The Securities Arbitration Law Firm of Klayman & Toskes Files $3.26 Million Arbitration Claim Against VSR Financial on Behalf of Former Customers of Former VSR Advisor Gregory Ellis

NEW YORK, April 11, 2014 (GLOBE NEWSWIRE) -- The Securities Arbitration Law Firm of Klayman & Toskes, P.A. ("K&T"),, announced today that it filed a claim against VSR Financial Services ("VSR") on behalf of former customers of former VSR Advisor Gregory Ellis. The claim was filed with the Financial Industry Regulatory Authority ("FINRA"), and seeks damages of $3.26 million.

The case filed against VSR is about the unsuitable investment recommendations and misrepresentations made by VSR and its financial advisor, Gregory Ellis, to the Claimants. Specifically, the Claimants alleged that Ellis and VSR solicited the Claimants to invest in alternative investments that were illiquid and carried high commissions. Ellis misrepresented the risk of the investments and over-concentrated the Claimants' VSR portfolio in these highly speculative investments. Unbeknownst to the Claimants, Ellis and VSR failed to do their proper due diligence and misrepresented the risk of the investments. The investments purchased by the Claimants at VSR include the following:

Alliance Petroleum Corp 2002 B
Alliance Petroleum Corp 2004 A
Alliance Petroleum Corp 2005 A
Alliance Petroleum Corp 2005 B
Alliance Petroleum Corp 2006 A
Alliance Petroleum Corp 2006 B
Alliance Petroleum Corp 2007 A
AmREIT Monthly Income & Gr. Fund IV, LP
ArciTerra National REIT
ArciTerra Note Fund II, LLC
ArciTerra Real Estate Investment trust, Inc.
ArciTerra Whitefish Opportunity Fund, LLC
Atlas America Public #12 - 2003 Ltd.
Atlas America Series #25 - 2004A Ltd.
Bradford Drilling Associates 20, LP
Bradford Drilling Associates 23, LP
Bradford Drilling Associates 25, LP
Cypress Equipment Fund 15
Cypress Equipment Fund 16
Cypress Equipment Fund IX
DBSI 2006 Secured Notes Corporation
DBSI 2008 Notes Corp 9.5%
Evergreen Realty REIT, Inc.
Leaf Commercial Finance
MacFarlan Diversified Income
MacKenzie Patterson Income Fund 22,LLC
MacKenzie Patterson Senior Note 1
MacKenzie Patterson Senior Note 2
MacKenzie Patterson special Fund 10, LLC
Mewbourne Energy Partners 07-A, LP
Mewbourne Energy Partners 08-A, LP
Odyssey Diversified Notes IX
Odyssey Properties III, Inc.
UDF Land Opportunity Fund, LP
United Development Funding III
Waveland Vanguard Partners, LLC
Cole Credit Property Trust II, Ltd.
Cole Senior Notes III 8.25%
Gentry Mills Capital (GMI -ES 14,LP)
NNN Triple Net Properties
G REIT, Inc.
Odyssey Diversified Notes VII
Odyssey Residential Realty II, LLC 9% Note
Cole Credit Property II
United Development, LP
ArciTerra Note III

The sole purpose of this release is to investigate, on behalf of our clients, the sales practices of VSR in connection with the sale of alternative investments to their customers. Current and former customers of VSR who purchased alternative investments, and have information relating to the manner in which the firm represented these products, are encouraged to contact Steven D. Toskes or Jahan K. Manasseh of Klayman & Toskes, at (888) 997-9956, or visit us on the web at

Source:Klayman & Toskes P.A.