Ex-VSR Brokers Banned from Industry, Numerous Customer Complaints

By January 27, 2016 September 20th, 2017 News

Former VSR Financial Services, Inc. brokers Paul Larsen and Quentin Silic of Naples, Florida agreed to be banned from the securities industry following a FINRA inquiry into “possible undisclosed outside business activities and/or private securities transactions” or private placements.  Larsen and Silic operated under ICG Advisors.

According to the Letter of Acceptance, Waiver and Consent (“AWC”) with FINRA, Paul Larsen and Quentin Silic advised FINRA that they would not provide any information or documentation in response to FINRA’s request.  Instead, Larsen and Silic agreed to “a bar from association with any FINRA member in any capacity.”

Larsen was a registered representative of VSR from June 2004 through September 2010, according to his FINRA BrokerCheck report.  This report notes that Larsen was fired by VSR in September 2010 for failing “to disclose several outside business activities in which he was involved.”

Larsen has been the subject of 14 different customer complaints, many of which involve alternative investments in real estate, oil & gas drilling programs, and water rights.

Silic has been the subject of 2 customer complaints relating to 1031 real estate exchanges.

In addition to Larsen and Silic, other brokers registered with VSR that have previously been the subject of FINRA fines and suspensions include: Steven Stahler, Dennis Van Patter, John Howard Towers, Michael Dan Shaw, and Kevin Nevin. VSR has also been fined by FINRA relating to allegations that it failed to adequately supervise brokers relating to the sale of alternative investments.

The AWC relating to Larsen is No. 2010024179001.

Fishman Haygood represents investors who have suffered investment losses in claims against their brokers or financial advisors. Our experienced attorneys have brought securities fraud cases in state and federal courts across the nation, as well as in FINRA arbitration. We work to help investors recoup their losses.

Of course, all cases are different. For that reason, we analyze each client’s matter individually and provide our personalized evaluation only after considering all of the facts and circumstances of all possible claims. If you or someone you know is the victim of securities fraud, please contact a Fishman Haygood lawyer today.

5 STEPS YOU SHOULD TAKE TODAY IF YOU'RE THE VICTIM OF INVESTMENT FRAUD