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Soreide Law Group, PLLC, is a securities litigation firm that is committed to helping victims recover financial losses due to fraudulent or negligent conduct on behalf of stock brokers or financial advisors. We are able to represent investors nationwide in the handling of their securities... More
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  • VSR Financial Services Broker John H. Towers Entered Into Settlement With FINRA Over Alleged Sales Practice Violations 0 comments
    Dec 20, 2013 1:27 PM

    Stock broker John Towers, of VSR Financial, agreed to a 3 month suspension and a $25,000 fine for alleged sales practice violations relating to the sale of high risk private placements and Real Estate Investment Trusts ("REITS") to a married couple who were looking for investments with moderate risk and did not want to be in the volatile stock market, according to the John Towers' FINRA settlement agreement. 72% of the investors' account at issue was concentrated in high risk private placements and REITS while with VSR Financial.

    According to the FINRA settlement agreement, VSR published a list of the current value of the private placements and REITS, which don't trade publicly, but Towers manually entered in the prices himself which had no correlation to the published prices by VSR on the statements of one investor. It was alleged, Towers listed the cost basis of the investments as the current price of some of the REITS and private placements, despite knowing the investments had declined.

    This information is all contained in FINRA's letter of acceptance, waiver and consent No. 2012-03235321. Soreide Law Group, PLLC, are securities lawyers representing investors nationwide before the Financial Industry Regulatory Authority. For more information or to contact a securities lawyer call (888) 760-6552 or visit http://www.securitieslawyer.com.

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

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