was instructed to move the account to cash in 11/2015 but failed to do so until 1/2016 causing the loss.
Stewart was registered with VSR Financial Services from 12/2006-11/2016 and is currently registered with Summit Brokerage Services, a related entity .
VSR Financial Services was fined $550,000 by the Financial Industry Regulatory Authority (FINRA) in May 2013 in connection with the sale of alternative investments similar to United Development Funding. In their findings, FINRA criticised VSR Financial for recommending high concentration levels of alternative investments in customer accounts and for its lack of supervision over the use of consolidated reports prepared by brokers and provided to customers.
Alternative investments include non publicly traded real estate investment trusts (REITS) , hedge funds, real estate, commodities and derivatives contracts and, managed futures. It may also include art, wine, antiques, coins or stamps. These investments tend to be complex, illiquid, nontransparent, hard to value and expensive. Many of the alternative investments sold over recent years are not traded on any public market making them difficult to value and even more difficult to liquidate if cash is needed.
If you have losses in an account in an account handled by Daniel C. Stewart or another broker who was employed by VSR Financial Services , contact us to discuss how you may be able to recover damages for those losses.
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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