{"id":1406,"date":"2014-02-25T20:49:45","date_gmt":"2014-02-25T20:49:45","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2014\/02\/berthel_fisher_affiliate_fined"},"modified":"2022-03-11T08:59:51","modified_gmt":"2022-03-11T14:59:51","slug":"berthel-fisher-affiliate-fined","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/berthel-fisher-affiliate-fined\/","title":{"rendered":"Berthel Fisher & Affiliate Fined $775K by FINRA Over Supervisory Failures Involving Non-Traded REITs and Leveraged and Inverse ETFs"},"content":{"rendered":"

\t\t\t\tBerthel Fisher & Company Financial Services, Inc.<\/a> and its affiliate, Securities Management & Research, Inc. are going to pay the Financial Industry Regulatory Authority a combined $775,000 for purported supervisory deficiencies related to leveraged and inverse exchange-traded funds and non-traded real estate investment trusts. The firm settled without deny or admitting to the allegations.<\/p>\n

FINRA claims that from January 2008 to December 2012 Berthel Fisher had inadequate written procedures and supervisory systems to deal with the sale of alternative investment products, such as managed futures, non-traded REITs, oil and gas programs, managed futures, business development companies, and equipment leasing programs. The SRO says that the brokerage firm’s staff were improperly trained with regard to state suitability standards, and criteria wasn’t properly enforced in a number of alternative investment sales because the firm did not figure out the correct concentration levels of certain financial instruments.<\/p>\n

FINRA also said that from 4\/09 to 4\/12, Berthel Fisher lacked a reasonable basis for certain ETF sales, resulting from numerous reasons, including a failure to properly review or research non-traditional ETFs before letting registered representatives make recommendations to customers. Inadequate sales training was not provided and some customers suffered losses because the brokerage firm did not monitor investment holding periods.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

Berthel Fisher & Company Financial Services, Inc. and its affiliate, Securities Management & Research, Inc. are going to pay the Financial Industry Regulatory Authority a combined $775,000 for purported supervisory deficiencies related to leveraged and inverse exchange-traded funds and non-traded real estate investment trusts. The firm settled without deny or admitting to the allegations. FINRA […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3752,3739,3777],"tags":[2612],"class_list":["post-1406","post","type-post","status-publish","format-standard","hentry","category-financial-firms","category-finra","category-inadequate-supervision","tag-berthel-fisher"],"yoast_head":"\nBerthel Fisher & Affiliate Fined $775K by FINRA | Securities Fraud Attorney<\/title>\n<meta name=\"description\" content=\"Berthel Fisher and its affiliate are going to pay the Financial Industry Regulatory Authority a combined $775,000 for purported supervisory deficiencies.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/berthel-fisher-affiliate-fined\/\" \/>\n<meta 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