Fitapelli Kurta is investigating complaints against Berthel Fisher related to the sale of non-traded REITs and inverse ETFs. On February 24, 2014, FINRA fined the firm $775,000 for supervisory failures related to the sale of these products. A copy of FINRA’s press release can be found here.
According to FINRA, or the financial industry regulatory authority, Berthel had inadequate supervisory systems and written procedures for sales of alternative investments, including non-traded REITs from January 2008 through December 2012. FINRA also found that from April 2009 through April 2012, the firm did not adequately research leverages and inverse ETFs nor did it have a reasonable basis for recommending the purchase of these securities.
According to Brad Bennette, FINRA’s Executive Director said that Berthel Fisher, “failed to ensure that its registered representatives understood the unique features and risks of these products before presenting them to retail clients.”
If you or someone you know has lost money investing with Berthel Fisher, call Fitapelli Kurta at 877-238-4175 for a free consultation. You may be eligible to recoup your losses. Fitapelli Kurta accepts all cases on a contingency basis: we only get paid if and when you collect money. Time to file your claim may be limited, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.