Alvery Anthony Bartlett Jr. of Saint Louis Missouri a stockbroker formerly employed by Berthel Fisher Company Financial Services has been identified in a customer initiated investment related arbitration claim where the customer sought more than $5,000.00 in estimated damages founded on accusations that customers were placed into unsuitable alternative investments and that Berthel Fisher’s negligence resulted in the customer’s losses. Financial Industry Regulatory Authority (FINRA) Arbitration No. 20-01791 (June 8, 2020).
According to the claim, customers had been placed into business development company products, real estate securities, oil and gas securities and direct investments including in direct participation programs or limited partnerships. The investments sold to them between 2009 and 2016 were allegedly inappropriate because of the high commissions and because the investments failed to provide customers the income that they needed. The claim also alleges a lack of due diligence relating to the customers’ investment in United Development Funding.
FINRA Public Disclosure reveals that Bartlett has been identified in three more customer initiated investment related disputes concerning accusations of his misconduct when the stockbroker was employed by Berthel Fisher. On December 18, 2015, a customer initiated investment related arbitration claim in reference to Bartlett’s conduct was resolved for $25,000.00 in damages based upon accusations of misrepresentations having been made to the customer concerning tenant in common interests and oil and gas securities. FINRA Arbitration No. 14-03867. There was allegedly no due diligence conducted on those alternative investments before Bartlett advised the customer to purchase them. The claim alleges that Berthel Fishier failed to supervise the stockbroker which resulted in the unsuitable investment sales.
On August 13, 2019, another customer filed an investment related arbitration claim involving Bartlett’s conduct in which the customer requested as much as $3,000,000.00 in damages based upon allegations of unsuitability and misrepresentation by Bartlett as it pertained to his alternative investment transactions. FINRA Arbitration No. 19-01943. The claim alleges that the customer experienced losses on business development company and real estate security products as well as oil and gas securities and direct investments. According to the claim, the customer’s investment account was deficiently managed or supervised by Berthel Fisher.
Bartlett has also been identified in a customer initiated investment related arbitration claim which was resolved for $450,000.00 in damages founded on accusations that the customer was provided with poor recommendations relating to real estate investment trusts as well as oil and gas investments and direct investments. FINRA Arbitration No. 17-03515 (Feb. 18, 2020).
Bartlett’s registration with Berthel Fisher Company has been terminated as of August 9, 2016. Between August 9, 2016 and June 16, 2020, he was associated with Arete Wealth Management LLC. Since June 16, 2020, Bartlett has been associated with Aegis Capital Corp.