On February 24th., 2014, the Financial Industry Regulatory Authority, also known as FINRA announced that it fined Berthel Fisher & Company Financial Services, Inc. and its affiliate, Securities Management & Research, Inc., of Marion, Iowa. The fine totaled $775,000 for supervisory deficiencies. This fine included Berthel Fisher's failure to supervise the non-traded real estate investment trusts (REITs), and leveraged and inverse exchange-traded funds (ETFs) sales.
According to FINRA's investigation, from January 2008 to December 2012, Berthel Fisher had inadequate supervisory systems and written procedures, did not eforce suitability standards, failed to calculate accurately the concentration levels for alternate investments, and failure to train staff on suitability standards for their clients. These were for the sales of alternative investments; such as REITs, managed futures, gas and oil programs, equipment leasing and business developments.
Also, FINRA found from April 2009 to April 2012, Berthel Fisher & Co. did properly research or review non-traditional ETFs before its brokers recommended them to clients and that they failed to provide training to the sales staff for these products. According to FINRA, Berthel Fisher also failed to monitor the holding periods by clients, resulting in some losses for their clients.
If you sustained an investment loss due to your stock broker/financial advisor’s recommendations regarding REITs or ETFs, call for a free consultation with an attorney on how to potentially recover your losses, call Soreide Law Group at 888-760-6552.
Soreide Law Group has filed a FINRA arbitration on behalf of our client (Claimant) against: TEXAKOMA FINANCIAL, INC. and their registered representative, SHEA PETER KENNEDY (SHEA P KENNEDY) (Repondents). The Claimant resides in Nevada, and according to the lawsuit, around August of 2023, SHEA P KENNEDY contacted the Claimant unsolicited, apparently after the Claimant had […]
Pending customer claims on BrokerCheck name Michael Graham (CRD 3263494) and list LPL Financial as the firm. Each claim is pending and unproven, and no arbitrator has ruled on any of them. The customers allege that Graham misrepresented guaranteed principal and returns on a secured loan related to a real estate deal.
An SEC decision involving Titan Securities (CRD 131392) of Plano, Texas became final on August 7, 2026, according to FINRA's October 2026 Disciplinary and Other FINRA Actions report. The decision fined the firm $50,000. The record lists the firm as JTA Securities Management, Inc. dba Titan Securities.
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