What Did Your Brokerage Firm or Investment Adviser Do Wrong With GWG
Published On: October 12, 2016

 

The Texas State Securities Board suspended MF (Mickey) Long II, a registered representative at the time with VSR Financial Services. Long was accused of putting nearly double the amount of risky assets permitted in the portfolio of a 70-year-old customer. The customer allegedly instructed Long to put no more than 20% of his assets in “highest risk, aggressive” instruments. Long allegedly put 36% into highest risk and aggressive instruments. He also allegedly violated customer instructions by placing almost 78% of his assets in high risk/moderate vehicles when the client told him to limit the investments to 60% of his portfolio. Those investments went into non-listed real estate investment trusts (REITs) and exploratory drilling programs. For this, Long was suspended for 45 days and was ordered not to sell any alternative investments. He was also ordered to be put under heightened supervision by his employer, Calton & Associates, for two years.

Brokers who have aggressively pushed oil and gas and energy exploration investments (some of them phony) have created a problem for investors. Many of these investments are very risky and not suitable for all investors. A broker must take into account a client’s age, net worth, investment objectives and investment tolerances before recommending a security. If he does not, his brokerage firm may be responsible for losses, as the firm had a duty to reasonably supervise him while he was employed there. We bring regulatory action against firms such as VSR Financial Services and Calton & Associates in order for investors to recover losses. Please call today to speak to an attorney for free to find out how you may be able to bring a claim against a brokerage firm on a contingency fee basis. 312-332-4200.

MF Long, or Mickey Long was registered with Baraban Securities in Los Angeles, California from December 1987 until March 1990, Dominion Capital Corp in Dallas, Texas from March 1991 until December 1998, Northstar Securities in Dallas from June 1998 until March 2001, Rushmore Securities in Dallas from January 2001 until June 2002 and VSR Financial Services in Plano, Texas from June 2002 until July 2016. He is currently registered with Calton & Associates in Plano and has been since June 2016. He has nine customer disputes against him.

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