Erez Law is currently investigating former Berthel, Fisher & Company Financial Services, Inc. financial advisor Jerry Dewayne McCutchen Sr. (CRD# 1076678) regarding unsuitable recommendations with regard to the purchase of certain alternative investments. McCutchen was registered with Berthel, Fisher & Company Financial Services, Inc. in Mobile, Alabama from 2007 to 2014 when he was terminated by the firm. McCutchen is no longer registered with any brokerage firm.
In September 2016, FINRA permanently barred McCutchen from acting as a broker or otherwise associating with firms that sell securities to the public after he “refused to appear for on-the-record testimony requested by FINRA in connection with an investigation into allegations by certain customers that he made unsuitable recommendations to them with regard to the purchase of certain alternative investments,” according to his CRD report.
McCutchen has been the subject of 30 customer complaints between 2000 and 2017, according to his CRD report. Of those, 20 cases have been settled, the majority of which were regarding unsuitable and misrepresented investment recommendations. As of March 2017, McCutchen has seven pending cases on his record:
- February 2017. “The claimants allege that the investments they purchased from 2007-2010 were unsuitable and were misrepresented by the representative. The claimants also allege the firm failed to supervise the actions of the representative and failed to conduct adequate due diligence.”
- December 2016. “The clients allege that the investments they purchased in 2008 and 2009 were unsuitable for their portfolio and were misrepresented to them by the representative.” The customer is seeking $199,000 in damages.
- December 2016. “The clients allege that the investments they purchased in 2009 and 2010 were unsuitable and were misrepresented to them by the representative. The clients also allege that the firm failed to supervise the actions of the representative.”
- December 2016. “The clients allege that the investments they purchased between 2006 and 2012 were unsuitable and were misrepresented to them by the representative. The clients also allege that the firm failed to supervise the actions of the representative.”
- December 2016. “The clients allege that the investments they purchased between 2006 and 2009 were unsuitable and were misrepresented to them by the representative. The clients also allege that the firm failed to supervise the actions of the representative.”
- November 2016. “The clients allege that the investments they purchased between 2006 and 2009 were not suitable and were misrepresented to them by the representative. The clients also allege the firm failed to supervise the actions of the representative.” The customer is seeking $990,000 in damages.
- January 2016. “The claimants allege the investment they purchased in 2009 and 2010 were unsuitable and misrepresented to them by the representative. The claimants also allege the firm failed to supervise the actions of the representative.” The customer is seeking $800,000 in damages.
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 McCutchen customers.
Erez Law represents investors in the United States for claims against former Berthel, Fisher & Company Financial Services, Inc. financial advisor Jerry Dewayne McCutchen Sr., who is alleged to make unsuitable recommendations with regard to the purchase of certain alternative investments. If you were a client of Berthel, Fisher & Company Financial Services, Inc. financial advisor Jerry Dewayne McCutchen Sr. or another firm, and 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.
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