Steven Larson and Oakbridge Financial Services, Inc.
Have you lost money with financial advisor Steven Larson of Nisswa, Minnesota? We are investigating allegations made by the Missouri Securities Division, against Steven E. Larson, Michael Standley, and Kathryn Winter. FINRA (the Financial Industry Regulatory Authority) also recently filed a regulatory complaint against Larson, who is the President, Chief Executive Officer, Chief Compliance Officer, and part owner of Oakbridge Financial Services.
The Missouri Securities Division alleged that Oakbridge Financial Services sold a number of reverse convertibles to customers. Reverse convertibles are investments in interest-bearing notes, where the principal investment is linked to the performance of an asset, often a stock or index. At the maturity of the note, the investor may get their principal investment back. However, at maturity, if the value of the reference stock or index is below a certain level or threshold (called the “knock-in level”), then the investor may receive shares of the underlying investment or get a cash equivalent. These investments could expose investors to substantial losses. Reverse convertibles, which are structured investments, have limited liquidity and complex payment structures that some financial advisors and customers may not adequately understand.
The Missouri Securities Division also alleged that Oakbridge sold a number of church bonds to investors. FINRA also alleged that Steve Larson made material misrepresentations and omissions regarding a number of church bonds, including Bethel Baptist, Windermere, Metropolitan Baptist Church, Lifepointe Village, and Orlando Central. FINRA alleged that Larson represented that many of these church bonds held by his customers maintained their original purchase value, when in fact, many of them had defaulted, filed for bankruptcy, gone into forbearance, or were restructuring. These church bonds had lost significant value.
Finally, Missouri alleged that Oakbridge failed to adequately supervise a former registered representative, Robert Beyer. On September 30, 2015, the Missouri Securities Division entered a final order against Robert Beyer and HLA after they failed to respond to the complaint. Beyer and Heroic Life Assurance were ordered to pay $30,000 in fines, $9,700 for investigation costs, and over $358,000 in restitution. Beyer was also barred from the securities industry. However, despite the restitution order, it is unlikely that Beyer will actually pay the money owed to victims. Victims must often hire their own attorney to seek recovery of their investment losses.
Steven Larson is a financial advisor and registered representative of Oakbridge Financial Services, Inc. from October 2011 to the present. He works at a branch office in Nisswa, Minnesota but is also registered with an office in St. Louis, Missouri.
Robert S. Beyer II was a financial advisor and registered representative of Forsyth Securities, Inc. from January 2010 to May 2012, and with Oakbridge Financial Services (after it changed its name from Forsyth Securities) from March 2013 to September 2013. Beyer was barred by FINRA (the Financial Industry Regulatory Authority) in June 2014 for failing to respond to an investigation regarding this conduct. Beyer was also fired by MetLife Securities in 1997 for allegedly forging signatures. Additionally, between 2007 and 2009, Beyer was the subject of at least one garnishment order, two federal tax liens, and one civil judgment. He is believed to have had offices in St. Louis and Kirkwood, Missouri and is believed to have lived in Afton, Missouri.
Brokerage firms like Oakbridge Financial Services have a responsibility to adequately supervise all representatives who are registered through their firm. Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies. When brokerage firms fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.
Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Colorado and the Seattle area. We represent investors in FINRA arbitration proceedings in all 50 states, including investors in Minnesota and Missouri. Our attorneys have represented over one thousand investors against many brokerage firms in the past, including LPL Financial, Merrill Lynch, Morgan Stanley, Smith Barney, Stifel Nicolaus & Company, UBS Financial Services, Oppenheimer, Charles Schwab, Wells Fargo Advisors, Ameriprise Financial Services, Raymond James, ProEquities, Securities America, National Securities Corp., and many others.
Click to view: Larson FINRA Comp (1)
Click to view: Oakbridge MO Comp
Click to view: Larson BrokerCheck 5.13.16 (1)
Click to view: Beyer MO AWC
Click to view: Beyer Crim Indictment
Click to view: Beyer BrokerCheck 5.26.15
HAVE YOU LOST MONEY WITH STEVEN LARSON OR OAKBRIDGE FINANCIAL SERVICES?
CONTACT ISRAELS & NEUMAN, PLC FOR A FREE CASE EVALUATION
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