Texas- Rex Securities Law filed an arbitration (FINRA Case #14-00496) with the Financial Industry Regulatory Authority (FINRA) against VSR Financial Services on behalf of two clients from the Dallas, Texas area who are seeking damages of $600,000 as a result of being sold various alternative investments, including the following:
Alliance Petroleum Corp 2006-B Arciterra Strategic Retail Echelon Arcitera Whitefish Opportunity Fund Atlas America Public #17-2007A Ltd. Bradford Drilling Associates 27, LP Cypress Equipment Fund 13 Florida Capital Real Estate Partners 27 Mewbourne Energy Partners 9A, 10A, 11A, 12A NetREIT Common Odyssey Residential Realty II LLC 9% Note Odyssey Properties III Reef SWD 2007-A Waveland Drilling Partners 2006-B, 2007-A, 2008-B Waveland Resource Partners Waveland Vanguard Partners
The claim alleges that the investments, which were sold to them by former VSR Financial broker John H. Towers, were unsuitable for them and were negligently misrepresented. It also alleges that VSR Financial breached its fiduciary duty and was negligent in the supervision of its brokers.
According to FINRA records, John H. Towers was suspended by FINRA in January 2014 in connection with the sale of private placements and real estate investment trusts to a couple that did not authorize such high risk investments.
In May 2013, VSR Financial Services was sanctioned and fined $550,000 by FINRA in connection with the sale of excessive amounts of private placements and other non-conventional investments to investors.
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