- May 5, 2019
- Berthel Fisher & Co.
Jonathan Pyne is a Financial Advisor at Berthel Fisher & Co. in Minneapolis, MN. Jonathan Pyne entered the securities industry in 1995 and previously worked for United Planners Financial Services of America.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in January 2019, a customer filed a complaint against Jonathan Pyne, alleging “The client is upset with the overall performance of his account and alleges the investments he purchased between 2007-2015 were unsuitable and misrepresented by the representative. The client also alleges the firm failed to supervise the actions of the representative.” The alleged damages are $150,000 and the matter remains pending.
In addition, Jonathan Pyne has been the subject of five additional customer complaints since 2011, including the following:
- December 2017—”The client alleges that the representative failed to meet his fiduciary obligation by mismanaging her account and failing to communicate with her that her account was losing money. The client also alleges the representative surrendered her annuity without her permission.” The alleged damages are $19,250 and the matter remains pending.
- September 2016—”The client is alleging that the investments she purchased in 2008 and 2009 were unsuitable and misrepresented to her by the representative.” The matter was settled for $48,175.
- April 2014—”THE CLIENT ALLEGES THE INVESTMENTS PURCHASED IN 2007 AND 2008 WERE MISREPRESENTED AND UNSUITABLE. THE CLIENT ALSO ALLEGES THE FIRM FAILED TO SUPERVISE THE REPRESENTATIVE. The matter was settled for $110,000.
For a copy of Jonathan Pyne’s CRD, click https://brokercheck.finra.org/individual/summary/2580510#disclosuresSection
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.
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