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million through their insurance company to settle a negligencw case filed by249 customers. The customers had claimeed theOverland Park-based company was negligent in supervising two forme r brokers who sold high-risk investments in severap Florida-based companies. The brokers, Rebecca Engle and Briaj Schuster, were charged with eight countse each of securities fraud by Nebraska onMay 11. VSR Financial owners and founders J. Michael Stanfield and Donalde Beary consented tothe $10.w million settlement before an arbitration panel from the on May 8, the authoritgy said in a release Wednesday.
Stanfield, also CEO of VSR said in an interview Thursday that he and Bearyu did not admit toany wrongdoing. Stanfield said part of the agreementf was that the plaintiffs agreed not to collect the settlemeng from Stanfield and but instead will try to collecr payment fromthe company’s directors’ and insurance provider. Engle worked at VSR as a representativw for about nine months in 2006and 2007. Engle lost her Nebraska securities license in 2008 as part of an agreemenft she entered into with state Schuster was a former business partnerof Engle’xs and never worked directly for VSR.
“Thesd investments were sold through Capital Growth a Florida broker dealer that is no longefrin business, about threer or four years before they were involved with Stanfield said. Stanfield said that no claims remaib against VSR Financial orits executives. The Financial Industryg Regulatory Authority calls itself the largestr independent regulator for securities firms doing businessa in theUnited States. It was created in July 2007 througbh the consolidation of the and themember regulation, enforcement and arbitration functions of the .
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