Berthel, Fisher and Company Complaint & Legal Claims Center

Do you have a claim against Berthel, Fisher and Company?

Important Information You Should Know:

Berthel, Fisher & Company is a securities brokerage firm which is licensed by FINRA.
 Firms licensed through the Financial Industry Regulatory Authority, formerly the National Association of Securities Dealers (NASD), must comply with securities regulations and federal and state securities laws.  When these firms violate regulations or laws they can face actions by regulators or by federal or state criminal prosecutors.

Very few “securities police” have the impossible duty to attempt to govern billions of dollars
in transactions each year, handled by hundreds of thousands of salespersons nationwide at thousands of securities firms.  Approximately 660,000 registered salespersons at 5,300 securities firms handle hundreds of millions of transactions annually for over 60 million investors.  It is impossible for securities regulators to police this activity.

Securities regulators and officials do not often recover losses for victims of securities fraud.  Just as police give tickets and motorists usually hire attorneys to recover damages, victims of securities fraud hire attorneys to recover their losses. As well, claims against brokerage firms including Berthel, Fisher and Company, can be for securities fraud, or for breach of duty, breach of contract, negligence and other claims not covered by securities regulations or statutes.

Claims against brokerage firms are almost always determined in securities arbitration.  
When an account is opened at securities firms including Berthel, Fisher and Company, investors sign documents which include agreements to arbitrate any dispute. The U.S. Supreme Court decided in 1987 that securities arbitration agreements are enforceable.  Arbitration is a private proceeding which takes the place of court actions.  Appeals of arbitration decisions to court are very limited and usually unsuccessful.

Investors represented by an attorney in securities arbitration are much more successfulStatistics prove that investors who file claims with the assistance of an attorney recover twice as often as those not represented.  Only a small percentage of lawyers have ever represented an investor in arbitration and very few law firms nationwide have extensive experience with securities arbitration cases.

To learn whether you can recover losses through a claim against Berthel, Fisher & Company
Contact Shepherd Smith Edwards & Kantas LTD LLP law firm for a free consultation with an attorney.

About Shepherd Smith Edwards & Kantas LTD LLP Law Firm:

Our law firm represents institutional and individual investors nationwide who have lost a substantial portion of their retirement or other assets.  Our attorneys and staff have more than 100 years of combined experience in the securities industry and in securities law. Several of our lawyers and staff members served for years as a Vice President or Compliance Officer of major brokerage firms.

Each lawyer and staff person at our firm is devoted to assisting investors to recover losses caused by unsuitability, over-concentration, fraud, misrepresentation, self-dealing, unauthorized trades or other wrongful acts, whether intentional or negligent.  We have handled thousands of cases against hundreds of large and small investment firms, including claims against firms such as Berthel, Fisher & Company Financial Services Inc.



 FINRA Report


NASD Charges Two Minneapolis Brokers with Insider Trading; Settles with Three Others

 

Washington, D.C. — NASD today announced that it issued a complaint charging two Minneapolis, MN brokers with insider trading. Thomas D. Krosschell and Joseph A. Geraci II have been charged with buying the common stock of Minnesota American, Inc. (OTCBB: MNAC) while in possession of inside information about a potential reverse merger between MNAC and Berthel Fisher & Co. Financial Services, Inc., an Iowa-based brokerage firm. At the time, Krosschell and Geraci were working at now defunct Maven Securities, which had been retained by MNAC as the company's investment bankers.

 

In a related action, NASD announced that it has settled insider trading charges with three other former employees of Maven Securities; Daniel J. Shrader, the president of the firm; Troy W. Johnson, a broker; and Michael E. Cain, a sales assistant, for purchasing MNAC stock while in possession of material inside information about the company.

 

In the complaint, NASD alleges that Krosschell and Shrader presented the idea of a reverse merger to MNAC and Berthel Fisher. As they were negotiating details of the potential merger, Krosschell and Shrader purchased more than 100,000 shares of MNAC stock. The complaint further alleges that they tipped approximately 20 others to purchase the stock including all of the firm's brokers. Shortly after news of the planned merger was announced, Krosschell and Shrader began to sell the stock, generating realized profits of approximately $90,000. The proposed merger fell through, and MNAC later merged with CorVu Corporation (OTCBB: CRVU).

 

According to the complaint, Krosschell and Geraci violated federal securities laws and NASD rules by purchasing MNAC stock while in possession of inside information about the company's potential reverse merger with Berthel Fisher. In settling the matter, Shrader and Johnson each consented to a permanent bar from association with any NASD member, while Cain consented to a one-year suspension.

 

Under NASD rules, the individuals named in the complaint may file a response and request a hearing before a disciplinary panel. Possible sanctions include a fine, disgorgement, suspension or bar from NASD.

 

NASD is the leading private-sector provider of financial regulatory services, dedicated to bringing integrity to the markets and confidence to investors through effective and efficient regulation and complementary compliance and technology-based services. NASD touches virtually every aspect of the securities business -- from registering and educating all industry participants, to examining securities firms, enforcing both NASD rules and the federal securities laws, and administering the largest dispute resolution forum for investors and member firms. For more information please visit www.nasd.com.