The Financial Industry Regulatory Authority (“FINRA”), May 15,2013, censured and fined VSR Financial Services, $550,000 over allegations that it failed to supervise its sales of alternative investments to its customers, specifically as it related to concentration in hedge funds, notes, REITs and private placements investments. Donald Beary, VSR’s President, received a 45-day suspension and $10,000 fine. (FINRA #2010022963602).
In October, 2011, Michael Daniel Shaw, a financial advisor at VSR’s office in Baton Rouge, Louisiana, was barred from association with any FINRA member in any capacity. Without admitting or denying the findings, Shaw consented to the entry of findings that he recommended and effected the sale of high-risk private placements to clients without having a reasonable basis to believe the transactions were suitable given the customers' financial circumstances. Allegedly, Michael Shaw made misrepresentations or omissions in connection with the purchases or sales of the private placements (FINRA #2010022963601).
If your broker recommended risky alternative investments which may have created losses to your portfolio, call Soreide Law Group for a free consultation with an attorney on how to potentially recover those losses at: 888-760-6552.
Contact Soreide Law Group for a Free Review of Your Potential Investment Loss Claim If your financial advisor recommended Creative Media & Community Trust (NASDAQ: CMCT) and you suffered substantial losses, you may have legal rights. A CMCT investment loss attorney can help you understand your options and pursue recovery. Many investors purchased CMCT believing […]
Soreide Law Group is investigating potential investor claims involving Cambridge Investment Research following a FINRA disciplinary action concerning Unit Investment Trust (UIT) recommendations. In April 2026, FINRA censured Cambridge Investment Research after finding supervisory deficiencies involving certain UIT recommendations made to retail clients. Investors who incurred excessive fees, unnecessary costs, or other damages associated with […]
Soreide Law Group is investigating potential investor claims involving Infinity Financial Services after FINRA sanctioned the firm for supervisory failures involving deferred variable annuity exchanges and recommendations. Investors who incurred surrender charges or other losses in connection with variable annuity transactions recommended through Infinity should review the allegations that led to FINRA's disciplinary action against […]
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