Steve Jeffrey Cummings of Fort Deposit Alabama a stockbroker formerly employed by Berthel Fisher Company Financial Services Inc. is the subject of a customer initiated investment related complaint on July 30, 2019 where the customers requested more than $5,000.00 in damages based upon allegations that (1) false or misleading statements had been made by the stockbroker concerning the safety of principal invested in real estate investment trusts that were sold to the customers and (2) the stockbroker falsely guaranteed the return of principal invested in the real estate security.
Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that Cummings has been identified in two more customer initiated investment related disputes containing accusations of his violative conduct during the period in which he was associated with Berthel Fisher Company Financial Services and First Legacy Securities Inc. Specifically, a customer filed an investment related arbitration claim concerning Cummings’ behavior in which the customer sought $300,000.00 in damages supported by allegations that Cummings’ actions failed to be supervised by First Legacy Securities Inc. and Berthel Fisher; misrepresentations had been made to the customer concerning direct participation programs or limited partnership interests; and the direct investments failed to be suitable for the customer. FINRA Arbitration No. 18-01397 (Apr. 23, 2018).
Cummings is referenced in another customer initiated investment related arbitration claim which was resolved for $212,000.00 in damages founded on accusations that when Cummings was employed by Berthel Fisher, the customer had been induced to purchase business development company, real estate security and oil and gas investments because of false or misleading statements being made about the investments; and the alternative investments failed to be suitable for the customer.
FINRA Public Disclosure additionally reveals that Cummings has been required by Alabama Securities Commission to pay a monetary penalty according to a Consent Order founded on allegations that during the time that Cummings was associated with Reliance Securities LLC and First Legacy Securities, unregistered securities and unsuitable equities had been offered and sold by him to residents in the State of Alabama. Case No. SC-2010-0059.
Cummings’ employment with Berthel Fisher has been terminated as of December 21, 2017.
