Steve Jeffrey Cummings of Fort Deposit Alabama a stockbroker formerly employed by Berthel Fisher Company Financial Services Inc. is referenced in a customer initiated investment related arbitration claim where the customer requested $300,000.00 in damages founded on accusations that (1) Cummings misled the customer concerning direct investment products (2) Cummings placed the customer in inappropriate investments (3) and Berthel Fisher and First Legacy Securities Inc. failed to supervise Cummings’ activities in the customer’s account. Financial Industry Regulatory Authority (FINRA) Arbitration No. 18-01397 (Apr. 16, 2018).
FINRA Public Disclosure also reveals that Cummings has been fined by the Alabama Securities Commission according to an Order containing findings that Cummings engaged in unsuitable preferred stock transactions in customer accounts while Cummings was registered with Reliance Securities LLC and First Legacy Securities LLC. Case No. SC-2010-00059 (Oct. 31, 2011).
Cummings was discharged from Berthel Fisher on December 21, 2017 based upon allegations that he violated the firm’s policy by failing to disclose to the firm that he was subject of multiple tax liens.
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