Category Archives: Berthel Fisher and Company

Berthel Fisher & Broker Jeffrey Dragon Named in FINRA Complaint for Overcharging Commissons

April 2017-Burlington, MA

Berthel Fisher & Company and one of their brokers Jeffrey P. Dragon were named in a FINRA complaint alleging that Dragon generated more than $421,000 in concessions for himself and the firm, at the expense of customers, by recommending and effecting a pattern of unsuitable short-term trading of Unit Investment Trusts (UITs).

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

The FINRA complaint further alleges that by failing to apply sales charge discounts from 2010-2014, more than 2700 customers did not receive applicable sales charge discounts resulting in excessive charges of about $667,000.

Berthel Fisher, which has about 350 brokers in 230 branch offices, was fined over $700,000 by FINRA 3 years ago for various failures in supervision related to sales of real estate investment trusts and leveraged exchange-traded funds from 2008-2012. Follow this link to review their FINRA record. 

Jeffrey Dragon was discharged by Berthel Fisher in 9/2016. The company made the following allegation in connection with his termination: “The firm believes that the representative did not adhere to a term of his heightened supervisions agreement, which required him to run all business, including fixed indexed annuities, through the firm’s commission grid.” Link to Dragon’s FINRA record. 

Investors who suffered losses on purchases of UITs, REITs or other investments in an account at Berthel Fisher may be able to recover damages through FINRA arbitration.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Steven Stahler-Former VSR Financial Broker-Discloses Numerous Customer Complaints

Baton Rouge, LA

UPDATE December 2016-Publicly available records disclose that in December 2016 a customer of Steven Stahler filed FINRA arbitration #16-3594 alleging damages for unsuitable investments in direct investments, equipment leasing, real estate securities, unit investment trusts and business development companies.

Original Post June 2016– According to FINRA records,  Steven L. Stahler  a stockbroker  who  formerly worked for VSR Financial Services discloses  1 final regulatory event, 11 final customer disputes, one pending customer dispute and one pending judgment/lien.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

In a currently pending matter, a customer while Stahler was employed by VSR Financial  Services alleges damages of $793,101 and alleges Stahler failed to diversify investments and was negligent in recommending direct investments in equipment leasing, oil and gas, promissory notes and REITs.

In November 2014, Stahler was suspended and fined by FINRA after being named in a FINRA complaint alleging that he made unsuitable recommendations to four customers. The recommendations were investments in private placements and REITs that were unsuitable for the customers.

Most of the previously resolved customer disputes against Stahler relate to investments made into alternative investments while Stahler was employed by VSR Financial Services. Settlements on those cases range as high as $1.3M.

Stahler was previously  registered with the following firms:

  • Lowell & Company                           8/2012=11/2013
  • Ausdal Financial Partners            12/2011-8/2012
  • Berthel Fisher Financial                 6/2009-12/2011
  • VSR Financial                                        10/1992-6/2009

In July 2013, FINRA fined VSR Financial $550,000 for over concentrating  alternative investments in customer accounts. See this for more information.

We have represented a number of people with claims against VSR Financial Services over during the past several years. Follow this link for more information on our investigation into the sales practices of VSR Financial Services.

If you have questions about an account handled  by Steven Stahler or other VSR FInancial Services broker, call for a no charge consultation.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Timothy C. Moody- Moody Captital Solutions Broker-Discloses Regulatory Suspension

Dawsonville, Georgia

According to FINRA records,  Timothy C. Moody   a stock broker  employed by Moody Capital Solutions , discloses a recent regulatory action.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

In February 2016, Timothy C. Moody, without admitting or denying the findings, consented to a fine of $5,000 and a three month suspension for willfully failing to timely amend FINRA reporting forms to disclose that he had filed a chapter 7 bankruptcy petition in the U.S. Bankruptcy Court in the Northern District of Georgia. Suspension is from 3/21/2016-6/20/2016.

Moody has been employed by Moody Capital Solutions since 10/2006.. Prior to that his employment includes Midsouth Capital and Berthel, Fisher & Co.

If you have questions about an account handled  by Timothy C. Moody, call for a no charge consultation.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Recovery Options for Investors Who Purchased Oil & Gas Investments from Berthel Fisher

The Financial Industry Regulatory Authority (FINRA) recently fined Berthel Fisher and their affiliate Securities Management & Research $775,000 for supervisory failures related to the sale of various alternative investments, including oil and gas programs.

