Jonathan Todd Pyne of Minneapolis Minnesota a stockbroker formerly registered with Berthel Fisher Company Financial Services is referenced in a customer initiated investment related arbitration claim in which the customer requested $250,000.00 in damages founded on allegations that Pyne cause pain or damages as the result of misrepresentations made to the customer regarding certain alternative investments which were also unsuitable for the customer. Financial Industry Regulatory Authority (FINRA) Arbitration No. 20-02998 (Sept. 4, 2020).
According to the claim, the customer was sold real estate security, business development corporation, oil and gas, and direct investments in direct participation programs or limited partnerships without any due diligence having been undertaken by the stockbroker. The claim also alleges that Pyne was not supervised by Berthel Fisher.
Pyne has been identified in six additional customer initiated investment related disputes pertaining to accusations of his misconduct while he was associated with Berthel Fisher. FINRA Public Disclosure reveals that an investment related civil action involving Pyne’s conduct was settled for $110,000.00 in damages supported by allegations that Pyne’s actions were not supervised which caused the investor to be sold Unsuitable investments including equipment leasing securities and oil and gas securities. Civil Action No. 27-CV-14-20315 (Nov. 11, 2015).
Pyne is also the subject of a customer initiated investment related written complaint which was resolved on November 21, 2016 for $48,175.57 in damages based upon accusations of misrepresentation and suitability as it pertained to real estate securities and oil and gas securities. On July 6, 2017, another customer filed an investment related complaint regarding Pyne’s activities where the customer requested compensatory damages estimated to exceed $5,000.00 founded on allegations that the Berthel Fisher customer had been misled by Pyne in regard to a purchase of an illiquid business development corporation product.
On September 5, 2019, an additional customer initiated investment related complaint concerning Pyne’s activities was settled to resolve accusations of account mismanagement and the stockbroker’s failure to correspond with the customer after the customer’s account sustained losses on stocks and real estate investment trust products.
Pyne is also referenced in a customer initiated investment related arbitration claim which was resolved for $9,500.00 in damages supported by allegations that business development corporation and oil and gas securities were misrepresented and unsuitable for the Berthel Fisher customer. FINRA Arbitration No. 19-00253 (Apr. 10, 2019). The claim also alleges that Berthel Fisher failed to supervise the customer’s account.
Pyne has been registered with Berthel Fisher as a stockbroker since February 9, 2007 and as an investment adviser representative since January 31, 2014. He has also been an investment adviser representative of BFC Planning since June 30, 2016.
