• December 6, 2022
• Berthel Fisher & Co.

Joseph Weinbauer (CRD#: 2714070) is a dually registered Broker and Investment Advisor at Berthel, Fisher & Company Financial Services, Inc. in St. Louis, MO.

Broker’s Background

He entered the securities industry in 1997 and previously worked for National Planning Corporation; American General Securities, Inc.; and Franklin Financial Services Corporation.

Current And Past Allegations Of Conduct Leading To Investment Loss

According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in May 2022, a customer dispute was filed against Joseph Weinbauer. The FINRA sanction states, “The claimant alleges the investment he purchased in 2014 was over-concentrated, unsuitable, and misrepresented to him by the representative. Additionally, the claimant alleges the firm failed to conduct due diligence of the investment and failed to supervise the activities of the representative.” The customer dispute is pending.

In addition, Joseph Weinbauer has been the subject of two customer complaints, including the following:

• July 2021 — “The clients claim pertain to investments purchased between 2014-2015 alleging negligent management, unsuitable recommendations, misrepresentations, and overconcentration of the investments, including various non-conventional investments and other claims (which were not specified).” The customer dispute was settled for $190,000.
• April 2018 — “The client, through his attorney, alleges that in 2010 the representative surrendered his variable annuity at a loss to purchase a non-traded investments from 2010-2014 that were unsuitable and misrepresented to him. The client also alleges his portfolio was over concentrated in non-traded investments. The client also alleges the firm failed to supervise the actions of the representative.” The customer dispute was settled for $14,900.

For a copy of Joseph Weinbauer’s FINRA BrokerCheck, click here.

We Help Investors Recover Investment Losses

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.

Reasonable basis suitability requires that a recommended investment or investment strategy be suitable or appropriate for at least some investors. Reasonable basis suitability requires an advisor to conduct adequate due diligence so that he or she can determine the risks and rewards of the investment or investment strategy.

Quantitative suitability requires a brokerage firm or financial advisor with actual or de facto control over a customer’s account to have a reasonable basis for believing that a series of recommended transactions – even if suitable when viewed in isolation – is not excessive and unsuitable for the customer when taken together in light of the customer’s investment profile. No single test defines excessive activity, but factors such as the turnover rate, the cost-equity ratio, and the use of in-and-out trading in a customer’s account may provide a basis for a finding that a member or associated person has violated the quantitative suitability obligation.

Customer-specific suitability requires that a member or associated person have a reasonable basis to believe that the recommendation is suitable for a particular customer based on that customer’s investment profile. Among the criteria that a financial advisor must evaluate to satisfy his or her customer-specific suitability obligations include the investor’s age, tax status, time horizon, liquidity needs, and risk tolerance; a client’s other investments, financial situation and needs, investment objectives, and any other information disclosed by the customer should also be considered.

The Wolper Law Firm, P.A. represents investors nationwide in securities litigation and arbitration on a contingency fee basis. Matt Wolper, the Managing Principal of the Wolper Law Firm, P.A., is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters. We can be reached at (800) 931-8452 or by email at mwolper@wolperlawfirm.com.