FINRA found that from January 2008 to December 2012, Berthel Fisher had inadequate supervisory systems and written procedures for sales of alternative investments  like:

  • non-traded real estate investment trusts (REITs)
  • leveraged and inverse exchange traded funds (ETFs)
  • managed futures
  • oil and gas programs
  • equipment leasing programs
  • business development companies

If you have losses in oil and gas investments purchased from Berthel Fisher, contact us to learn how you may be able to recover damages through  FINRA arbitration.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Rex Securities Law Investigates Former VSR Financial Broker Charles Chapman-Richardson, Texas

Richardson, Texas

Rex Securities Law is investigating former VSR Financial Services broker Charles E. Chapman   in connection with the sale of various direct investments including real estate securitie, equipment leasing investments, promissory notes and limited partnership interests.

According to FINRA records in 2014 Chapman was named three customer disputes involving direct investments like real estate securities, limited partnerships and direct investments.

In 2014 one case was settled for $315,000 and another for $3,740,000. An earlier case in 2011 settled for $225,000.

According to FINRA records Chapman  was registered with VSR Financial Services from 8/1999-6/2009. He was then registered with Berthel Fisher & Company from 6/2009-6/2013. He is not currently registered.

VSR Financial Services was fined $550,000 by the Financial Industry Regulatory Authority (FINRA) in May 2013 in connection with the sale of alternative investments. In their findings, FINRA criticised VSR Financial for recommending high concentration levels of alternative investments in customer accounts and for its lack of supervision over the use of consolidated reports prepared by brokers and provided to customers.

Alternative investments include non publicly traded real estate investment trusts (REITS) , hedge funds, real estate, commodities and derivatives contracts and, managed futures. It may also include art, wine, antiques, coins or stamps. These investments tend to be complex, illiquid, nontransparent, hard to value and expensive. Many of the alternative investments sold over recent years are not traded on any public market making them difficult to value and even more difficult to liquidate if cash is needed.

If you have losses in an account with VSR Financial Services, contact us to discuss how you may be able to recover damages for those losses .

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,  provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Daniel Levin-Titan Securities Broker From Dallas -Sanctioned for ‘Investment Talk” Radio Show

August 7,  2015- Dallas, Texas 

Daniel Levin  entered into a Letter of Acceptance Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that between December 2013 and April 2014, Levin hosted a weekly radio show during which he made statements that were unbalanced, promissory, misleading and/or lacked reasonable basis.

According to the FINRA complaint Levin’s show ‘Investment Talk” were pre-recorded then broadcast at a later time and date. Although he solicited listeners to call he did not take live calls. FINRA found that he made the following statements that violated FINRA Rules because they lacked a sound basis, or failed to be fair and balanced:

  • “50% of Americans will have to work for the rest of their lives”
  • stock market is due for a 30% correction
  • “stocks will go down 40%, bonds will go down 10%”
  • “you may be able to leave your kids more money than you invested although you took money our for 25 years”
  • “Put in $1,000 per month over 15 years, get $40,000 tax-free income and a $500,000 death benefit”

AWC No. 2014040335101

Levin  was  fined $25,000 and suspended for six months, He was also required to retake and pass the Series 7 securities exam.

According to FINRA records, Levin was registered with Titan Securities  from 1/2014-8/2014. Prior to that she was registered with Berthel Fisher & Company  from 6/2012-9/2012. Prior to that he was registered with Milkie/Ferguson Investments . He is not currently registered.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Dallas Broker Sanctioned for Misrepresentations Made on RadioTalk Show

August 4, 2015

Daniel Levin, of Dallas, TX  entered into a Letter of Acceptance Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that he made statements that were unbalanced, promissory, misleading and/or lacked reasonable basis on his weekly radio show “Investment Talk”, between December 2013 and April 2014.

According to FINRA, Levin made the following statements that violated FINRA Rule 2210(d)(1)(a):

  • “50% of Americans will have to work for the rest of their lives”

    stock market is ‘due for a correction”

    “stocks will go down 40%, bonds will go down 10%”

    that Levin “told people in ’07 to get out to the market, saved them 60%”

    “I have investments that will guarantee you the income you are looking for the rest of your life”

    AWC NO. 2014040335101

Levin  was fined $25,000 and suspended for six months According to FINRA records Levin  was registered as follows:

  • 1/2014-8/2014                                                Titan Securities 
  • 6/2012-9/2012                                                Berthel Fisher & Co.
  •  1/2004-6/2012                                               Milkie/Ferguson Inv

FINRA records indicate that Levin has been named in 14 customer complaints and that he was terminated in 9/2012 by Berthel Fisher due to a new regulatory proceeding being filed by FINRA.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870