Cedar Rapids based Berthel Fisher & Company Financial Services, Inc. discloses that the company is being investigated by the Securities and Exchange Commission (SEC) regarding whether the company breached its fiduciary duties by receiving SEC Rule 12b-1 fees from mutual funds and other fees in investment advisory accounts. Berthel discloses that they may be facing costs of up to $600,000 in connection with the SEC investigation.
In addition Berthel discloses that they are currently defending customer lawsuits seeking damages from ranging $40,000 to $4.6 million, for which it has reserved $1.8 million.
Berthel Fisher has been the subject of several recent regulatory sanctions, including:
- FINRA assessed a fine of $675,000 and censured Berthel over its sales of non traded REITs and other alternative investments.
- New Hampshire regulators sanctioned Berthel over $400,000 in fines, restitution and costs in connection with unsuitable sales of Unit Investmetn Trusts (UITs)
If you have questions about an account handled by Berthel Fisher, call to 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.
Florida-561 391 1900