Were you the victim of former Berthel Fisher & Company Financial broker Steve Cummings (CRD# 2274017) who is accused of unsuitable and misrepresented investment recommendations? He was registered with Berthel Fisher & Company Financial in Fort Deposit, Alabama from 2010 to 2027, when he was terminated regarding, “Failure to disclose tax liens in a timely manner to the firm.”
He also faced a past regulatory sanction in 2010 regarding the sale of unregistered securities.
Steve Cummings Customer Complaints
Steve Cummings has been the subject of four customer complaints between 2018 and 2021, one of which was withdrawn, according to his CRD report:
July 2021. “The claimants allege the investments purchased between 2010-2015 were unsuitable and misrepresented to them by the representative. The claimants further allege the firm failed to supervise the activities of the representative and allege the firm failed to conduct adequate due diligence.” The customer is seeking $250,000 in damages and the case is currently pending.
July 2019. “The clients allege the REIT they purchased in 2010 was misrepresented to them. They allege the representative guaranteed the safety of their original investment and told them they would never lose the money they invested.” The case was settled for $25,000. The complaint was regarding real estate securities.
December 2018. “The clients allege that the investments they purchased in 2015 were unsuitable and misrepresented by the representative. They also allege that the firm failed to supervise the actions of the representative.” The customer sought $212,000 in damages and the case was settled for $62,000. The complaint was regarding oil and gas securities, real estate securities, and business development companies.
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 may be liable for investment or other losses suffered by Steve Cummings’ customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you 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.