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.

The information contained herein has been obtained from reliable sources however may not be accurate and is not guaranteed by us. Readers are encouraged to undertake their own independent investigation and evaluation of the relevant facts. All claims and allegations are subject to adjudication, decisions may be subject to appeal, and no inference is intended, nor should any inference be made from any information contained herein from any source.

Questions or comments regarding the source or accuracy of any information, including any subsequent developments, should be directed to:  [email protected]

This posting and the information on our website is for general information purposes only. This content should be not considered legal advice, and any responses, comments, e-mails, other communications do not form any attorney client relationship. Attorney Advertisement. See Important Disclaimer.

Guiliano Law Group, P.C.

Our practice is limited to the representation of investors. Over the last three decades, we have recovered more than a hundred million dollars for more than 1,000 injured investors from all over the United States and several foreign countries. We accept representation purely on a contingent fee basis, meaning there is no cost to you unless we make a recovery for you. There is never any charge for a confidential consultation or an evaluation of your claim. For more information, contact us at (877) SEC-ATTY.

For more information concerning common claims against stockbrokers and investment professionals, please visit us at

To learn more about FINRA Securities Arbitration, and the legal process, please visit us at

Stockbroker Fraud. Securities Arbitration and Investment Fraud Lawyers.  
National Practice. Contingent Fee. Confidential Free Consultation.

 (877) SEC-ATTY

1700 Market Street, Suite 1005
Philadelphia, PA 19103
Direct: (215) 413-8223
Toll Free: (877) 732-2889

1260 South Soto Street, Suite 7
Los Angeles, California 90023
Direct: (213) 255-3475
Toll Free: (877) 732-2889

2750 NE 185th Street, Suite 302
Aventura, Florida 33180-2877
Direct: (786) 490-2413
Toll Free: (877) 732-2889

See Important Disclaimer

Tags: ,

No comments yet.

Leave a Reply

Name (required)

Email (will not be published) (required)