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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.)

Carlson Law represents investors throughout the United States in claims against financial advisors and investment firms. If you or a loved one have suffered investment losses, please call us at 888-976-6111 or complete our contact form for a free and confidential consultation.

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