Soreide Law Group is currently investigating claims made by investors against former Northland Securities, Inc., broker from Minneapolis, Minnesota:
NICHOLAS H. SHERMETA (CRD# 2414010) Alternate Names: NICK SHERMETA
The SEC has permanently barred Nicholas H. Shermeta from acting as a broker and investment advisor, or otherwise associating with firms that sell securities or provide investment advice to the public.
According to the SEC, Nicholas H. Shermeta sold shares of stock in Dakota Plains Holdings, allegedly not through his registered firm but in an entity he controlled, Napa Properties, LLC. The SEC alleges that Dakota Plains and its principals manipulated the price of Dakota Plains’ stock. The SEC alleges Shermeta improperly brokered the trades through Napa Properties instead of his licensed firm, which at the time was Northland Securities, Inc. Allegedly, Shermeta made substantial commissions for his sales of the securities. Napa Properties is an unregistered entity, and Shermeta was the only member.
Nicholas H. Shermeta agreed to pay $75,000 disgorgement, $11,000 in interest, and a $50,000 penalty. Shermeta also agreed to a three-year suspension from the securities industry.
Dakota Holding Corp. was formerly known as MCT Holdings, Inc.
Nicholas H. Shermeta was registered in the securities industry for 22 years and some of the firms he was registered with are listed below:
1/2011 - 11/2016 NORTHLAND SECURITIES, INC. - MINNEAPOLIS, MN
06/2002 - 11/2011 FELTL & COMPANY - MINNEAPOLIS, MN
11/1999 - 06/2002 MILLER JOHNSON STEICHEN KINNARD, INC. - MINNEAPOLIS, MN
Soreide Law Group believes brokerages such as Northland Securities, Inc. have a responsibility to their clients to properly supervise their registered representatives. If you were a client of Nicholas H. Shermeta, a broker formerly with Northland Securities, Inc. of Minneapolis, Minnesota, and due to his actions or recommendations you lost a significant amount of your investments, call Soreide Law Group for a no-cost consultation with a lawyer regarding your rights and possibility of recovery at: 888-760-6552.
Soreide Law Group represents our clients nationwide before FINRA and operates on a contingency basis.
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