Robert James Hudson, of Essex Junction, Vermont, a stockbroker formerly registered with VSR Financial Services, Inc., has been named in a customer initiated investment related written complaint on February 14, 2017, in which the customer requested $250,000.00 in damages based upon allegations that Hudson caused the customer to incur significant tax burdens via the liquidation of the customer’s annuity contracts, and made faulty investment recommendations to the customer concerning the purchase of tax credit funds.
Financial Industry Regulatory Authority (FINRA) Public Disclosure also reveals that on August 13, 2003, a customer initiated investment related civil action involving Hudson’s conduct was settled for $903,405.00 in damages based upon allegations that Hudson facilitated the customer’s purchase of four charitable gift annuities via Mid-America Foundation, Inc., even though the transactions were effected outside the auspices of Hudson’s firm.
FINRA Public Disclosure further reveals that Hudson has been identified in two regulatory actions containing allegations of his misconduct. Particularly, Hudson was fined $50,000.00 and barred by the Vermont Securities Division from registering as a registered representative or investment advisor representative in the State of Vermont based upon consenting to findings that while associated with H.D. Investment Services, Hudson sold charitable gift annuities outside the auspices of his firm, negligently managed the customers’ investment accounts, and effected transactions in the customers’ accounts which were not suitable. Docket No. 02-022-S (Aug. 26, 2002). The Vermont Securities Division found Hudson’s conduct to be violative of National Association of Securities Dealers (NASD) Rules 3030, 3040, and Vermont Securities Act Sections 4221, 4237, and 4800, and Vermont Securities Act Rules 3.21 and 3.23.
Hudson has also been fined $5,000.00 and suspended from associating with any NASD member in any capacity based upon consenting to findings that he engaged in private securities transactions involving annuities without gaining written authorization from his firm as required. Letter of Acceptance, Waiver and Consent, No. C11030001 (Jan. 9, 2013).
Hudson’s registration with VSR Financial Services, Inc. was terminated on November 2, 2016. Since September 1, 2016, he has been registered with Summit Brokerage Services, Inc.
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