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D. Daxton White
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The White Law Group is a national securities fraud, securities arbitration, investor protection and securities regulatory/compliance law firm with offices in Chicago, Illinois and Boca Raton, Florida. We pride ourselves on providing quality legal services to our clients and handle securities... More
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  • Securities Fraud Investigation Involving Former VSR Financial Advisor Michael Dan Shaw 0 comments
    Jul 23, 2014 11:53 AM

    Have you suffered losses investing with former VSR financial advisor Michael Dan Shaw? If so, the securities attorneys of The White Law Group may be able to help.

    The White Law Group is investigating the liability that VSR may have for failing to properly supervise Mr. Shaw while he was in their employ.

    In 2011, Michael Dan Shaw submitted a Letter of Acceptance, Waiver, and Consent (the "AWC") that acknowledged the following:

    Michael Dan Shaw entered the securities industry on November 21, 1986 as a General Securities Representative of a member of FINRA. Shaw, during all periods mentioned herein, was associated with member firm VSR, and was registered with FINRA under Article V of the By-Laws as a General Securities Representative. Shaw remains registered with VSR. He has not previously been the subject of any relevant formal disciplinary actions.

    Michael Dan Shaw made misrepresentations in connection with the sale of private placements to three customers and unsuitable recommendations of private placements to four customers. In addition, Shaw falsified customer account documents by overstating net worth and changing the customer risk profiles in the accounts of the same three customers.

    During the period from on or about March 16, 2007 through on or about December 12,2008, Michael Dan Shaw, acting on behalf of VSR Financial, recommended and effected the sale of high risk private placements to Customers without having a reasonable basis to believe that the transactions were suitable given the financial circumstances and condition of the customers.

    The investments mentioned in the AWC include: Arciterra Note Fund III, Odyssey Diversified Notes LX, Behringer Harvard Opportunity REIT, MPF Income Fund 22, Cole Credit Property Trust, DBSI 2008 Notes Corporation, and Odyssey IX.

    According to FINRA, such acts, practices, and conduct constitute separate and distinct violations of NASD Conduct Rules 2310 and 2110 by Michael Dan Shaw.

    In signing the AWC, Shaw agreed to a permanent bar from the securities industry and that by signing the AWC he was agreeing that "this settlement includes a finding that I willfully violated Section 10(b) and SEC Rule 10b-5 of the Securities Exchange Act of 1934 and that under Article III, Section 4 of FINRA's By-Laws, this makes me subject to a statutory disqualification with respect to association with a member."

    Not only has Shaw been barred from the securities industry, but according to his FINRA Broker Check he has also been the broker of record in 26 customer complaints.

    If you invested with Michael Dan Shaw and would like to discuss your litigation options, please call The White Law Group at 312-238-9650 for a free consultation.

    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, visit 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.

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