Berthel, Fisher & Company Financial Services, Inc. Broker Gordon Roberts Jr. Alleged to Recommend Unsuitable Investments Resultings in $1.7-Million Plus Losses
Posted on Tuesday, October 8th, 2019 at 7:15 am
Erez Law is currently investigating Berthel, Fisher & Company Financial Services, Inc. broker Gordon Roberts Jr. (CRD# 1474475) regarding investment losses. Roberts has been registered with Berthel, Fisher & Company Financial Services, Inc. in Mt. Vernon, Illinois since 2008.
Roberts has been the subject of five customer complaints between 2002 and 2020, according to his CRD report. Three previous customer complaints were settled. The one recent complaint is regarding:
June 2020. “The client alleges the representative made a series of recommendations of illiquid, high-commission investments from 2009-2013 which were unsuitable and resulted in over-concentration in these products in their portfolio. In addition the client alleges the firm failed to conduct adequate due diligence relating to United Development Funding and was negligent.” The case is currently pending. The case is regarding oil and gas, real estate securities, and business development companies.
July 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 regarding direct investment and LP interests in oil and gas, real estate securities, and business development companies. The alleged damages are between $1.7 million and $3 million. The case was settled for $325,000.
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 Roberts’ 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.