A retired Bellsouth Telecommunications worker recently retained Lars Soreide, Esq., of Soreide Law Group, to bring a claim against VSR Financial Services, Inc., and their representative, Michael Shaw, for claims stemming from the sale of various private placement investments including a $300,000 purchase of Arciterra Real Estate Investment Trust, Inc.
Arciterra Real Estate Investment Trust cut its dividend in 2010 and ultimately defaulted completely creating a total loss for the retiree of $300,000 in 2011. FINRA Notice to Members 03-71, "Non-Conventional Investments", warns of the dangers of placing investors into private placements. The Arciterra REIT investments recommended to the Claimant can be classified as "Non-Conventional," and according to FINRA 03-71 these investments should not be sold without performing adequate due diligence, and a customer specific suitability analysis.
Michael D. Shaw, or "Dan Shaw," in his career as a stock broker has racked up no less than twenty-six (26) reported customer complaints on his U4, two (2) terminations, and a fine by FINRA for selling high risk private placements to investors like the Claimant. The complaints all are all related to similar activity alleged against Dan Shaw by the Claimant. The significance of Michael "Dan" Shaw's reported customer complaints is underscored in FINRA NOTICE to MEMBERS 03-49. In 2003, FINRA conducted a review of the CRD's of all 663,000 registered representatives, only 2,751 (.41%) had been the subject of (3) or more customer complaints. In other words SHAW'S customer complaints rank him in the top one-hundredth percent of all registered representatives for customer complaints. Due to VSR'S alleged total lack of supervision and allegedly knowingly hiring a stock broker with SHAW's history of complaints, is the reason why the Claimant seeks punitive damages against VSR.
If you purchased "alternative investments" such as the Arciterra Real Estate Investment Trust, Inc., through VSR Financial or Michael "Dan" Shaw, call Soreide Law Group today for a free consolation at (888) 760-6552 or visit http://www.SecuritiesLawyer.com. Soreide Law Group represents investors nationwide against stock brokers and FINRA brokerage firms such as VSR.
Disclosure: The author has no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.