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Fired Berthel Fisher Broker Steve Cummings’ Customers Report Investment Losses

Ex-Alabama Financial Advisor Has Been Accused of Misrepresentations and Unsuitability

Our knowledgeable broker misconduct attorneys are investigating claims of losses by customers of ex-Berthel Fisher & Co. registered representative Steve Jeffrey Cummings. In July 2021, claimants filed a Financial Industry Regulatory Authority (FINRA) arbitration claim for $250K in damages. 

The customers contend that they were sold unsuitable investments between 2010 and 2015 and that Cummings allegedly made misrepresentations to them. They believe brokerage firm Berthel Fisher failed to supervise its Alabama broker and did not conduct proper due diligence. In 2017, Berthel Fisher fired Cummings over allegations that he did not disclose tax liens in a timely fashion. 

Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) offer free, no-obligation consultations to investors who sustained losses to their investment portfolios while working with ex-Berthel Fisher financial advisor Steve Cummings. Call our securities lawyers at (800) 259-9010 today.

Broker Steve Cummings Named in Several Customer Disputes 

Other disclosures on Steve Cummings’ BrokerCheck Record include: 

  • July 2019: A $25K settlement was reached with clients alleging that the real estate investment trust (REIT) they bought was misrepresented. They claim that Cummings guaranteed their original investment’s safety. 
  • December 2018: This investor case alleging failure to supervise, misrepresentations, and unsuitability, was concluded with a $62K settlement. 
  • December 2010: The Alabama Securities Commission cited and fined Cummings and others for allegedly selling promissory notes unregistered in the state.

Cummings was a registered representative for 25 years. Other firms where he used to work include First Legacy Securities, Sunset Financial Services, NYLIFE Securities, Pruco Securities, and BFC Planning. 

What is “Misrepresentation” As It Relates to Investor Claims?

Brokers must disclose all risks when recommending a financial product to a customer. Unfortunately, many financial advisors intentionally or negligently fail to conduct the proper due diligence and misrepresent the risks or other key material facts about an investment. 

This can prove detrimental to a customer who has agreed to purchase a security they had no idea was high-risk, illiquid, or unsuitable. Should the investor lose money and misrepresentations and omissions were made, there may be grounds for holding the financial advisor and broker-dealer liable. 

To speak with one of our skilled broker negligence attorneys, contact SSEK Law Firm at (800) 259-9010 today.

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