Jon Pyne Investigation
April 2023 -Plymouth, MN
Jonathan Todd Pyne (aka Jon Pyne ) ,a stockbroker who is currently registered with Berthel Fisher & Co. Financial Services discloses 8 prior final customer disputes on his FINRA record.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
In FINRA Case 21-1053., a Berthel Fisher customer alleged that in 2014 Pyne recommended unsuitable real estate investments. The customer also alleged that Pyne made misrepresentations in connection with the investments and that Berthel Fisher failed to adequately supervise Pyne. In 6/2022 was paid $57,500 to settle the matter. Of this amount Pyne contributed $45,000 individually.
In FINRA Case 20-2998 a customer of Berthel Fisher alleged that limited partnership investments in oil and gas, real estate and business development companies, sold to her were unsuitable and misrepresented. That case was settled for $50,000, with Pyne contributing $40,000 of that amount.
In a dispute, received in 12/2017 , a customer of Berthel Fisher alleged damages in excess of $19,250 and alleged that Pyne failed to meet his fiduciary obligation by mismanaging her account and failing to communicate with her. In Addition the client alleged that Pyne surrendered and annuity without permission. That matter was resolved for $5,416.
In September 2016 Berthel Fisher settled a complaint brought by one of Pyne’s customers alleging that oil and gas and real estate securities purchased in 2008 and 2009 were unsuitable and misrepresented. That matter was settled for $48,175, all of which was paid by Pyne individually.
In FINRA arbitration 14-0952 a customer of Pyne’s alleged damages of $250,000 in connection with the sale of unsuitable investments sold to her in 2007 and 2008 in equipment leasing, oil and gas and real estate securities. That case was settled in 11/2015 for $110,000.
Pyne has been employed by Berthel Fisher & Co. since 2/2007. Pyne discloses a business affiliation with Evergreen Financial Group.
If you have questions about an account handled by Jonathan T. Pyne , contact us to discuss your options.
Alternative investments include non publicly traded real estate investment trusts (REITS) , equipment leasing, oil and gas, hedge funds, real estate, commodities and derivatives contracts and, managed futures. These investments tend to be complex, illiquid, nontransparent, hard to value and expensive. Many of the alternative investments sold over recent years are not traded on any public market making them difficult to value and even more difficult to liquidate if cash is needed.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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