VSR Financial Services, Inc
The securities litigation attorneys at Gana LLP represent clients with investment claims against their brokers, financial advisors, and brokerages, such as VSR Financial Services, Inc (VSR). Broker misconduct involves many different types of business practices ranging from unsuitable investment advice, unauthorized transactions and churning, to Ponzi schemes, securities fraud, and failure to supervise. Some of these types of misconduct are often difficult for investors to uncover on their own. The investment attorneys at Gana LLP can help you in your review your financial statements and activity and determine if you have been victim of securities related misconduct.
VSR was established in 1985 and currently has approximately 203 retail offices nationwide. Recently, RCS Capital Group acquired VSR and added it to its independent broker-dealer network, Cetera Financial Group. Cetera Financial Group is one of the largest independent broker-dealer groups in the nation. VSR is affiliated with, under common control, or otherwise performs business under the company names VSR Group, Inc., Burch & Company, Inc., The Masters, VSR Advisory Services, VSR Financial Services, Inc.VSR Financial Services, Inc. – By the Numbers:
- CRD# 14503
- Number of Representatives: 274 as of 2013
- Total revenues: $107,297,059 as of 2013
- Total Account Assets $11,593,033,651
- 10 Regulatory Events as of 2014
- 1 Customer Dispute as of 2013
FINRA v. VSR Financial Services, Inc., Case No. 2010022963602. Pursuant to an AWC, VSR paid a $550,000 fine to settle charges with FINRA. The FINRA charges stemmed from allegations that VSR failed to establish sufficient supervisory procedures regarding the sale of non-conventional investments. FINRA alleged that VSR changed internal risk ratings of non-conventional investment products subsequent to VSR’s acceptance of the product. Additionally, FINRA alleged that VSR changed the way that they evaluated asset concentration in their clients’ portfolios in a way that allowed for an overconcentration in risky, non-conventional investments.
FINRA v, VSR Financial Services, Inc. Case No. 2006003982201 through a letter of acceptance, waiver and consent, VSR agreed to pay a fine of $20,000 to settle allegations of FINRA rule violations. FINRA alleged that from July 2004 through August 2005 a VSR failed to supervise and manage brokers who recommended 23 unsuitable purchases of Class B shares in mutual funds. Additionally, FINRA alleged that VSR failed to supervise and manage brokers who failed to obtain correct breakpoints on twelve purchases of Class A shares of mutual funds, resulting in customers paying higher front-end loads than appropriate.
The investment attorneys at Gana LLP have experience representing clients in matters involving non-conventional investments along with other kinds of investment fraud and broker disputes. Our consultations are free and we welcome all inquiries.