Berthel Fisher Company Sued For BDC Misconduct
Jonathan Todd Pyne (also known as Jon Pyne) of Minneapolis Minnesota a stockbroker currently registered with Berthel Fischer Company Financial Services Inc. is the subject of a customer initiated investment related arbitration claim which settled for $9,500.00 in damages based upon accusations that between 2007 and 2015: (1) false or misleading statements had been made to the customer by Pyne in regard to the business development company and real estate security investments sold to the customer (2) the customer was placed into alternative investments including oil and gas products that failed to be suitable for the customer given the customer’s tolerance for risk or investment-based goals. Financial Industry Regulatory Authority (FINRA) Arbitration No. 19-00253 (Jan. 18, 2019).
FINRA Public Disclosure reveals that Pyne has been identified in five more customer initiated investment related disputes pertaining to allegations of his misconduct during the time that he was employed by Berthel Fischer Specifically, on a customer initiated investment related civil action brought in the Hennepin Minnesota District Court involving Pyne’s activities was resolved for $110,000.00 in damages supported by accusations that Pyne effected transactions in the customer’s brokerage account that were unsuitable for the customer; Pyne made misrepresentations with regard to the real estate security, oil and gas, and equipment leasing products executed in the customer’s account; and Berthel Fischer failed to supervise trades placed by Pyne in the customer’s investment account. Civil Action No. 27-CV-14-20315 (Nov. 11, 2015).
Another customer initiated investment related complaint regarding Pyne’s conduct was settled for $48,175.57 in damages on November 21, 2016 founded on allegations against Pyne of misrepresentation and suitability with regard to the real estate security and oil and gas products sold to the customer by him. Then, on July 6, 2017, a customer filed an investment related complaint involving Pyne’s conduct where the customer sought damages estimated to exceed $5,000.00 based upon accusations that unfounded statements were made to the customer concerning the liquidity of a business development company investment sold to the customer.
Also, Pyne is referenced in a customer initiated investment related complaint in which the customer requested $19,250.00 in damages supported by allegations that while Pyne was associated with Berthel Fisher, the customer’s brokerage account had been handled with poor care; fiduciary duties owed to the customer were breached through Pyne’s failure to correspond with the customer about the losses accruing in the customer’s account from real estate security or equity holdings; and an annuity which was owned by the customer had been sold by Pyne despite Pyne failing to obtain the customer’s permission.
Pyne has been registered with Berthel Fisher since February 9, 2007.