Soreide Law Group obtained the following information on FINRA’s website under, “Disciplinary and Other FINRA Actions, January 2017.”
VFG Securities, Inc. (CRD® #15121, Culver City, California) and
Jason Bryce Vanclef (CRD #5096529, San Luis Obispo, California)
VFG Securities, Inc. was censured and fined $50,000, of which $10,000 is joint and several with Vanclef. Vanclef was also suspended by FINRA for 10 business days.
According to the FINRA report, allegedly VFG Securities, Inc. and Vanclef distributed, and listed for sale online, Vancelf’s self-published book, which contained false, exaggerated, unwarranted or misleading statements, and omitted material facts or qualifications where the omission caused the communication to be misleading.
FINRA’s findings stated that VFG Securities, Inc. and Vanclef provided clients with misleading personalized recommendation spreadsheets that contained false, exaggerated, unwarranted or misleading statements, and included improper projections of investment performance.
Also, FINRA’s findings stated that the firm failed to have a registered principal approve Vanclef’s book prior to its first use, and failed to submit it to FINRA for review.
FINRA’s findings also included that the VFG Securities’s supervisory systems were deficient in two respects:
1.) VFG failed to follow its written supervisory procedures (WSPs) that required a designated supervisor to review consolidated investment reports provided to clients.
2.) VFG did not have any supervisory system, including written procedures, to review for high concentration levels in illiquid alternative investments, including non-traded direct participation programs and non-traded real estate investment trusts, in client accounts.
The suspension was in effect from December 19, 2016, through January 3, 2017.
(FINRA Case #2013038283001)
Jason Bryce Vanclef, according to FINRA’s BrokerCheck, has had six customer disputes listed and is currently registered since 8/14/2009 with:
VFG SECURITIES, INC.
100 CORPORATE POINTE SUITE 382
CULVER CITY, CA 90230-7612
He was previously registered with:
02/08/2007 – 10/07/2009 MADISON AVENUE SECURITIES, INC. – SANTA MONICA, CA
02/15/2006 – 02/08/2007 SIGMA FINANCILA CORPORATION – SANTA MONICA, CA
If you were a client of Jason Bryce Vanclef of VFG SECURITIES, INC. in Culver City, CA and suffered investment losses due to their recommendations or actions, call Soreide Law Group for a no-cost consultation with a lawyer regarding the possibility of recovering your losses at: 888-760-6552.
Soreide Law Group represents our clients nationwide before FINRA and operates on a contingency fee basis.