Close Menu
Free Consultation: 888-976-6111

John Neely: Former Berthel Fisher Advisor Suspended by FINRA

A disciplinary action taken by the Financial Industry Regulatory Authority against Russellville, Arkansas broker and investment advisor John Neely (CRD# 501565) suspended him over allegations he exercised unauthorized discretion in hundreds of transactions. A representative of St. Bernard Financial Services who was previously registered with Berthel Fisher in Oklahoma, Neely was suspended for 15 days and fined $5,000.

According to a Letter of Acceptance, Waiver and Consent (No. 2015043584402) dated November 2018, John Neely was registered with Berthel & Company Financial Services when, between June 2014 and 2015, he “exercised discretion in effecting hundreds of transactions in two customers’  brokerage accounts” without seeking and receiving written approval from the customers in question. FINRA’s findings go on to state that the customers had provided verbal authorization for the use of discretion in their accounts, but that Neely’s member firm had forbade the use of such in brokerage accounts. He never sought the firm’s approval to exercise discretion in the accounts, according to FINRA, which found his conduct to constitute violations of two securities industry conduct rules: NASD Rule 2510(b), which forbids representatives from using discretionary authority in customer accounts unless they’ve received prior written authorization from the customer and the firm’s written acceptance of the accounts as discretionary; and FINRA Rule 2010, which concerns standards of commercial honor and just and equitable principles of trade. As a result of the foregoing alleged conduct, John Neely was suspended from associating with any FINRA member in any capacity for 15 days. He was also ordered to pay a fine of $5,000.

John Neely has been registered as a broker and investment advisor with St. Bernard Financial Services in Russellville, Arkansas since March 2019. His employment history includes Berthel Fisher & Company in Edmond, Oklahoma; WFG Investments; Spelman & Company; Century Investment Group; Prudential Securities; Rauscher Pierce Refsnes; Finser Investment Company; Investment Securities of Oklahoma; and Woolsey & Company. He currently holds one state license and has passed seven securities industry qualification examinations.

Facebook Twitter LinkedIn
Contact Us For A Free Case Evaluation
protected by reCAPTCHA Privacy - Terms
Latest Blog Posts
  • George Eggers: Heights Financial Advisor Lands $100K Complaint

    Haddon Heights, New Jersey financial advisor George Eggers (CRD# 1228371) recently received an investor complaint alleging his advice resulted in...

    Read More
  • Devin Patel: Ex-Financial Gravity Advisor Receives $1.5mm Complaint

    A recent investor complaint against Tampa financial advisor Devin Patel (CRD# 6632487) alleges that his conduct resulted in seven-figure damages....

    Read More
  • Mike Hamilton: SEC Brings Charges Against Hamilton Wealth Advisor

    Fort Myers financial advisor Mike Hamilton (CRD# 2038138) allegedly may have violated the Securities Exchange Act of 1934, according to...

    Read More
  • Robert Doyle: $1 Million Complaint Against Axiom Advisor

    New York City financial advisor Robert Doyle (CRD# 2309859) recently received an investor complaint alleging his conduct resulted in million-dollar...

    Read More
  • Previous
  • Next