Jonathan Pyne, Broker for Berthel, Fisher & Co., Accused of Unsuitable Investment Recommendations

Pyne has been named in four customer disputes that have been settled against him.

The Sonn Law Group is investigating allegations that Jonathan Pyne committed misconduct. If you or a family member has suffered losses investing, we want to discuss your case. Please contact us today for a free review of your case.

Jonathan Todd Pyne (CRD#: 2580510) is currently registered with Berthel, Fisher & Co. Financial Services. He has been employed there since February 2007. Pyne has been in the financial industry since April 1995. He has been named in six customer disputes, four of which have been settled. His customer disputes are listed below:

January 2019 Customer Dispute

• Status: Settled
• Allegations: “The client is upset with the overall performance of his account and alleges the investments he purchased between 2007-2015 were unsuitable and misrepresented by the representative. The client also alleges the firm failed to supervise the actions of the representative.”
• Damage Amount Requested: $150,000.00
• Settlement Amount: $9,500.00
• Broker Comment: “The Claimant’s spouse [REDACTED] was not listed on the statement of claim as a Claimant. The client was an active investor from 2006-2016 and the 2008-2009 recession negatively impacted some of his investments. The representative was not named in the arbitration and did not contribute to the settlement. The Firm, solely to compromise and settle disputed claims, agreed to settle an arbitration with the Claimant.”

December 2017 Customer Dispute

• Status: Settled
• Allegations: “The client alleges that the representative failed to meet his fiduciary obligation by mismanaging her account and failing to communicate with her that her account was losing money. The client also alleges the representative surrendered her annuity without her permission.”
• Damage Amount Requested: $19,250.00
• Settlement Amount: $5,416.00
• Broker Comment: “The representative denies the allegations and believes that at all times he acted in the best interest of his client. The representative also believes the client was aware of the annuity surrender as she signed all paperwork and disclosure forms relating to the surrender. The Firm, solely to compromise and settle the disputed claims, agreed to settle the complaint with the client.”

July 2017 Customer Dispute

• Status: Closed-No Action
• Allegations: “The client would like to redeem her investment and is alleging that she was misled by the representative into purchasing an investment that she didn’t know was illiquid.”
• Broker Comment:  “The representative denies the allegations and believes the client was informed of the illiquid nature of the investment.”

September 2016 Customer Dispute

• Status: Settled
• Allegations:  “The client is alleging that the investments she purchased in 2008 and 2009 were unsuitable and misrepresented to her by the representative.”
• Settlement Amount: $48,175.57
• Broker Comment: “The representative denies the allegations and believes the investments were suitable for the client at the time of purchase. The representative also believes he provided the client with all material information regarding the investments. The representative believes that the client’s financial situation changed which impacted the strategy that was utilized in her portfolio. The Firm, solely to compromise and settle disputed claims, agreed to settle the complaint with the client.”

April 2014 Customer Dispute

• Status: Settled
• Allegations:  “The client alleges the investments purchased in 2007 and 2008 were misrepresented and unsuitable. The client also alleges the firm failed to supervise the representative.”
• Damage Amount Requested: $250,000.00
• Settlement Amount: $110,000.00
• Broker Comment: “The client, an accredited investor, made several investments in 2007. These investments did not perform as expected due to the recession in 2007 -2008. In 2014, the client filed an arbitration to recover the losses. On October 7, 2014, the arbitration panel granted a motion to dismiss most of these claims. The claims that remained in the arbitration were denied by the panel with prejudice on April 1, 2015. The client filed a civil litigation in the Minnesota District Court relating to the matters that had been dismissed from the arbitration proceeding. On November 7, 2015, the parties reached a settlement and the client agreed to dismiss the rest of the claims with prejudice.”

May 2011 Customer Dispute

• Status: Closed-No Action
• Allegations: “Client alleges the investment was misrepresented by the representative.”
• Damage Amount Requested: $9,093.80
• Broker Comment:  “In 2007, the client signed all of the disclosures that this was an illiquid investment. The client was sent copies of forms. The client was happy with the investment for three years.”

Contact Us Today

The Sonn Law Group is currently investigating allegations that Jonathan Pyne committed misconduct. We represent investors in claims against negligent brokers and brokerage firms. If you or your loved one experienced investment losses, we are here to help. For a free consultation, please call us now at 866-827-3202 or complete our contact form.