Last Updated: November 2025 — Fort Deposit, AL
Here’s what you need to know about Fort Deposit, AL stockbroker Steve J. Cummings:
- Name: Steve Jeffrey Cummings
- Current Employer: Not currently registered with a FINRA
- Prior Firms: Berthel, Fisher & Company Financial Services , First Legacy Securities, LLC (09/2008–02/2010); Sunset Financial Services, Inc. (08/2007–09/2008); NYLife Securities LLC (07/1999–08/2007); Pruco Securities Corporation (10/1992–07/1999)
- Other Business Affiliations: Southern Capital Advisors (President; investment advisory); Ariel Productions (music; sole proprietor); Montgomery Area Musicians Association (volunteer/music education)
- CRD number: 2274017
- Stockbroker / Financial Advisor: Former FINRA-registered broker; not currently registered (passed Series 7, 24, 6, 26, 63, 66, SIE)
- Can Broker be Sued in FINRA: Yes
- Sanctioned by Securities Regulators: Yes
- Discloses Outstanding Liens: Yes
- Discharged by a Prior Employer: Yes
- Highest Award of Settlement: $82,500
- Current Customer Dispute Seeks Total Damages of: $594,746
If you’ve sustained damages from Mr. Cummings, discuss your case with experienced investment fraud lawyer Bob Rex at (877) 224-3199 for a free consultation.
Did You Lose Money With Steve J. Cummings As Your Stockbroker?
Mr. Cummings has been the subject of multiple customer disputes and a state regulatory action:
- Alabama Securities Commission — Show Cause issued December 2010; resolved by Consent Order on October 31, 2011 (ASC Dkt. SC-2010-0059). Finding related to the offer and sale of unregistered promissory notes; Cummings paid $1,500 fine.
- FINRA Arbitration (Case No. 21-01909) — July 2021; customers of Berthel Fisher alleged unsuitable and misrepresented alternative investments (DPPs/LPs, real estate securities, BDCs). Case settled for $40,000 in Sept. 2 2022.
- Customer Complaint (written) —July 2019; clients alleged a 2010 REIT was misrepresented/“guaranteed safe” by Cummings. Settled for $25,000 in 2021.
- FINRA Arbitration (Case No. 18-04104) —customers alleged unsuitability/misrepresentation in oil & gas, real estate, and BDC products (2015 purchases). Settled for $62,000s in 2020.
- Customer Complaint (written) — December 2022; alleged unsuitable alternative investments purchased 2011–2016; settled for $82,500
- Pending Customer Complaint — 8/ 2025; customer of Berthel Fisher alleges decade-long losses and suspects wrongdoing in listed equities, mutual funds, and real estate securities and seeks damages of $594,746.
Cummings was discharged by Berthl Fisher in 2017 for failure to disclose tax liens in a timely manner.
Cummings discloses multiple outstanding tax liens to the Internal Revenue Service and the State of Alabama Department of Revenue. Total outstanding exceeds $95,000.
Allegations of Broker Misconduct Against Steve Jeffrey Cummings
- Unsuitability
- Misrepresentation / Omission of Material Facts
- Failure to Supervise (firm-level allegation)
Recover Your Investment Losses Now With Rex Securities Law
Investigations of Berthel Fisher brokers
If you have suffered investment losses in an account handled by Steve Jeffrey Cummings, contact us for a complimentary consultation with an experienced securities lawyer to learn how you may be able to recover damages through FINRA arbitration.
With offices in Boca Raton, FL, and Austin, TX, stockbroker fraud attorney Bob Rex provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers, financial advisors, and broker-dealers.
If you have questions about how your account has been handled, call (877) 224-3199 to speak with an experienced securities attorney at no cost to you.
Most cases are handled on a contingent fee basis, meaning that you do not pay legal fees unless we are successful.