Jeffrey Paul Dragon and Berthel, Fisher & Co. Financial Services, Inc. Allegedly Failed to Detect over 2,700 of its Customers’ UIT Purchases which Led to Excessive Sales Charges of Around $667,000
Jeffrey Paul Dragon and Berthel, Fisher & Co. Financial Services, Inc. Allegedly Failed to Detect over 2,700 of its Customers’ UIT Purchases which Led to Excessive Sales Charges of Around $667,000Jeffrey Paul Dragon and Berthel, Fisher & Co. Financial Services, Inc., specifically, from around 2010 through 2014, allegedly failed to detect over 2,700 of its customers’ UIT purchases and also allegedly did not receive applicable sales-charge discounts, according to a Complaint from FINRA’s Department of Enforcement currently under review by attorney Alan Rosca.
Attorney Alan Rosca, of the RoscaLaw LLC firm, is investigating activity related to Jeffrey Dragon’s alleged unsuitable recommendations. Investors who believe they may have lost money in activity related to Jeffrey Dragon’s alleged unsuitable recommendations are encouraged to contact attorney Alan Rosca with any useful information or for a free, no obligation discussion about their options.
Berthel, as a result, allegedly paid excessive sales charges of approximately $667,000, according to the aforementioned Complaint.
Jeffrey Dragon also allegedly recommended to 12 customers– many of whom were purportedly seniors and so-called unsophisticated investors– that they sell off UIT positions which they had held for a short period, the Complaint reports.
Dragon’s customers allegedly held their positions for only a few months, securities they had purchased on Dragon’s recommendations and then used the proceeds to purchase other UITs, the Complaint notes.
Berthel’s only alleged regular supervisory review of UIT recommendations and customer activity purportedly consisted of manual reviews of daily trade blotters that did not show either how long Dragon‘s recommendations to these aforementioned customers were further unsuitable, the Complaint notes.
Jeffrey Paul Dragon Allegedly Generated over $421,000 in Commissions for Himself and Berthel, Fisher & Co. Financial Services, Inc. at the Alleged Expense of His Clients
Jeffrey Dragon also allegedly produced over $421,000 in commissions for himself and his brokerage firm, Berthel, Fisher & Co. Financial Services, Inc., at the alleged expense of his clients, according to the aforementioned Complaint from FINRA’s Department of Enforcement currently under review by attorney Alan Rosca.
Finally, Jeffrey Paul Dragon allegedly recommended and effected a purported pattern of unsuitable short-term trading of unit investment trusts (UITs), the Complaint states.
Securities Lawyer Investigating
The RoscaLaw firm represents investors who lose money as a result of investment-related fraud or misconduct and are currently investigating Jeffrey Dragon’s alleged unsuitable recommendations. The firm takes most cases of this type on a contingency fee basis and advance the case costs, and only gets paid for their fees and costs out of money recovered for clients. Attorney Alan Rosca, a securities lawyer and adjunct professor of securities regulation, has represented thousands of victimized investors across the country and around the world in cases ranging from arbitrations to class actions, and has helped recover tens of millions of dollars on behalf of investors.
Investors who believe they lost money as a result of Jeffrey Dragon’s alleged unsuitable recommendations may contact attorney Alan Rosca for a free no-obligation evaluation of their recovery options, at 888-998-0530, via email at arosca@rscounsel.law, or through the contact form on this webpage.