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Another FINRA Arbitration Filed Against VSR Financial Over Alternative Investment Losses

The White Law Group announces the filing of another FINRA arbitration claim against VSR Financial involving alternative investments, oil and gas partnerships and nontraded REIT investment losses.

 
PRLog - Apr. 28, 2014 - PLANO, Texas -- The claim, filed by The White Law Group, was submitted to FINRA Dispute Resolution on behalf of two Texas investors and a Georgia investor alleging claims for violation of common law fraud, breach of fiduciary duty, negligence, and negligent supervision. The claim further alleges that VSR Financial unsuitably invested the clients in the following alternative and high risk investments (among others):

Bradford Drilling Associates 27, L.P.

Mewbourne Energy Partners 10-A, L.P.

Mewbourne Energy Partners 11-A, L.P.

Summit Hotel Properties (Class A)

ArciTerra Note Fund III, LLC

ArciTerra Strategic Retail, LLC

Behringer Harvard MultiFamily REIT I, Inc.

CNL Lifestyle Properties, Inc.

Cypress Income Fund 8 8.25% Note

FS Investment Corporation

NetREIT Common

Summit Hotel Properties

ArciTerra Strategic Retail Trinity Place

ArciTerra Strategic Retail, LLC

Atlas America Public #18 – 2008-A Ltd

Bradford Drilling Associates 26, L.P.

Bradford Drilling Associates 27, L.P.

Bradford Drilling Associates 28, L.P.

Bradford Drilling Associates 29, L.P.

Bradford Drilling Associates 30, L.P.

Bradford Energy Partners 2, L.P.

Cypress Equipment Fund 15

Cypress Equipment Fund 16

FS Energy & Power Fund

Gentry Mills – GMI Mueller Hospitality

Mewbourne Energy Partners 09-A, L.P.

Mewbourne Energy Partners 10-A, L.P.

Mewbourne Energy Partners 11-A, L.P.

Mewbourne Energy Partners 12-A, L.P.

NetREIT Common

Penneco Drilling Associates 2010-1

Penneco Drilling Associates 2011-1

Resource Real Estate Opportunity Fund

Waveland Drilling Partners 2008-A, L.P.

Waveland Drilling Partners 2010-A, L.P.

Waveland Drilling Partners 2011-A, L.P.

Waveland Drilling Partners 2011-B, L.P.

Waveland NeoMatrix Bridge Loan

Waveland NeoMatrix, LLC

Waveland Resource Partners 1, L.P.

Waveland Resource Partners 2, L.P.

Waveland Ventures IV, LLC

Waveland Ventures IV-A

UDF Land Opportunity Fund L.P.

CNL Lifestyle Properties, Inc.

United Dev Fdg III L.P. Unit L.P.

First Eagle Gold Fund C

PIMCO Commodity Real Return Strategy C

ArciTerra Strategic Retail II, LLC

Global Allocation – Class C

Van Eck International Investors Gold C

Invesco Balanced-Risk Allocation - C

PIMCO Dynamic Cr Income Fund

KBS Strategic Opportunity REIT

The claim seeks damages in excess of $1,000,000.

Before recommending an investment, a broker-dealer has a fiduciary duty to adequately disclose the risks involved in the investment and to perform the necessary due diligence to determine whether the investment is suitable for the investor.  It is alleged that VSR Financial failed to perform the necessary due diligence on these investments prior to recommending them to these particular investors.

The financial advisor that handled the account at issue is named John Towers.  According to his FINRA Broker Report (CRD) it appears that John Towers worked in VSR Financial's Plano, Texas office from June 2002 until December 2013.  It also appears that in December 2013, Mr. Towers was suspended from the securities industry by FINRA for allegedly recommending that a married couple invest in high-risk private placements and real estate investment trusts.  Mr. Towers' CRD also indicates that he has been the subject of sixteen (16) customer complaints.

When asked about the claim, D. Daxton White, the firm's managing partner, stated "This claim bears striking similarities to other claims we have filed against VSR involving this particular financial advisor."

FINRA Dispute Resolution is an arbitration venue for investors with claims against their brokerage firm or financial professional.  It provides investors with an opportunity to attempt to recoup their investment losses and is an alternative to filing such claims in court.

For more information on the claim filed by The White Law Group, please contact the firm's Chicago office at 312-238-9650.

The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Boca Raton, Florida.

For more information on The White Law Group and its representation of investors in FINRA arbitration claims, visit http://www.whitesecuritieslaw.com.

Contact
The White Law Group
312-238-9650
***@whitesecuritieslaw.com

--- End ---

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Contact Email:
***@whitesecuritieslaw.com
Source:The White Law Group
Location:Plano - Texas - United States
Industry:Banking, Legal
Tags:VSR Financial, John Towers, finra arbitration, Mewbourne Energy, ArciTerra Fund
Shortcut:prlog.org/12316054
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