Meyer Wilson Investigating Claims Against Former Broker John Howard Towers
Now barred from the industry, John Howard Towers (CRD# 700221), has been the subject of dozens of customer complaints and two regulatory actions.
Former VSR Advisory Services broker John Howard Towers has been permanently barred by the Financial Industry Regulatory Authority (FINRA) from associating with any brokerage firm. The sanctions were handed down in December 2015 after failing to respond to FINRA’s request of information during the course of an investigation.
Towers has been the subject of 35 customer disputes, the majority of which deal with sales to his customers of direct participation programs, limited partnerships, or real estate securities. On numerous occasions, Towers faced allegations of making unsuitable recommendations, breaching his fiduciary duty, committing fraud, and acting negligently. According to public records, over $6 million has been paid to customers to settle those disputes.
In 2013, Towers was again the subject of a FINRA disciplinary proceeding. He signed a Letter of Acceptance, Wavier, and Consent regarding alleged violations of FINRA Rules after allegedly recommending that a couple invest in high-risk real estate investment trusts (REITs) and private placements. The investment total was roughly $6,259,400 and represented about 72% of the couple’s investments. In 2014, Towers received a three month suspension from the securities industry and was ordered to pay a fine.
If you invested and lost money with former VSR Advisory Services broker John Howard Towers, contact Meyer Wilson to schedule a free consultation.