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VSR Broker Dennis Van Patter Agrees to FINRA Fine, Suspension

By November 24, 2015September 20th, 2017News

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.

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.

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