Gen Mar (CRD#: 2744037), a registered representative with Berthel, Fisher & Company Financial Services, Inc. (CRD#: 13609) in Northbrook, Illinois, is currently involved in two pending customer disputes in which clients are requesting over $1.5 million damages, according to his BrokerCheck record accessed on March 3, 2020.
On May 1, 2019, clients filed a customer complaint against Gen Mar, alleging that she recommended and misrepresented unsuitable investments to them from 2010 to 2015. The clients also allege that Gen Mar’s firms, Berthel, Fisher & Company Financial Services, Inc. and Brewer Financial Services, failed to supervise her actions. The matter is pending and the clients are seeking $1,500,000 in damages.
This is not the only customer dispute on Gen Mar’s BrokerCheck record. She is also involved in a dispute over Real Estate Investment Trusts (REITs). A client alleges that, from 2014 to 2018, Gen Mar placed them in inappropriate, illiquid investments. The client reports that two out of three of his REITs have stopped paying out a monthly dividend. The client has “requested that the representative repurchase the investments to provide liquidity.” REITs are not suitable for investors who need easy access to the cash value of their investments because they are inherently illiquid, particularly in the case of non-traded REITs. The client is seeking $69,873 in damages. The matter is pending.
Gen Mar has also been involved in two customer disputes which have since settled. On July 31, 2018, Gen Mar became involved in a customer dispute in which clients alleged that she recommended unsuitable investments between 2014 to 2016. The clients further alleged that Gen Mar’s firm, Berthel, Fisher & Company Financial Services, Inc., failed to supervise her actions. The clients originally sought $250,000 in damages; the matter was later settled. On September 11, 2013, a client alleged that Gen Mar recommended unsuitable Tenant in Common investments. The client further alleges that Gen Mar’s firm failed to conduct due diligence. The client originally sought $499,958 in damages and ultimately settled for $222,000. A copy of the award can be viewed here.
What are Tenant in Common investments? Tenant in Common investments allow investors to take partial, undivided ownership of a property. A property can have up to 35 investors (known as tenants-in-common). Investors are unaware of who their investment partners are, so it is impossible to know if these other investors have the capital to maintain the investment. While this investment is tax-deferred, it carries high fees, so it often makes more sense to pay the taxes. While at first glance Tenant in Common investments sound like a good investment, investors should take care to do their research before investing in them.
Gen Mar’s BrokerCheck record also lists a FINRA arbitration award. On June 16, 2011, Gen Mar lost a FINRA arbitration. A client alleged that Gen Mar made misrepresentations and omission and committed fraud and negligence. The client requested $125,000 in damages, and that amount was awarded. A copy of the award can be viewed here.
In addition to these disclosures listed on her BrokerCheck record, Gen Mar has also been permitted to resign from Woodbury Financial Services. What happened to lead to this? The firm found that Gen Mar failed to follow firm procedures by “sending business direct[ly] to a product manufacturer in order to meet a deadline while simultaneously submitting it to the firm for compliance review and attempting to reimburse a customer directly for a bank overdraft fee,” according to her BrokerCheck record.
In addition to Berthel, Fisher & Company Financial Services, Inc. (CRD#: 13609), Gen Mar has also worked for the following firms:
- Brewer Financial Services, LLC (CRD#: 132558) – expelled by FINRA on March 25, 2011
- Woodbury Financial Services, Inc. (CRD#: 421)
- PFS Investments Inc. (CRD#: 10111)
If Gen Mar was your broker and you have questions about your investments, don’t hesitate to contact the securities attorneys of Fitapelli Kurta to learn about your options for recovery. Call (877) 238-4175 or email firstname.lastname@example.org for your free case consultation.