Investor Lawyers Blog
Our recent blog post, “Berthel Fisher and Affiliate Fined Regarding Sales of ETFs and Non-Traded REITs,” reported that in February the firm had been fined $775,000 by the Financial Industry Regulatory Authority (FINRA). The FINRA fines addressed alleged supervisory failures, including failure to properly supervise the sale of alternative investments like leveraged and inverse exchange-traded funds (ETFs) and non-traded real estate investment trusts (REITs). One claim has already been filed by investment fraud lawyers on behalf of a retired woman in Minnesota.
According to the claim, the woman was sold non-traded REITs and other alternative investments by Jonathan Pyne, a broker for Berthel Fisher. The claim argues that her age and low risk tolerance made the investments unsuitable for her. The investments included:
- Inland American Real Estate Trust