VSR Financial Services, Inc. investment advisor Dennis Van Patter has agreed to a $10,000 fine and a 45-day suspension from the industry relating to a complaint that he placed a customer in high risk alternative investments.
According to Van Patter’s Letter of Acceptance, Waiver and Consent (“AWC”) with FINRA, “Between approximately May 5, 2008 and July 1, 2010, Van Patter, while associated with VSR, recommended that customer DT, a retired commercial pilot, invest $1,614,000 in alternative investments, such as REITS, note programs, oil and gas drilling partnerships, and other private placements, all of which are securities . . . Van Patter’s recommendation that DT invest in the aforementioned alternative investments was not suitable for DT.”
As a result of Van Patter’s investment advice, customer DT lost approximately 52% of his liquid net worth, according to the AWC.
A review of Van Patter’s FINRA BrokerCheck report shows that he has been subject to seven customer complaints. Six of the complaints concerned products such as direct participation programs, equipment leasing, oil and gas drilling partnerships, real estate investment trusts (“REITs”) and other alternative investments.
Van Patter has been a registered representative with VSR since August 2007.
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