Kevin Mark Nevin, of Saint Louis Park, Minnesota, a stockbroker formerly associated with VSR Financial Services, has been subject to a customer initiated investment related arbitration claim on September 30, 2016, in which the customer requested $50,000.00 in damages based upon allegations that Nevin breached his fiduciary and contractual relationship with the customer, effected unsuitable transactions in the customer’s account, and committed fraud.
FINRA Public Disclosure reveals that Nevin has been subject to five additional customer arbitrations. Particularly, on March 8, 2010, a customer filed an investment related arbitration action regarding Nevin’s conduct, in which the customer requested $73,000.00 in damages based upon allegations that Nevin made shoddy investment recommendations to the customer and was responsible for the customer’s poor investment performance.
Subsequently, on February 23, 2012, another customer initiated investment related arbitration claim concerning Nevin’s actions was settled for $361,250.00 in damages based upon allegations that Nevin, from May of 2006 to June of 2010, breached his fiduciary and contractual duties to the customer, made misrepresentations concerning investments, violated Minnesota Securities Act, and defrauded the customer.
Further, on August 26, 2013, a customer initiated investment related arbitration action involving Nevin’s conduct was resolved for $35,000.00 in damages based upon allegations that from February of 2012 to January of 2013, Nevin inappropriately managed the customer’s variable annuities, which caused the customers to lose out on investment opportunities.
On May 23, 2014, Nevin was fined $37,000.00 and suspended for six months from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that he participated in eleven unauthorized private securities transactions. Letter of Acceptance, Waiver and Consent, No. 2012031950301 (May 23, 2014).
According to the AWC, from 2007 to 2008, after Nevin obtained his real estate license in Florida, he helped facilitated eleven customers’ aggregate purchases of $690,000.00 in private placements. The securities were reportedly issued through South Platte Land & Water, LLC, Yokam Land Holdings, LLC, and Breakwater Capital Group, LLC –entities which were involved in property rights or real estate in Colorado.
The AWC stated that the transactions were effected by VSR’s customers directly with the issuer of such private placements, pursuant to Nevin’s recommendations and without any involvement by VSR. Apparently, VSR neither knew of Nevin’s involvement, nor approved of it. As such, FINRA found that Nevin’s conduct was violative of NASD Rules 2110 and 3040.
Nevin’s registration with VSR Financial Services, Inc. ended in February of 2011. From February of 2011 to May of 2014, he was registered with Capital Guardian, LLC. Since January of 2015, he has been registered with Sandlapper Securities, LLC.
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