Rex Securities Law Files Arbitration vs. Berthel Fisher To Recover Losses on Alternative Investments
March 28, 2014 Business News(PRLEAP.COM) March 28, 2014 - St. Paul, Minnesota- Rex Securities Law filed an arbitration (FINRA Case #14-00952) with the Financial Industry Regulatory Authority (FINRA) against BERTHEL FISHER & COMPANY FINANCIAL SERVICES on behalf of a retired single lady from St. Paul, Minnesota. The arbitration claim seeks damages in excess of $250,000 and alleges that our client was sold non-traded real estate investment trusts and other alternative investments that are not suitable for her given her age and lack of risk tolerance. The subject investments include:
The claim alleges that the investments, which were sold to her by Berthel Fisher broker Jonathan Pyne, were unsuitable for her, are illiquid, were negligently misrepresented and represent too large a concentration level of her total liquid net worth. It also alleges that Berthel Fisher breached its fiduciary duty and was negligent in the supervision of its brokers.
In February 2014 Berthel Fisher was fined $775,000 by FINRA for supervisory deficiencies related to the sale on non-traded real estate investment trusts (REITs) and exchange traded funds. A copy of the FINRA News Release may be viewed in the attachment below.
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