Erez Law is currently investigating Berthel, Fisher & Company Financial Services, Inc. financial advisor Jonathan Pyne (CRD# 2580510) regarding unsuitable investment recommendations. Pyne has been registered with Berthel, Fisher & Company Financial Services, Inc. in Minneapolis, Minnesota since 2007.
Pyne has been the subject of six customer complaints between 2011 and 2019, two of which were closed without action, according to his CRD report:
- January 2019. “The client is upset with the overall performance of his account and alleges the investments he purchased between 2007-2015 were unsuitable and misrepresented by the representative. The client also alleges the firm failed to supervise the actions of the representative.” The customer is seeking $150,000 in damages and the case is currently pending. This case is regarding oil and gas sector, real estate and business development company losses.
- December 2017. “The client alleges that the representative failed to meet his fiduciary obligation by mismanaging her account and failing to communicate with her that her account was losing money. The client also alleges the representative surrendered her annuity without her permission.” The customer is seeking $19,250 in damages and the case is currently pending. This case was regarding common and preferred stocks and real estate securities.
- September 2016. “The client is alleging that the investments she purchased in 2008 and 2009 were unsuitable and misrepresented to her by the representative.” The case was settled for $48,175.57. This case was regarding oil and gas sector losses.
- April 2014. “The client alleges the investments purchased in 2007 and 2008 were misrepresented and unsuitable. The client also alleges the firm failed to supervise the representative.” The customer sought $250,000 in damages and the case was settled for $110,000.
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 Pyne’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.