Rex Securities Law is investigating VSR Financial Services broker Robert B. Hardcastle in connection with the sale of fixed annuities, mutual funds, equities, limited partnerships, direct investments in oil & gas, and real estate securities.
According to FINRA records Hardcastle has been named in seven customer disputes that have been resolved, including:
- NASD Case 5-5562- customer alleged that Hardcastle, while employed by National Securities Corporation, made unsuitable investments in mutual funds and alleged damages of $300,000. The case was settlement for $130,000.
- NASD Case 5-4574-customer alleged that Hardcastle, while employed by National Securities Corporation, made unsuitable, over concentrated investments in high risk aggressive stocks and claimed damages of $675,000. The case was settled for $100,000.
There are currently four customer disputes pending against Hardcastle, including:
- Complaint 5/11/2015-customer alleges that Hardcastle, while employed by VSR Financial Services, made unsuitable investments, misrepresentations and other claims in connection limited partnerships and direct investments in oil & gas and real estate securities. Damages are claimed to be $366,000.
- Complaint 3/27/2015-customer alleges that while employed by VSR Financial Services, Hardcastle overcharged for the management of their account. Damages claimed, $52,577.
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 in an account handled by Robert B. Hardcastle 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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