April 2023
Cedar Rapids based Berthel Fisher & Company Financial Services, Inc. discloses that they may be facing costs of up to $32 million in connection with a recent flurry of customer suits. This spike in customer disputes is likely fueled by the fact hat Berthel Fisher has been known to sell a variety of alternative investments, which can be volatile. This amount is approximately eight time greater than the litigation exposure the firm reported to the SEC a year ago.
Two recent alternative investments that have cratered recently, GPB Private Placements and GWG L Bonds may be partially responsible for Berthel Fisher’s current woes.
According to FINRA records, Berthel Fisher was fined $675,000 and censured in 2014 for regulatory violations related to alternative investments. In 2019 a FINRA arbitration panel ordered Berthel Fisher to pay a customer $1.1 million to resolve their claim of having been sold unsuitable REITs (real estate investment trusts).
If you have questions about an account handled by Berthel Fisher, call to speak with an experienced securities attorney and learn your options.
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.
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