Stoltmann Law Offices is interested in speaking to those individuals who may have invested money with Steven Orr, a registered broker with H. Beck Inc. in Houston, Texas. Orr was accused of making unsuitable investment recommendations and misrepresenting products, including direct participation products (DPPs) and private placements including oil and gas partnerships, non-traded real estate investment trusts (REITs) and other alternative investments. Products such as these (oil and gas partnerships, REITs, and other alternative investments) are only appropriate for a select few investors under certain market conditions, due to the risk, high fees and illiquidity associated with these products. A broker must take into account the aforementioned market conditions, and the client’s age, net worth, investment objectives and investment sophistication before recommending and/or selling these products. If the broker does not do so, his brokerage firm can be liable for investment losses, because the firm has a duty to supervise each broker. Please call our Chicago-based securities law firm today at 312-332-4200 to speak to one of our attorneys about your options of suing H. Beck if you have suffered losses with Steven Orr. We may be able to help you bring a claim against H. Beck in the Financial Industry Regulatory Authority (FINRA) arbitration forum to recover your financial losses on a contingency fee basis.
According to his online FINRA BrokerCheck report, Orr was registered with AAL Capital Management Corp in Minneapolis, Minnesota from July 1987 until November 1994, H. Beck in Victoria, Texas from December 1994 until April 2009 and DeWaay Financial Network in Victoria from April 2009 until May 2011. He is currently registered with H. Beck in Victoria and has been since April 2011. He has five customer disputes against him, two of which are currently pending and two criminal matters against him.