Advisor Alert: Our Attorneys Are Investigating Steve Jeffrey Cummings For Investment Fraud
Did You Lose Money Because of Steve Cummings?
Filed: February 2, 2024
Steve Cummings currently has five (5) pending judgment/lien events. Overall, he has been the subject of one (1) regulatory event, one (1) termination event, and five (5) customer complaints, and five (5) judgment/lien events. As an investor, you may be entitled to compensation for losses accrued due to mismanagement of your investments.
Let’s begin our Patil Law Advisor Alert with a summary report on Steve Jeffrey Cummings.
Who Is Steve Jeffrey Cummings?
- Advisor Name: Steve Jeffrey Cummings
- Aliases: Steve Cummings
- CRD: 2274017
- Location: Fort Deposit, Alabama
- Current Employer: Currently Not Registered
- Previous Firms: Berthel, Fisher & Company Financial Services, Inc., First Legacy Securities, LLC, and Sunset Financial Services, Inc.
- Number of Known Customer Complaints: 5
- Number of Known Regulatory Events: 1
- Number of Known Termination Events: 1
- Number of Known Judgment/Lien Events: 5
- Can Steve Cummings Be Sued: Yes, in Private Arbitration
- Can Steve Cummings’s Employers Be Sued For Failing to Supervise Actions: Yes, in Private Arbitration
- Highest Damages Allegation: $300,000
- Highest Settlement: $82,500
If you have suffered investment losses by Steve Cummings, we strongly encourage you to exercise your rights to experienced legal representation. Recover what is owed to you by retaining a failure to supervise lawyer. Reach out to the legal team at Patil Law, P.C. via the secure online form or call the firm directly toll-free at 1-800-950-6553.
Customer Complaints Filed Against Steve Cummings For Broker Misconduct
As of this publication date, Steve Cummings has been the subject of 1 regulatory event, 1 termination event, 5 customer disputes, and 5 judgment/lien events. Let’s review them below.
In December 2022, a complaint was filed against or in reference to Steve Cummings by a customer of Berthel, Fisher & Company Financial Services, Inc. alleging suitability of the alternative investments purchased by the client from 2011 through 2016. On December 8, 2022, Mr. Cummings settled the claim for $82,500, and some or all of this amount may have been paid by Mr. Cummings’s employer and/or insurance carrier.
In July 2021, a FINRA arbitration was filed against or in reference to Steve Cummings by multiple customers of Berthel, Fisher & Company Financial Services, Inc. alleging that the investments purchased between 2010-2015 were unsuitable and misrepresented to them by the representative. The claimants further allege the firm failed to supervise the activities of the representative and allege the firm failed to conduct adequate due diligence. Per the customers, they lost over $250,000 because of Mr. Cummings’s actions. On September 26, 2022, Mr. Cummings settled the claim for $40,000, and some or all of this amount may have been paid by Mr. Cummings’s employer and/or insurance carrier.
In July 2019, a complaint was filed against or in reference to Steve Cummings by multiple customers of Berthel, Fisher & Company Financial Services, Inc. alleging that the REIT the clients purchased in 2010 was misrepresented to them. They allege that Mr. Cummings guaranteed the safety of their original investment and told them they would never lose the money they invested. On September 8, 2021, Mr. Cummings settled the claim for $25,000, and some or all of this amount may have been paid by Mr. Cummings’s employer and/or insurance carrier.
In December 2018, a FINRA arbitration was filed against or in reference to Steve Cummings by multiple customers of Berthel, Fisher & Company Financial Services, Inc. alleging that the investments the clients purchased in 2015 were unsuitable and were misrepresented by the representative. They also allege that the firm failed to supervise the actions of the representative. Per the customers, they lost over $212,000 because of Mr. Cummings’s actions. On January 21, 2020, Mr. Cummings settled the claim for $62,000, and some or all of this amount may have been paid by Mr. Cummings’s employer and/or insurance carrier.
In April 2018, a FINRA arbitration was filed against or in reference to Steve Cummings by a customer of Berthel, Fisher & Company Financial Services, Inc. and First Legacy Securities, LLC alleging that the investment the client purchased in February of 2009 was unsuitable and misrepresented to him by the representative. The client also alleges the firm failed to supervise the actions of the representative. Per the customer, he lost over $300,000 because of Mr. Cummings’s actions.
In December 2017, Berthel, Fisher & Company Financial Services, Inc. terminated Steve Cummings for failure to disclose tax liens in a timely manner to the firm.
In September 2017, Steve Cummings was the subject of a civil judgment or lien in the amount of $42,745.76. In general, judgment liens are court rulings that give a creditor the right to take possession of a debtor’s property when the debtor has failed to fulfill his or her contractual obligations. Sometimes, these types of disclosures reflect IRS judgments, tax liens, and/or civil judgments against a financial advisor.
In September 2017, Steve Cummings was the subject of a civil judgment or lien in the amount of $29,976.21. In general, judgment liens are court rulings that give a creditor the right to take possession of a debtor’s property when the debtor has failed to fulfill his or her contractual obligations. Sometimes, these types of disclosures reflect IRS judgments, tax liens, and/or civil judgments against a financial advisor.
In September 2017, Steve Cummings was the subject of a civil judgment or lien in the amount of $4,501.67. In general, judgment liens are court rulings that give a creditor the right to take possession of a debtor’s property when the debtor has failed to fulfill his or her contractual obligations. Sometimes, these types of disclosures reflect IRS judgments, tax liens, and/or civil judgments against a financial advisor.
In December 2010, Alabama Securities Commission initiated a regulatory action against or in reference to Steve Cummings for the offer and sale of unregistered securities in Alabama.
In July 2010, Steve Cummings was the subject of a civil judgment or lien in the amount of $8,360. In general, judgment liens are court rulings that give a creditor the right to take possession of a debtor’s property when the debtor has failed to fulfill his or her contractual obligations. Sometimes, these types of disclosures reflect IRS judgments, tax liens, and/or civil judgments against a financial advisor.
In December 2009, Steve Cummings was the subject of a civil judgment or lien in the amount of $11,958.16. In general, judgment liens are court rulings that give a creditor the right to take possession of a debtor’s property when the debtor has failed to fulfill his or her contractual obligations. Sometimes, these types of disclosures reflect IRS judgments, tax liens, and/or civil judgments against a financial advisor.
How To File A Claim Against Steve Cummings (previously with Berthel, Fisher & Company Financial Services, Inc., First Legacy Securities, LLC, and Sunset Financial Services, Inc.) To Get Your Money Back
If you have questions about Steve Cummings, Berthel, Fisher & Company Financial Services, Inc., First Legacy Securities, LLC, Sunset Financial Services, Inc., or the management or performance of your accounts, please contact Attorney Patil for a free initial consultation via email or toll-free at 1-800-950-6553.