Securities Arbitration

Steve Jeffrey Cummings of Fort Deposit, Alabama, a stockbroker formerly registered with Berthel Fisher Company Financial Services Inc., is the subject of a customer initiated investment related FINRA arbitration claim where the customer sought $250,000.00 in damages based upon allegations of Cummings’ misrepresentations and unsuitable sales of a business development company and real estate security as well as a direct investment while Cummings was employed by Berthel Fisher. Financial Industry Regulatory Authority (FINRA) Arbitration No. 21-01909 (July 27, 2021). According to the claim, Berthel Fisher failed to supervise Cummings’ activities or complete proper due diligence on the alternative investments, which resulted in the customer purchasing unsuitable products.

FINRA Public Disclosure reveals that Cummings has been identified in three more customer initiated investment related disputes regarding accusations of his wrongdoing while employed by Berthel Fisher Company. On April 23, 2018, a customer filed an investment related arbitration claim regarding Cummings’ conduct in which the customer requested $300,000.00 in damages supported by allegations of unsuitable direct investments, including direct participation program interests and limited partnership interests during the time that Cummings was associated with Berthel Fisher Company and First Legacy Securities. FINRA Arbitration No. 18-01397 (April 23, 2018). The securities broker dealers allegedly failed to supervise Cummings’ activities. The claim also alleges misrepresentation by the stockbroker regarding the alternative investments.

On January 21, 2020, another customer initiated investment related arbitration claim concerning Cummings’ conduct was resolved for $62,000.00 in damages founded on accusations of Cummings misrepresenting oil and gas securities, real estate securities, and BDCs. FINRA Arbitration No. 18-04104 (January 21, 2020). The claim alleges that Berthel Fisher’s failure to supervise resulted in unsuitable transactions.

Cummings is also referenced in a customer initiated investment related written complaint which was settled for $25,000.00 on September 8, 2021, based upon allegations of misrepresented information on a real estate investment trust purchased through Cummings at Berthel Fisher. According to the Complaint, the customer was guaranteed the safety of their principal. They were allegedly told there was no risk of losing their investment.

Cummings was discharged by Berthel Fisher Company on December 21, 2017, supported by accusations of his failure to timely disclose tax liens.