Customer Files FINRA Arbitration Claim Against Ex-Berthel, Fischer & Co. Broker and the Firm
Andrew Samuel Perri, the president of Pinnacle Wealth Management in Brighton, Michigan, and a former stockbroker has been named in a customer dispute, along with broker-dealer Berthel, Fischer, & Company Financial Services.
In the Financial Industry Regulatory Authority (FINRA) arbitration case, brought in June, the claimant contends that Perri made negligent misrepresentations while selling investments that were unsuitable. The investor is accusing the brokerage firm of failing to properly supervise Perri and neglecting to conduct the proper due diligence.
Our investment fraud lawyers at Shepherd Smith Edwards and Kantas are offering free case consultations to former or current customers of Andrew Perri who suffered significant investment losses. If you are wondering whether the Michigan investment advisor gave you investment recommendations that failed to align with your objectives and risk tolerance levels, call us today on (800) 259-9010.
Perri May Have Recommended Oil and Gas Investments to Customer
According to his BrokerCheck record, Andrew Perri has worked in the industry for 19 years. However, his registered information on the US Securities and Exchange Commission (SEC) site has him working in the industry for 23 years.
The customer dispute listing on Perri’s BrokerCheck record doesn’t provide many details. However, another source online states that the FINRA arbitration claim involved oil and gas investments, annuities, and real estate securities and that the investor is alleging damages of $250K to $500K.
Andrew Perri has been a Pinnacle Wealth Management financial advisor since 2013. Before Berthel, Fischer & Co., he had been a registered representative at several other broker-dealers including:
- Sigma Financial Corporation (which fired him in 2007 after he allegedly did not comply with sales submission procedures)
- Legacy Financial Services
- FSC Securities Corporation
- Locust Street Securities
- And two other brokerage firms
Failure to Supervise
Broker-dealers are required to properly oversee and monitor all of its employees. This includes not just supervising them but also making sure that the proper compliance procedures are in place and being implemented.
When inadequate supervision causes stockbrokers to make careless mistakes or commit fraud, and this leads to investor losses, customers who were harmed may have grounds for recovering damages from the registered representative and their firm.
Contact SSEK Law Firm to speak with one of our skilled investment fraud attorneys if you believe that Andrew Perri recommended unsuitable investments for your portfolio, or if you suffered losses as a result of broker-dealer negligence. We represent investors nationwide.