Steve Jeffrey Cummings, Formerly of Berthel, Fisher & Company, Facing Pending Customer Dispute Alleging Unsuitable Investment Recommendations

INVESTORS: Former Berthel, Fisher & Company broker Steve Jeffrey Cummings is facing a customer dispute alleging excessive investment losses.

Steve Jeffrey Cummings (CRD#: 2274017) was registered as a broker with Berthel, Fisher & Company from 2010 until 2017. Previously, Cummings was registered as a broker with First Legacy Securities from 2008 until 2010. 

Cummings has eleven disclosures on his BrokerCheck report. One customer dispute filed against Cummings was denied. Five disclosures relate to personal judgments or liens of Cummings. Cummings was the subject of a regulatory judgment by the Alabama Securities Commission in December 2010.

July 2021 Customer Dispute

Status: Pending

Allegations: The claimants allege the investments purchased between 2010-2015 were unsuitable and misrepresented to them by the representative. The claimants further allege the firm failed to supervise the activities of the representative and allege the firm failed to conduct adequate due diligence.

Damage Amount Requested: $250,000.00

July 2019 Customer Dispute

Status: Settled

Allegations: The clients allege the REIT they purchased in 2010 was misrepresented to them. They allege the representative guaranteed the safety of their original investment and told them they would never lose the money they invested.

Settlement Amount: $25,000.00

December2018 Customer Dispute

Status: Settled

Allegations: The clients allege that the investments they purchased in 2015 were unsuitable and misrepresented by the representative. They also allege that the firm failed to supervise the actions of the representative.

Damage Amount Requested: $212,000.00

Settlement Amount: $62,000.00

December 2017 Employment Separation After Allegations

Firm Name: Berthel Fisher & Company

Termination Type: Discharged

Allegations: Failure to disclose tax liens in a timely manner to firm.

If you have any information about Steve Jeffrey Cummings that you would like to share or discuss, please call our firm for a confidential consultation. 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.