Former VSR Financial Services, Inc. broker Kevin Nevin was suspended and fined by FINRA relating to the sale of private placements.
According to the Letter of Acceptance, Waiver and Consent (“AWC”) with FINRA, Nevin placed customers in three private placement offerings that were unapproved by VSR: Breakwater Capital Group, LLC; Yokam Land Holdings, LLC; and South Platte Land & Water, LLC.
“During 2007 and 2008, 11 of Nevin’s customers at VSR invested a total of $690,000 in the three private placements. These transactions were made directly with the issuer; VSR had no involvement. Nevin recommended or otherwise facilitated all 11 of these transactions. . . . Nevin did not give VSR prior written notice of his customers’ intended investments in the three private placements. As a result, VSR never approved Nevin’s participation in those transactions, did not record any of the transactions on its books and records, and did not supervise Nevin’s activity with respect to the transactions,” according to the AWC.
As a result of the FINRA investigation, Nevin agreed to a six-month suspension from the industry and to pay a $37,000 fine, which constituted disgorgement of the commissions that Nevin earned on the sales.
Nevin was a registered representative with VSR from March 2006 through February 2011, according to his FINRA BrokerCheck report. He then joined Capital Guardian, LLC from February 2011 through May 2014. He has been registered with Sandlapper Securities, LLC since January 2015.
In addition to Nevin, 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, and Michael Dan Shaw. VSR has also been fined by FINRA relating to allegations that it failed to adequately supervise brokers relating to the sale of alternative investments.
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