Jonathan Todd Pyne of Plymouth Minnesota a stockbroker currently registered with Berthel Fisher Company Financial Services Inc. has been referenced in a customer initiated investment related FINRA securities arbitration claim in which the customer requested $116,000.00 in damages based upon accusations of misrepresentation relating to their investments in real estate securities while Pyne was associated with Berthel Fisher Company. Financial Industry Regulatory Authority (FINRA) Arbitration No. 21-01053 (Apr. 21, 2021). The claim alleges that Pyne made unsuitable recommendations and that Berthel Fisher failed to supervise him.
FINRA Public Disclosure shows that Pyne has been identified in seven other customer initiated investment related disputes regarding allegations of his misconduct while registered with Berthel Fisher. He is the subject of a customer initiated investment related written complaint where the customer sought $9,093.80 in damages based on accusations that Pyne misrepresented information concerning equipment leasing products during the period that he was registered with Berthel Fisher Company Financial Services.
Pyne is referenced in a customer initiated investment civil action which was settled for $110,000.00 in damages founded on allegations that transactions were not suitable for the customer. Civil Action No. 27-CV-14-20315 (Nov. 11, 2015). The claim alleges misrepresentation by Pyne relating to real estate securities, oil and gas investments and equipment leasing securities. According to the claim, Berthel Fisher failed to supervise the stockbroker.
On November 21, 2016, another customer initiated investment related complaint concerning Pyne’s activities was resolved for 48,175.57 in damages supported by accusations of misrepresentation and unsuitability pertaining to the customer’s purchases of oil and gas investments and REITs.
On April 10, 2019, a different customer initiated investment related FINRA securities arbitration claim involving Pyne’s conduct was resolved for $9,500.00 in damages based upon accusations of poor performance and misrepresentation regarding business development company, real estate security, and oil and gas investments. FINRA Arbitration No. 19-00253. The claim alleges Berthel Fisher’s failure to supervise alternative investment transactions.
Pyne is also the subject of a customer initiated investment related written complaint which was settled on September 5, 2019 to resolve allegations of Pyne failing to meet his fiduciary obligation to the customer on stock, REIT and annuity transactions. The complaint alleges account mismanagement and poor communication at a time when the customer’s account was realizing losses.
Pyne has been referenced in another customer initiated investment related FINRA securities arbitration claim in which the customer requested $250,000.00 in damages founded on allegations of Pyne making unsuitable recommendations and misrepresentations concerning alternative investments including direct participation program interests and limited partnership interests. FINRA Arbitration No. 20-02998 (Sept. 4, 2020). Berthel Fisher is accused of failing to undertake adequate due diligence on these transactions and failing to supervise Pyne’s activities.
Pyne has been registered with Berthel Fisher Company Financial Services since February 9, 2007. He is also an investment adviser representative of Berthel Fisher Company Financial Services as of January 31, 2014, and an investment adviser representative of BFC Planning Inc. as of June 30, 2016.
