Stoltmann Law Offices is investigating VSR Financial Services for alleged fraud claims against the firm. A 70 year-old investor retiree filed claims with the Financial Industry Regulatory Authority (FINRA) against VSR claiming that the firm, and former broker, John Towers, put his life savings into an illiquid “alternative” investment program and other non-conventional investments against his instructions. The customer is alleging he suffered losses in excess of $845,807 due to alleged fraud, violations of the Texas Security Act, breach of contract, breach of duty, negligence and failure to supervise and secondary liability. He is seeking actual damages, well-managed account damages, benefit-of-the-bargain damages, rescission, disgorgement of fees and commissions, punitive damages, attorneys’ fees and interest. VSR allegedly put clients into unsuitable investments such as non-traded REITs, public REITs, equipment leasing programs, oil and gas drilling programs, promissory notes and commodity funds. Many of these investments are illiquid and not suitable for all investors.
As of April 2016, at least 30 customers filed complaints for alleged misconduct, including unsuitability, self-dealing and misrepresentations, as well as two regulatory actions against Mr. Towers. In 2015, VSR censured and fined VSR $550,000 for failure to supervise unsuitable sales of non-conventional investments. Mr. Towers was registered with VSR Financial Services in Plano, Texas from July 2002 until April 2014. He is currently registered with Ameriprise Financial Services in Hurst, Texas and has been since April 2014. Please call our law offices today to speak to an attorney for free about your options of suing VSR in the FINRA arbitration process if you feel you may have a claim against the firm. 312-332-4200.
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