Steve Jeffrey Cummings of Alabama is a previously registered broker; most recently employed by Berthel, Fisher & Company Financial Services, Inc. Cummings has been the subject of a handful of customer disputes alleging unsuitable conduct involving the sales of Non-Conforming Investments and Real Estate Investment Trusts (REITs).
Customers alleged that the REITs sold to them were misrepresented and unsuitable; one dispute alleges that Cummings guaranteed the safety of their investments and told them they would never lose money if they invested. Clients also allege that Cummings’ firm failed to supervise his actions. These allegations have settled for nearly $90,000 combined.
A Real Estate Investment Trust, or REIT, is a company that owns, operates, and/or finances income-generating real estate. Similar to mutual funds, REITs collect the capital of investors and makes it possible for the investors to earn dividends without having to manage, buy, or finance properties of their own.
Cummings had three separate tax liens taken out in 2017 totaling almost $80,000; he cited that his business income had dropped significantly in 2016, resulting in inability to pay “certain obligations.” Three months later, Cummings was discharged from Berthel, Fisher & Company for failure to disclose the liens in a timely manner to the firm.
In 2010, Cummings was also the subject of a Regulatory event following allegations of offerings and sales of unregistered securities in the state of Alabama. The Alabama Securities Commission alleged that Cummings sold preferred stock in an unsuitable manner. Cummings was ordered to pay civil and administrative fines.
If you believe you suffered damages due to Steve Jeffrey Cummings' recommendations or advice, you may have a legal right to recover your losses.
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At a time in our life when we were most vulnerable we lost control of our finances. We fell victim to a broker that took huge commissions and did not disclose that we were not able to access our money. Peter Mougey and his wonderful staff worked with us to make us whole again and got our money released. I cannot say enough about their work ethic, professionalism, and kindness during this stressful time for us. We had a 100% positive conclusion to our case and we strongly recommend Peter and the firm. We can now sleep at night! Fred & Pat H.
My husband and I were very pleased with the work that Peter and his team provided. He was very knowledgeable of the circumstances of our case and kept us informed throughout the process. He is extremely qualified and worked diligently on our behalf. We are positive that this case would not have been resolved in our favor had it not been for Peter's expertise and his passion. He definitely cares about his clients and we sincerely appreciate his efforts. Rachel C.
FRS is a governmental body. FRS retained the services of Peter Mougey of the LP law firm in a multimillion dollar lawsuit involving extremely complex issues. Mr. Mougey quickly mastered the issues and gave advice that was vital in bringing about a successful resolution. Two of the most important features of Mr. Mougey’s representation was his understanding of government and his ability to communicate complicated legal concepts to a 10-member board of trustees in language that was easily understood by all. I did not know Mr. Mougey before FRS retained him and, fortunately, have not experienced circumstances where the system would need his services again. However, if needed, I would have no hesitation in retaining his services again. Please let me know if you need any additional information or assistance. Steven S.
Edison's famous adage can't ever be ignored of course: 1 part inspiration and 99 parts perspiration. However the two attitudes must be present indissolubly--both are essential--if results are to be obtained. Peter Mougey’s group is aware of such a requirement, they work very hard at the latter, and the former comes easily to them, a rare combination anywhere to be found indeed. Raphael B.
I would like to express my sincere gratitude to Peter Mougey and your entire team on behalf of my family for the amazing job done during your representation. From day one I received kindness, rapid responses to all of my questions, with polite and patient encounters with all of your staff assistants. You are the best- and I will be eternally grateful to you and your entire team. Michelle E.