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Former Broker, Robert K. Smith, Under Investigation

Robert Keith Smith, formerly a broker with Berthel Fisher, has been accused by more than ten of his clients throughout his career of overconcentrating their accounts in private placement securities, including equipment leasing programs, oil and gas investments, and non-traded real estate investment trusts. Smith started his career in 2000 with American General Securities and was registered with the firm until May 2006. Subsequently, he was associated with ProEquities until June 2010 and with Berthel, Fisher & Company Financial Services until June 2014. Numerous complaints against the same broker regarding the same or similar charges of misconduct is unusual in the brokerage industry. The majority of brokers go their whole careers without having a complaint against them. The number of brokers who have more than two customer complaints against them is remarkably low. Accordingly, having over ten customer complaints against Smith, all of which regard private placement securities, is highly irregular. The kinds of products Smith sold to investors on [...]

By |August 4th, 2015|Broker Check, FINRA, Press Releases & News|
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FINRA Investigating National Securities Broker

FINRA has filed a complaint against broker Vito Balsamo alleging that Balsamo was "selling away" ownership interests in a limited liability company named V.W. Industries, LLC without getting prior written approval from his member firm. Selling away occurs when an investment professional sells or offers securities not held or offered by the brokerage firm with which he is affiliated. FINRA also accuses Balsamo of failing to provide testimony asked for by FINRA staff. According to FINRA's BrokerCheck records, customers have complained about Balsamo on at least four occasions; he has also been involved in two criminal matters, one regulatory action, and one judgment and lien throughout his career. Balsamo's customers have accused Balsamo of a number of securities law violations, including selling unsuitable investments, unauthorized trading, breaching his fiduciary duty, making misrepresentations and false statements, and churning. By industry standards, Balsamo has received a substantial number of complaints. Only roughly twelve percent of financial advisors have any type of disclosure [...]

By |May 12th, 2015|Broker Check, FINRA, Press Releases & News|
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Disclaimer: Mr. Frankowski is licensed in Alabama,Florida and Texas. He is not licensed in any other state including Nevada and California. Mr. Frankowski has represented investors from all over the country in securities cases including: Alabama, California, Colorado, Florida, Georgia, Illinois, Kentucky, Louisiana, Mississippi, Nevada, New Mexico New York, North Carolina, Tennessee, Texas.