Sherrell Berrett, a 75 year-old St. George, Utah man was accused of defrauding four people out of more than $1 million. Berrett has agreed pay back his victims, $1.3 million as part of a plea deal. Berrett agreed to plead guilty to one count of securities fraud, although he was charged with 13 counts.
Berrett's victims were from Nevada and Utah and some of the money they invested come out of their retirement accounts. He allegedly lured them into making investments in his company. Authorities said one woman gave him $823,800, then received regular account statements showing monthly gains in the investment, but she only received $233,000 in return. Berrett was allegedly using her money to finance his other companies.
According to FINRA's website, Sherrell Berrett was previously registered with the following FINRA firm(s):
AMERICAN CLASSIC SECURITIES, INC. (CRD# 25399) - SALT LAKE CITY, UT
04/2006 - 10/2008
CONSUMER CONCEPTS INVESTMENTS, INC. (CRD# 26167) - SALT LAKE CITY, UT
05/2000 - 03/2006
WMA SECURITIES, INC. (CRD# 32625) - DULUTH, GA
08/1999 - 02/2000
NAP FINANCIAL CORPORATION (CRD# 16023) 09/1988 - 05/1989
ANCHOR NATIONAL FINANCIAL SERVICES, INC. (CRD# 5774) 09/1987 - 09/1988
IRONWOOD SECURITIES, INC. (CRD# 13543) 05/1986 - 09/1987
EQUITY-ONE CORPORATION (CRD# 15126) 07/1985 - 04/1986
WESTLAKE SECURITIES, INC. (CRD# 10279) 11/1982 - 07/1985
HALL SECURITIES CORPORATION (CRD# 13013) 07/1983 - 12/1983
STANDARD CAPITAL GROUP, INC. (CRD# 10013) 06/1981 - 12/1982
If you or an elderly family member have experienced losses through your broker/financial advisor, call a Securities Arbitration Lawyer at Soreide Law Group for a free consultation on how to potentially recover your losses: 888-760-6552.
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