Soreide Law Group has filed a FINRA arbitration on behalf of our clients (Claimants) against:
CONCORDE INVESTMENTS SERVICES, LLC, and
BERTHEL, FISHER & COMPANY FINANCIAL SERVICES, INC (Respondents).
The Claimants are in their late 70s, retired, and according to the lawsuit, were not looking to take any unnecessary risks with their retirement savings. The Claimants maintained a relationship with the Respondents and their Financial Advisor, Jeffrey L Bangerter. The lawsuit alleges that the Financial Advisor, Jeffrey L Bangerter, understood that the Claimants were not looking to take on any unnecessary risks. However, the lawsuit alleges that the Financial Advisor, Jeffrey L Bangerter recommended APX energy investments totaling over $400,000 to the Claimants ($125,000 at BERTHEL, FISHER & COMPANY, and $275,000 at CONCORDE INVESTMENTS). Jeffrey Bangerter is not named in this lawsuit.
The Financial Advisor, Jeffrey L Bangerter allegedly affirmed tax relief, retirement income, and return of principal with each recommendation. According to the lawsuit, the Claimants recently learned from APX that the underlying energy investments have failed, and the Claimants will likely suffer a certain loss.
The Respondent’s actions in this case allegedly constitute breach of contract, breach of fiduciary duty, violations of FINRA rules, negligence, and negligent supervision.
According to FINRA’s BrokerCheck, Jeffrey L Bangerter is currently registered with CONCORDE INVESTMENT SERVICES, LLC of Roseville, California, both as a broker since 2/28/2019 and as an investment advisor since 10/20/2014. Bangerter was registered as a broker with BERTHEL, FISHER & COMPANY FINANCIAL SERVICES, INC of Citrus Heights, CA from 03/05/2015 - 02/14/2019.
Jeffrey L Bangerter has 34 years of experience in the securities industry and has been listed with 13 firms. Bangerter has 6 disclosures on his FINRA CRD report. Two of the disclosures are “Regulatory” disclosures and 4 are “Customer Disputes.” Two of the disputes have settled, one was closed with no action, and one is pending. The significance of Bangerter’s disclosures is underscored in FINRA NOTICE to MEMBERS 03-49. FINRA conducted a review of the CRD’s of all registered representatives, only .41% had been the subject of 3 or more customer complaints. In other words, Jeffrey L Bangerter’s customer complaints rank him in the top one-hundredth percent of all registered representatives for customer complaints.
To discuss this article or any other securities issues, contact Soreide Law Group and speak to an experienced securities lawyer at no cost: 888-760-6552.
Soreide Law Group represents our clients nationwide before FINRA on a contingency fee basis.
