Securities Broker Jon Pyne Involved In Seven Investor Disputes
Soreide Law Group has come across important information in regard to Jonathan Todd Pyne (CRD#: 2580510, Minneapolis, Minnesota). Notably, the Financial Industry Regulatory Authority (“FINRA”) indicates that Pyne, who is a securities broker and financial advisor with Berthel Fisher and BFC Planning, is involved in seven investor disputes. Specifically, these disputes contain allegations against Pyne of sales practice violations. Here’s more.
Berthel Fisher Client Indicates In Arbitration Claim That Jon Pyne Misrepresented Investments
Evidently, a client of Berthel Fisher came forward with a dispute about Jon Pyne’s alternative investment sales. First of all, in this September 2020 FINRA Arbitration Claim, the client alleged that Pyne made unsuitable sales of investments. Secondly, the securities broker purportedly misrepresented information about investments. Finally, the client claimed that Berthel Fisher did not supervise Pyne and overlooked due diligence obligations. It seems that this client sustained losses or other damages on oil and gas securities, real estate investment trusts (REITs), business development companies (BDCs), and direct investments (DPPs, LPs). For this reason, the client demands $250,000 in this ongoing matter.
Pyne Purportedly Sold Unsuitable Investments
It appears that a second Berthel Fisher client targeted Jon Pyne in January 2019 regarding alternative investments. Evidently, this lawsuit alleged that the client’s account experienced poor performance on oil and gas securities, REITs and BDCs. Supposedly, the client invested in these products when they were not suitable for them. Additionally, the client indicated that Pyne did not represent these investments correctly. Finally, Berthel Fisher ostensibly failed to supervise the broker. All told, Berthel Fisher compensated the client to settle this matter in April 2019.
Berthel Fisher Client Indicates Jon Pyne Breached Fiduciary Obligation Through Mismanagement
Also, a client of Berthel Fisher filed a FINRA Arbitration Claim in December 2017 in regard to Jon Pyne. Namely, this matter contains allegations of Pyne mismanaging the client’s account, breaching a fiduciary obligation. Not only that, but the client suggested that the broker did not make contact with them when their account declined in value. Finally, Pyne supposedly surrendered the client’s annuity without their permission. For this reason, Berthel Fisher opted to pay the client to settle this matter in September 2019.
Prior Disputes About Pyne
Evidently, two past disputes involving Jon Pyne moved on to settlements. In one of these disputes, a Berthel Fisher client alleged suitability and misrepresentation. That client received a payment of $48,175 to put their claim to rest. And in the second dispute, the client alleged that Berthel Fisher failed to supervise Pyne resulting in them purchasing unsuitable and misrepresented products. For this reason, they received $110,000 in a settlement.
Losses From Investing In Alternative Investments Through Jon Pyne?
Apparently, Jon Pyne denies allegations of sales practice violations as referenced by his clients. Have you incurred losses by investing with this broker? If so, reach out to Soreide Law Group at (888) 760-6552 and speak with experienced counsel concerning a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The law firm has recovered millions of dollars for clients who have experienced losses because of their securities brokers and financial advisors. Evidently, Pyne still works for Berthel Fisher and BFC Planning Inc.