Steve Cummings Facing Berthel Fisher Client Disputes

Berthel Fisher Clients Allege Unsuitability, Misrepresentation By Securities Broker Steve Cummings

Soreide Law Group is reviewing potential investor claims to bring against Berthel Fisher Company Financial Services and securities broker Steve Jeffrey Cummings (CRD#: 2274017, Fort Deposit, Alabama). Evidently, four clients filed disputes about Cummings alleging sales practice violations on alternative investments. Read on to learn more about these disclosures.

Berthel Fisher Client Alleges Unsuitable Alternative Investments By Steve Cummings

Evidently, a client of Berthel Fisher Company Financial Services complained about Steve Cummings’s sales practices. In this July 2021 FINRA Arbitration Claim, the client alleges that they sustained damages on direct investments (DPPs, LPs), real estate securities, and business development companies. It seems that the client received bad advice and misrepresentations from Cummings. In addition, the client alleges that Berthel Fisher failed to supervise Cummings’s actions or perform reasonable due diligence on the investments. For this reason, the client asked for $250,000 to resolve this ongoing matter.

Client Of Berthel Fisher Alleges Misrepresentation By Cummings

Evidently, a Berthel Fisher investor disputed Steve Cummings’s real estate security sale. Supposedly, Cummings sold the client a real estate security after representing that the investment was safe and contained no principal loss. It appears that the client experience damages by purchasing the investment. Because of this, Berthel Fisher agreed to pay $25,000 to settle this dispute in September 2021.

Berthel Fisher Allegedly Fails To Supervise Steve Cummings’ Securities Sales

It appears that a third Berthel Fisher client came forward in December 2018 to dispute Steve Cummings’s sales practices. Supposedly, Cummings made unsuitable trades involving oil and gas securities, real estate securities, and a BDC. In addition, Cummings purportedly misrepresented information about these investments. Berthel Fisher purportedly failed to supervise Cummings’s actions, resulting in harm to the client. Consequently, Berthel Fisher opted to pay the client $62,000 in a January 2020 settlement.

First Legacy Securities Client Alleges Unsuitable DPPs, LPs

In an April 2018 FINRA Arbitration Claim, a client alleges unsuitability by Steve Cummings at Berthel Fisher and First Legacy Securities. Supposedly, Cummings sold an unsuitable and misrepresented investment. The firms who employed Cummings allegedly poorly supervised him, which caused the client to experience damages. However, the client withdrew their complaint.
It appears that Berthel Fisher no longer employs Steve Cummings as of December 2017. The firm discharged him because of allegedly failing to disclose information to the firm promptly.

Losses Through Steve Cummings?

Did you suffer losses because of securities broker Cummings? If so, call Soreide Law Group at (888) 760-6552 and speak with a helpful securities lawyer about a potential recovery of your losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has recovered substantial compensation for hundreds of United States investors who have incurred losses from their financial advisors and securities brokers. Please note that Cummings denies all allegations of his sales practice violations.