Articles Posted in Business Development Companies (BDCs)

The Financial Industry Regulatory Authority (“FINRA”) has barred stockbroker Charles Thomas Stevens from the securities industry for failing to appear and provide on-the-record testimony.

On December 1, 2020, FINRA’s Department of Enforcement filed a three-cause complaint against Mr. Stevens.  The first cause of action charged that Mr. Stevens willfully failed to disclose a judgment and three tax liens on his Uniform Application for Securities Industry Registration or Transfer (Form U4).  The second cause of action alleged that Mr. Stevens falsely represented to his firm that he did not have any unreported liens.  The third cause of action alleged that Mr. Stevens failed twice to appear and testify at an on-the-record interview.

Mr. Stevens then failed to appear at two-pear hearing conferences scheduled by the hearing officer.  FINRA’s Department of Enforcement then requested a default decision, which the hearing officer granted.

A Berthel Fisher & Company Financial Services, Inc. customer has recently filed a complaint with FINRA Dispute Resolution Services alleging that former broker Robyn D. Simons recommended unsuitable investments in real estate investment trusts (REITs) and business development companies (BDCs).  The investments were reportedly purchased between 2014 and 2016. The complaint also alleges that Berthel Fisher & Company Financial Services, Inc. failed to supervise Robyn Simons’ actions.  The customer has alleged $200,000 in damages.

This complaint is not the first securities arbitration claim filed against Robyn Simons and Berthel Fisher & Company Financial Services, Inc. arising out of Robyn Simons’ investment recommendations.  In 2015, a customer filed a FINRA arbitration complaint alleging that investments made in her accounts between 2013 and 2015 were unsuitable.  The customer also alleged that Robyn Simons misrepresented the securities to her at the time of purchase. Reportedly, the investments included a REIT, BDC, Unit Investment Trust (UIT), and equities.  According to Robyn Simons’ BrokerCheck Report, Berthel Fisher & Company Financial Services, Inc. settled the matter with the aggrieved customer for $21,500.

Robyn Simons was registered with Berthel Fisher & Company Financial Services, Inc. in Layton, Utah, from February 2008 until September 2017.

A Crown Capital Securities L.P. customer has recently filed a complaint with FINRA Dispute Resolution Services alleging that broker Jeffrey Michael Warren recommended unsuitable investments in non-traded real estate investment trusts (REITs) and non-traded business development companies (BDCs).  The complaint includes additional causes of action, including inadequate due diligence and breach of fiduciary duty.

Mr. Warren has been registered with Crown Capital Securities, L.P. in San Ramon, California, since February 2013.

If you have suffered financial losses investing with Jeffrey Michael Warren or Crown Capital Securities, L.P., or suspect that Mr. Warren did not have your best interest in mind when recommending investments, including REITs and BDCs, contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential review of your account or annuity contract.

A recently filed FINRA customer complaint alleges that Mr. Monshi recommended unsuitable investments in a number of business development companies (BDCs) and real estate investment trusts (REITs), as well as other high-commission illiquid investment recommendations. The allegations focus on Mr. Monshi’s time with LPL Financial from 2006 to 2015 and with Ameriprise Financial Services from 2015 to 2016. Claimants’ statement of claim, which was filed on or around September 9, 2020, seeks damages of $3.9 million.

Iorio Altamirano LLP is interested in speaking with any customers who may have suffered losses in their investments with former LPL Financial and Ameriprise Financial Services broker Maziar Monshi. If you have lost money with Maziar Monshi, LPL Financial, or Ameriprise Financial Services, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

Financial Advisor Maziar Monshi (CRD#: 2629721)

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