Broker Steve Jeffrey Cummings – Complaints & Compensation

Former Broker Steve Jeffrey Cummings Accused of Unsuitable Investments for Clients

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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