Former VSR Financial Services, Inc. Financial Advisor Scott Kaup has $2.6 Million Pending Customer Complaint
Posted on Wednesday, October 17th, 2018 at 5:39 pm
Former VSR Financial Services, Inc. financial advisor Scott Kaup (CRD# 1002907) is alleged to have recommended unsuitable high risk oil and gas and real estate securities. Kaup has been registered with Summit Brokerage Services, Inc. in Stuart, Nebraska since September 2016. Previously, Kaup was registered with VSR Financial Services, Inc. in Stuart, Nebraska from 1989 to September 2016.
Kaup has been the subject of two customer complaints between 2016 and 2018, according to his CRD report:
July 2018. “Client alleges unsuitable investment recommendations, material misrepresentations and omissions, and supervisory due diligence failures.” The customer is seeking $2.6 million in damages and the case is currently pending. This case is regarding direct investments and real estate securities.
April 2016. “Unsuitable recommendations, Violation of common law fraud, breach of fiduciary duty, and negligence. The dates the alleged activity are 3/30/2001 to 6/14/2010.” The customer alleged damages of between $1 and $5 million from direct investments and limited partnership interests in oil and gas and real estate securities and the case was settled for $173,000.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, VSR Financial Services, Inc. may be liable for investment or other losses suffered by Kaup’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If and have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.Disclaimer: Clients are responsible for costs. Contingency fee is calculated before deducting costs incurred in the case.