Timothy Hobbs-Former VSR Financial Broker-Discloses Customer Disputes-Bedford Texas

Timothy Hobbs-Former VSR Financial Broker-Discloses Customer Disputes-Bedford Texas 150 150 Robert Rex, Esq.

Bedford, Texas

UPDATE September 2016– As of 9/2016, Timothy Hobbs is registered with Summit Brokerage Services.

Original Post February 2016

Rex Securities Law is investigating VSR Financial Services broker Timothy C. Hobbs of the Crest Retirement Planning in connection with the sale of various direct investments including real estate securitie, equipment leasing investments, promissory notes and limited partnership interests.

According to FINRA records in 2014 Hobbs was named in a FINRA arbitration by a customer alleging unsuitable investments and breach of fiduciary duty in connection with the sale of various direct investments. FINRA Case #14-00192. That case was settled in 5/2015 for $82,500.

In 9/2009, a customer complained that he bought an annuity with the understanding that it included a 5 year rider, however the rider was not purchased. That matter was settled for $20,000 according to FINRA.

According to FINRA records Hobbs  has been registered with VSR Financial Services since 5/1996.

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. 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 handled by Timothy Hobbs or  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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