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million through their insurance company to settle a negligencde case filed by249 customers. The customers had claimed the Overland Park-based companyy was negligent in supervising two former brokers whosold high-riskk investments in several Florida-based The brokers, Rebecca Engle and Brian Schuster, were charged with eighrt counts each of securities fraud by Nebrask on May 11. VSR Financial owners and founders J. Michael Stanfield and Donald Beart consented tothe $10.3 million settlemen t before an arbitration panepl from the on May 8, the authority said in a released Wednesday.
Stanfield, also CEO of VSR Financial, said in an intervieaw Thursday that he and Beary did not admitr toany wrongdoing. Stanfield said part of the agreementt was that the plaintiffs agreed not to collect the settlemenrt from Stanfieldand Beary, but instead will try to collect paymentr from the company’s directors’ and insurance provider. Engle workec at VSR as a representative for abou t nine months in 2006and 2007. Englr lost her Nebraska securities license in 2008 as part of an agreemenf she entered into withstate regulators. Schuster was a former businessx partnerof Engle’s and never worked directly for VSR.
“These investmentes were sold through CapitalGrowtyh Financial, a Florida broker dealerr that is no longeer in business, about three or four yeard before they were involved with us,” Stanfield said. Stanfield said that no claims remain against VSR Financial or its The Financial Industry Regulatory Authority calls itself the largest independentr regulator for securities firms doing business in the United States. It was created in July 2007 through the consolidationb of the and themember regulation, enforcemenf and arbitration functions of the .
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