FINRA filed a Complaint (No. 2013038283001) against Jason Bryce Vanclef and his firm VFG Securities, Inc. relating to alleged wrongdoing surrounding the distribution of The Wealth Code, a book that FINRA alleged Vanclef and VFG used to promote investments in direct participation programs (DPPs) and non-traded real estate investment trusts (REITs). FINRA alleged that The Wealth Code contained inaccurate and misleading information and that The Wealth Code contradicted information provided in the prospectuses of the investments that Vanclef and VFG sold to customers. FINRA also alleged that Vanclef and VFG distributed “recommendation spreadsheets” to customers that contained false and misleading liquidity timelines for non-traded DPPs and non-traded REITs. Finally, FINRA alleged that VFG maintained inadequate supervisory procedures.
According to FINRA’s Complaint, VFG and Vanclef distributed approximately two or three thousand copies of The Wealth Code free of charge to clients and potential clients and that “The Wealth Code used misleading statements and omitted material facts to promote investments that were sold by” VFG and Vanclef. The Complaint also alleged that “[b]etween November 14, 2009 and June 15, 2013, the Firm failed to have any supervisory system, including written procedures, to review for high concentration levels in customer portfolios of alternative investments, including non-traded DPPs and non-traded REITs, that the Firm recommended to customers.”
A review of Vanclef’s FINRA BrokerCheck report shows that he has been the subject of 7 customer complaints. From February 2006 through February 2007, Vanclef was a registered representative of Sigma Financial Corporation, and from February 2007 through October 2009, Vanclef was a registered representative of Madison Avenue Securities, Inc.
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