Articles Tagged with Berthel Fisher

John Huey Neely submitted a Letter of Acceptance Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he was fined and suspended for allegedly exercising discretion in customers’ accounts violating NASD Conduct Rule 2510(b) and FINRA Rule 2010.

From August 2009 until September 2018, Neely was registered with Berthel Fisher & Co. Financial Services (Berthel Fisher) as a General Securities Representative. The FINRA findings stated that between June 2014 and June 2015, Neely exercised discretion in effecting hundreds of transactions in two customers’ brokerage accounts without first obtaining written approval from the customers.  FINRA further stated that although the customers did give him verbal consent, he did not seek approval from his firm to accept the accounts as discretionary. Continue Reading

The Financial Industry Regulatory Authority (FINRA) has fined and suspended Karen Lee Chafe, a former Berthel, Fisher & Co. Financial Services, Inc. (Berthel Fisher) registered representative in its Melbourne Beach, Florida offices, for admitting to altering customers’ variable annuity withdrawal forms and IRA distribution/withdrawal request forms. According to FINRA, Karen Chafe, a/k/a Karen Lee Linscott, modified and resubmitted withdrawal request forms at least 61 times on behalf of 14 customers.

According to FINRA’s Default Judgment, Karen Chafe reused old customer forms, whited out or obscured existing information, added new information, and then submitted the altered forms as originals to Berthel Fisher over a period of six years. Although Karen Chafe was authorized to make the withdrawals and distributions, she did not have the customers’ authorization to submit altered forms. Karen Chafe has been assessed a deferred fine of $5,000.00 and suspended from associating with any FINRA member in any capacity for a year. The suspension is in effect from June 16, 2014 through June 15, 2015. Continue Reading