Former VSR Financial Services, Inc. and Summit Brokerage Services Inc. Broker Robert Burns Accused of Recommending Unsuitable Alternative Products
Posted on Tuesday, March 3rd, 2020 at 9:42 am
Erez Law is currently investigating former VSR Financial Services, Inc. and Summit Brokerage Services Inc. broker Robert Burns (CRD# 4066393) regarding unsuitable investment recommendations in alternative products. Burns has been registered with Cetera Advisor Networks LLC in Greenwood Village, Colorado since September 2019. Previously, Burns was registered with Summit Brokerage Services, Inc. in Greenwood Village, Colorado from 2016 to 2019. Prior to that, Burns was registered with VSR Financial Services, Inc. in Greenwood Village, Colorado from September to November 2016.
Burns has been the subject of two customer complaints between 2018 and 2019, according to his CRD report:
August 2019. “Client alleges overconcentration and unsuitable investments in alternative products. Allege firm failed to do due diligence of the alternative investments.” The customer is seeking $500,000 in damages and the case is currently pending. The complaint was regarding real estate securities, and other investments including Penneco 10, Carter Validus II, GMI, Cypress, KBS, Resource Real Estate Investors 7 and took place while Burns was registered with VSR Financial Services, Inc. and Summit Brokerage Services Inc.
August 2018. “Client alleges unsuitable investments, negligence, and breach of fiduciary duty.” The case was settled for $150,000. The complaint is regarding real estate securities and UDF IV and took place while Burns was registered with VSR Financial Services, Inc. and Summit Brokerage Services Inc.
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. and Summit Brokerage Services Inc. may be liable for investment or other losses suffered by Burns’ 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.