Bernard Thomas Weber of Minnetonka Minnesota a stockbroker formerly registered with Feltl Company is referenced in a customer initiated investment related written complaint which settled for $120,000.00 on November 21, 2017 based upon allegations that in connection with the customer’s purchase and holding of over-the-counter equities including penny stocks: (1) misrepresentations had been made by Weber to the customer concerning terms or risks (2) the customer’s investment instructions were disregarded by Weber and (3) the customer’s account had been churned or excessively traded by Weber.
Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that Weber has been identified in four additional customer initiated investment related disputes that concern accusations of Weber’s misconduct during the time that he was associated with securities broker dealers including Dean Witter Reynolds and Dain Bosworth Inc. Particularly, a customer initiated investment related complaint regarding Weber’s activities was resolved for $11,123.79 in damages based upon accusations that unauthorized transactions were effected in the customer’s investment account. Then, a customer initiated investment related complaint concerning Weber’s conduct was settled for $14,000.00 in damages supported by allegations that trades were executed in the customer’s brokerage account in excessive amounts, and transactions effected in the customer’s account failed to be suitable for the customer.
Subsequently, a customer filed an investment related complaint involving Weber’s conduct where the customer sought $50,000.00 in damages founded on accusations that while Weber was associated with Feltl Company, unauthorized trades were placed in the customer’s investment account by Weber; transactions executed in the customer’s brokerage account were unsuitable; and the customer had been defrauded by Weber by way of him steering the customer towards transitioning $68,000.00 to a Feltl Company account which ended up being reduced to nearly $12,000.00.
Weber’s employment with Feltl Company has been terminated as of April 22, 2019. FINRA Public Disclosure also reveals that Weber has been terminated from at least one prior securities broker dealer, Hayne Miller Farni Inc., based upon allegations of Weber potentially committing fraud.
