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Scott Brannan: $100K REIT Complaint Against Berthel Fisher Advisor
Bismarck financial advisor Scott Brannan (CRD# 4553880) allegedly recommended unsuitable non-traded real estate investment trusts, according to a pending investor complaint against him. Financial Industry Regulatory Authority records show that he is a broker and investment advisor with Berthel Fisher & Company Financial Services.
Mr. Brannan’s BrokerCheck report discloses one pending investor complaint. Filed in December 2021, it alleges that he “improperly recommended the clients invest in a high commission illiquid alternative investment,” a non-traded real estate investment trust. The complaint alleges further that the product “was misrepresented to them by the representative and was unsuitable for their financial situation, risk tolerance, and investment objectives.” The complaint finally alleges that the firm, Berthel Fisher & Company Financial Services, did not conduct adequate due diligence or supervise the representative’s activities. The pending complaint alleges damages of $100,001.
In a statement on the disclosure regarding the REIT complaint, Mr. Brannan states that the a review of the products in question “showed full disclosure of the risks were made,” as well as the customer’s indication that she understood the product, the product was within her risk tolerance, and she had “adequate cash reserves” and “liquid net worth” for the investment. “The matter has evolved to an arbitration in which the representative is not a named respondent,” the comment concludes.
According to the Financial Industry Regulatory Authority, Scott Brannan holds 18 years of securities industry experience. Based in Bismarck, North Dakota, he has been a broker and investment advisor with Bethel Fisher & Company Financial Services since 2009. His past registrations include Morgan Stanley (Bismarck, North Dakota; 2009), Citigroup Global Markets (Bismarck, North Dakota; 2005-2009), and Berthel Fisher & Company (Cedar Rapids, Iowa; 2003-2005). His credentials include the passage of five securities industry qualifying exams: the Investment Company Products/Variable Contracts Representative Examination, or Series 6; the Uniform Investment Adviser Law Examination, or Series 65; the Securities Industry Essentials Examination, or SIE; the General Securities Representative Examination, or Series 7; and the Uniform Securities Agent State Law Examination, or Series 63. He is licensed in Minnesota and North Dakota. (Information current as of June 17, 2022.)
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