What Did Your Brokerage Firm or Investment Adviser Do Wrong With GWG
Published On: November 23, 2015

Stoltmann Law Offices is investigating Dennis P. Van Patter, who recently entered into a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA). Patter was a registered broker with VSR Financial Services. He is accused of recommending to a customer that he invest $1,614,000 in alternative investments such as real estate investment trusts (REITs), note programs, oil and gas drilling partnerships, and other private placements, all of which were described as being highly speculative and risky. The customer ranked his four Primary Investment Objectives and Risk Tolerances as Moderate Income, Moderate Growth and Income, Moderate Growth and Conservative Growth. The securities Van Patter placed him in were not conservative or moderate and put almost 52% of the client’s liquid net worth into high-risk alternative investments.

Private placements are made when the broker recommends and sells an investment that is not held or offered by his investment firm, and this is against securities rules and regulations. It is done to generate large commissions for the broker himself. It is a broker’s duty to take into account the client’s net worth, age, investment objectives and portfolio when recommending a security, and, if he does not, the broker’s investment firm can be held responsible for client investment losses as they had a duty to reasonably supervise him while he was employed there. In Van Patter’s case, FINRA fined him $10,000 and suspended him from the industry for 45 calendar days.

According to his FINRA BrokerCheck report, Dennis P. Van Patter was registered with NWNL Management Corporation from July 1985 until April 1986, Anchor National Financial Services from March 1986 until December 1989 and Dominion Capital Corporation in Dallas, Texas from January 1990 until October 1997. He is currently registered with VSR Financial Services in Plano, Texas and has been since October 1997. He has seven customer disputes against him. If you or someone you know lost money with Van Patter, we may be able to help you recover your investment losses. We are securities attorneys who help recover financial losses in the FINRA arbitration process. The call to us is free. Attorneys are standing by to take your call. Please call soon, as time is of the essence with these cases.



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