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Former Berthel, Fisher & Company Financial Services, Inc. Broker Alvery Bartlett Jr. Investment Losses

Posted on Wednesday, March 21st, 2018 at 8:42 am    

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Did you lose money investing with former Berthel, Fisher & Company Financial Services, Inc. broker Alvery Bartlett Jr. (CRD# 13975)? Bartlett has been registered with Arete Wealth Management, LLC in Clayton, Missouri since 2016. Previously, Bartlett was registered with Berthel, Fisher & Company Financial Services, Inc. in St. Louis, Missouri from 1992 to 2016. 

Over the past few years, oil prices have significantly declined. A supply glut in 2014 and 2015 led to some of the lowest prices the market has seen in recent years. In turn, securities values also dropped. The volatile energy sector experienced significant turmoil, and many energy companies were negatively impacted when global crude oil prices fell below $40 per barrel at the end of 2015. This was the lowest level since early 2009, as supply was in excess of global demand. Oil and gas companies experienced a spike in bankruptcies, which have left many investors reeling.

Bartlett has been the subject of two customer complaints between 2015 and 2018, according to his CRD report:

August 2019. “The client alleges the investments he purchased in 2008-2012 were unsuitable and misrepresented to him by the representative. The client also alleges the firm failed to supervise the actions of the representative and conduct adequate due diligence.” The case is currently pending. The complaint took place while Bartlett was registered with Berthel Fisher and Company Financial Services, Inc. and was regarding real estate curities, business development companies (BDCs), and oil and gas investments. 

January 2018. “Client alleges unsuitable recommendations between January 2012 and September 2014.” The customer sought $3.94 million in damages and the case was settled for $450,000. This was regarding investments in Direct Investment (DDP and LP Interests), oil and gas, and real estate securities and took place while Bartlett was registered with Berthel Fisher & Company Financial Services, Inc.

January 2015. “The clients allege the investments purchased in 2006 were unsuitable and misrepresented. The clients also allege the firm failed to conduct adequate due diligence and failed to supervise the representative.” The case was settled for $25,000.

Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Berthel, Fisher & Company Financial Services, Inc. may be liable for investment or other losses suffered by Bartlett’s customers.

Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If and have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.