FINRA recently announced that John Towers, a financial advisor formerly working in VSR Financial's Plano, Texas office from June 2002 until December 2013, has been suspended from the securities industry for allegedly recommending that a married couple invest in high-risk private placements and real estate investment trusts.
The White Law Group has filed a number of cases similar to the one described in the FINRA notice. These cases were filed with FINRA dispute resolution against VSR Financial Services, Mr. Tower's employer during the relevant time period.
In the claims, The White Law Group has alleged that VSR Financial and Mr. Towers unsuitably invested the clients in the following investments (among others):
Alliance Petroleum Corp 2006 A
Behringer Harvard Opportunity REIT I, Inc.
Black Diamond Energy Partners 2006-A, Ltd
Bradford Drilling Associates 21, LP
CNL Arlington Leawood, Ltd.
Cole Senior Notes IV 8.25%
Cypress Equipment Fund 15
Cypress Equipment Fund X
Cypress Equipment Fund XI
Cypress Equipment Fund XII
DBSI 2006 Land Opportunity Fund, LLC - Preferred
Florida Capital Real Estate Partners 25, Ltd
Florida Capital Real Estate Partners 26, Ltd
MacKenzie Patterson Flagship Fund 11, LLC
Odyssey Operating Partnership II, Ltd
Reef SWD 2007 - A LP
Ridgewood Energy Q Fund
Ridgewood Energy R Fund
Ridgewood Energy S Fund
Ridgewood Energy T Fund
Waveland Drilling Partners 2005-B
Waveland Drilling Partners 2006-A
Waveland Drilling Partners 2006-B, L.P.
Waveland Drilling Partners 2007-A, L.P.
Waveland North Paradigm III - B Partners
Waveland Vanguard Partners, LLC
Not only do the claims filed by The White Law Group appear similar to the one described by FINRA in its sanction of Mr. Towers, but, according to his FINRA Broker Report, it appears that Mr. Towers has been the subject of a number of customer complaints involving similar problems.
For more information on the lawsuit filed by The White Law Group, please call the firm's Chicago office at 312/238-9650.
The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Boca Raton, Florida.
For more information on The White Law Group and its representation of investors in FINRA arbitration claims, visit http://www.whitesecuritieslaw.com.
Disclosure: The author has no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.