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Berthel Fisher Fined $775,000 for the Inappropriate Sale of REITs and ETFs

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Berthel Fisher & Co. Financial Services, Inc. has signed a settlement with the Finra financial regulator and agreed to pay a $775,000 fine stemming from sale of improper, unsuitable investments, including non-traded REITs (Real Estate Investment Trusts) as well as certain ETFs. (Exchange Traded Funds). According to Finra, Berthel Fisher has been the subject of multiple enforcement actions initiated by Finra and some and state securities administrators.

Berthel Fisher is considered to be a fast growing and expanding firm, which has been caught up in some of the problems with the REIT and ETF (as well as other) financial products. These complex financial products often have significant commission pay-outs for brokers finding investors, and sometimes bonuses, too. Because they are complex, some brokers don’t fully understand the products, or just misunderstand them, and recommend them to people where it just isn’t right. These risks are more than many of our investor clients ever wanted to be involved with, where they described themselves to the broker as conservative, not wanting to lose principal, and who very much relied on the broker’s guidance and advice.


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