VSR Financial Services
VSR Financial Services Ordered to Pay Customer $77,000
A FINRA arbitration panel ordered VSR Financial to pay an investor $77,000 to compensate the investor for damages suffered as a result of VSR’s improper conduct. Claimant asserted the following causes of action: violation of Nebraska state regulatory requirements; breach of fiduciary duty; negligence; failure to supervise; unjust enrichment; violation of federal securities laws; misrepresentation; and fraudulent concealment. Claimant alleged that VSR improperly invested her in several aggressive and high risk securities that were unsuitable given her stated investment objective of conservative growth for the purpose of retirement. Claimant alleged that VSR made these unsuitable recommendations for the purpose of generating fees and commissions and that without regard to the financial interests of Claimant. Claimant also alleged that VSR failed to properly supervise its broker.