VSR Financial Services – Investor Alert – UPDATED
Galvin Legal is launching an investigation on behalf of investors who may have suffered losses investing with VSR Financial Services. If you suffered losses investing with VSR Financial Services, then Galvin Legal may be able to help you recover your losses in a Financial Industry Regulatory Authority (“FINRA“) arbitration claim.
Update 11/2/16: FINRA fined eight firms, including VSR, a total of $6.2 million and ordered five of them to pay another $6.3 million in restitution for failing to supervise the sales of variable annuities. In addition to the unsuitable investment violation, FINRA also found that VSR did not monitor rates of variable annuity exchanges. The variable annuities under scrutiny were L-share annuities that are considered “potentially incompatible, complex and expensive long-term minimum-income and withdrawal riders.” According to FINRA, L-share annuities could “pay greater compensation to the firms and registered representatives than more traditional share classes.
UPDATE: VSR Financial Services has been acquired by Cetera Advisors LLC (CRD# 10299 / SEC# 8-26892).
VSR Financial Services (CRD# 14503) (SEC# 8-30780)
As of August 24, 2016, VSR Financial Services’ FINRA BrokerCheck Report contains the following:
10 Regulatory Event Disclosures
0 Civil Event Disclosures
6 Arbitration Disclosures
1 Bond Disclosures
Main Office Location
8620 W 110TH STREET
OVERLAND PARK, KS 66210-9651
Mailing Address
PO BOX 26250
SHAWNEE MISSION, KS 66225-6250
Business Telephone Number
913-498-2900
Direct Owners and Executive Officers
VSR GROUP, LLC – PARENT CORPORATION
ANTONIADES, ADAM NICHOLAS (CRD# 2261744) – DIRECTOR
BEARY, DONALD JOSEPH (CRD# 15818) – EXECUTIVE VICE PRESIDENT
BRETADO, SANTIAGO AVILA (CRD# 1945627) – CHIEF FINANCIAL OFFICER
EISENHAUER, JEFFREY NEAL (CRD# 2345135) – VICE PRESIDENT AND TRADE DESK DIRECTOR
GINOLFI, CHRISTIAN PHILLIP (CRD# 4203018) – RIA CHIEF COMPLIANCE OFFICER
HARRISON, BRETT LAMAR (CRD# 4032238) – DIRECTOR
OLSON, GREGORY ALAN (CRD# 2692482) – SECRETARY
SCRUGGS, CHATTEN WALKER (CRD# 2739132) – SENIOR VICE PRESIDENT AND CHIEF TECHNOLOGY OFFICER
SMILEY, STANLEY ROBERT (CRD# 3004604) – VICE PRESIDENT
STANFIELD, JAMES MICHAEL (CRD# 433482) – CHIEF EXECUTIVE OFFICER
STANFIELD, JON MICHAEL (CRD# 4955169) – PRESIDENT
VARGASON, SUSAN DENISE (CRD# 2445392) – VICE PRESIDENT, COMPLIANCE
FINRA requires brokerage firms to conduct due diligence on investments and to conduct a suitability analysis when recommending securities to a customer that takes into account the customer’s knowledge and experience. Brokerage firms that fail to conduct adequate due diligence or that make unsuitable recommendations can be held responsible for the customer’s losses in a FINRA arbitration claim.
If you suffered losses investing with VSR Financial Services and would like a free consultation with a securities attorney, then please call Galvin Legal at 1-800-405-5117.
Galvin Legal is a national securities arbitration, mediation, fraud, and investor protection law practice. For more information on Galvin Legal, please visit www.galvinlegal.com or call 1-800-405-5117.