Berthel Fisher Customer Alleges Unsuitability
John Shaw Notman, of Stockton, California, a stockbroker currently registered with Berthel, Fisher & Company Financial Services, Inc., has been named in a customer initiated investment related arbitration claim on May 2, 2016, in which the customer requested $650,000.00 in damages based upon allegations that Notman made misrepresentations to the customers and effected unsuitable transactions in the customers’ accounts concerning tenant-in-common products. The customers additionally alleged that Berthel Fisher failed to supervise Notman’s activities.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Notman has been identified in thirty-three additional customer initiated investment related disputes containing allegations of Notman’s misconduct while employed with Berthel, Fisher & Company Financial Services, Inc., Continental Capital Investment Services Inc., Prudential Services Incorporated, Dean Witter Reynolds Inc., and PaineWebber Incorporated.
Particularly, from February December 1, 1994, to March 20, 1996, five customer initiated investment related disputes concerning Notman’s conduct were settled for a total of $472,769.57 in damages based upon allegations including unsuitability, churning, overconcentration of customer assets, fraud, unauthorized transactions and misrepresentation pertaining to customers’ investments in limited partnership products.
Additionally, from July 14, 2008, to November 13, 2015, twenty-three customer initiated investment related disputes regarding Notman’s activities were filed, in which customers’ claims were based upon allegations that Notman, inter alia, failed to conduct adequate due diligence concerning tenant-in-common properties, made misrepresentations and unsuitable investment recommendations to customers, breached his fiduciary duties, negligently managed the customers’ investment portfolios, and defrauded the customers. Customers further alleged that Berthel Fisher was liable based upon the firm’s failure to supervise Notman’s activities. Seventeen of the twenty-three customer disputes have been settled for a total of $7,674,545.45 in damages.
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