Did you lose money investing in the high-risk oil and gas energy sector with former Berthel, Fisher & Company Financial Services, Inc. broker Alvery Bartlett Jr. (CRD# 13975)? Bartlett has been registered with Arete Wealth Management, LLC in Clayton, Missouri, since 2016. Previously, Bartlett was registered with Berthel, Fisher & Company Financial Services, Inc. in St. Louis, Missouri from 1992 to 2016.
In June 2023, the state of Missouri opened an investigation into Alvery Bartlett Jr. alleging, “from September 1, 2020 to September 1, 2022 (“Relevant Period”), Respondent’s Missouri broker-dealer agent registration was subject to the condition of heightened supervision pursuant to the Commissioner’s authority under Section409.4-412(a). During the relevant period, Respondent received notice of an investor complaint while Respondent’s registration was under the condition of heightened supervision. Registration Section did not receive notice of the complaint per requirements of heightened supervision; did not successfully complete the two-year term of heightened supervision.”
Alvery Bartlett Jr. Customer Complaints
He has been the subject of six customer complaints between 2015 and 2023, according to his CRD report:
February 2023. “In December 2022, the clients through their attorney sent a complaint letter alleging the alternative investments sold to them from 2006 through 2015 were unsuitable and that the firm did not conduct due diligence in accordance with industry standards. On 2/23/2023, the clients filed a civil litigation regarding specified alternative investments they purchased through the firm alleging violations of 1) Fraudulent Non- Disclosure, 2) Breach of Fiduciary Duty, 3) Breach of Contract, 4) Doctrine of Continuous Advice or Continuum of Negligent Advice, 5) Fraudulent Misrepresentation, 6) Negligent Misrepresentation , 7) Constructive Fraud, 8) Detrimental Reliance, 8) Fraudulent Inducement to hold Investments.” The client is seeking $10 million in damages, and the complaint is currently pending.
April 2022. “This arbitration was filed by multiple claimants that allege the representative recommended an investment strategy consisting of large concentrations in illiquid, speculative, high commission alternative investments for over 15 years (approximately 2001-2016) which was misrepresented to them. In addition, certain claimants allege that the representative engaged in questionable conduct relating to a private hedge fund and various business ventures. They further allege the firm failed to conduct due diligence on the alternative investment strategy and failed to supervise the representatives conduct. After the representative left the Firm in August 2016, the claimants followed him to his next broker-dealer where they allege the representative continued to defraud and induce Claimants to do business with him. Claimants allege that the representative continually misled them as to the value of the Alternative Investment Strategy Holdings until the time they stopped working with him between 2017-2021 (depending upon the date each claimant ended their relationship with him).” The client is seeking $10 million in damages, and the complaint is currently pending.
June 2020. “The clients allege the representative made a series of recommendations of illiquid, high-commission investments from 2009 to 2016 which were unsuitable and resulted in over-concentration of these products in their portfolio. In addition the clients alleges the firm failed to conduct adequate due diligence relating to United Development Funding and was negligent.” The case was settled for $52,500.
August 2019. “The client alleges the investments he purchased in 2008-2012 were unsuitable and misrepresented to him by the representative. The client also alleges the firm failed to supervise the actions of the representative and conduct adequate due diligence.” The complaint was settled for $325,000. The complaint took place while Bartlett was registered with Berthel Fisher and Company Financial Services, Inc. and was regarding real estate curities, business development companies (BDCs), and oil and gas investments.
January 2018. “Client alleges unsuitable recommendations between January 2012 and September 2014.” The customer sought $3.94 million in damages and the case was settled for $450,000. This was regarding investments in Direct Investment (DDP and LP Interests), oil and gas, and real estate securities and took place while Bartlett was registered with Berthel Fisher & Company Financial Services, Inc.
January 2015. “The clients allege the investments purchased in 2006 were unsuitable and misrepresented. The clients also allege the firm failed to conduct adequate due diligence and failed to supervise the representative.” The case was settled for $25,000.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Berthel, Fisher & Company Financial Services, Inc. may be liable for investment or other losses suffered by Bartlett’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.
"*" indicates required fields
