Steve Cummings: $250K Complaint Against Ex-Berthel Fisher Advisor

Former Fort Deposit, Alabama financial advisor Steve Cummings (CRD# 2274017) has received investor complaints alleging he misrepresented investments and engaged in other forms of misconduct. Financial Industry Regulatory Authority records show that he is not currently registered as a broker or as an investment advisor, though he was most recently registered with Berthel Fisher & Company.

Mr. Cummings’ BrokerCheck report discloses multiple investor complaints. The most recent, filed in July 2021, alleges that as a representative of Berthel Fisher & Company, he misrepresented and recommended unsuitable investments. The pending complaint alleges damages of $250,000.

An earlier investor complaint, filed in 2019, alleged that as a Berthel Fisher representative, he misrepresented a real estate investment trust (REIT) by guaranteeing the investment’s safety and telling the claimants “they would never lose the money they invested.” In 2021 the complaint reached a settlement of $25,000.

A third investor complaint, filed in 2018, alleged that he misrepresented and recommended unsuitable investments in oil and gas securities, real estate, and a business development company. In 2020 the complaint reached a settlement of $62,000.

According to the Financial Industry Regulatory Authority, Steve Cummings holds 25 years of securities industry experience. Most recently based in Fort Deposit, Alabama, he was last registered as a broker with Berthel Fisher & Company Financial Services from 2010 until 2017. His past registrations include First Legacy Securities (Montgomery, Alabama; 2008-2010), Sunset Financial Services (Montgomery, Alabama; 2007-2008), NYLife Securities (Montgomery, Alabama; 1999-2007), and Pruco Securities Corporation (Newark, New Jersey; 1992-1999). His credentials include the passage of seven securities industry qualifying exams: the Investment Company Products/Variable Contracts Principal Examination, or Series 26; the General Securities Principal Examination, or Series 24; the Investment Company Products/Variable Contracts Representative Examination, or Series 6; the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Combined State Law Examination, or Series 66. He currently is not licensed with any state or firm. (Information current as of September 3, 2022.)

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