DES MOINES, Iowa (AP) — An eastern Iowa financial services company has been fined $775,000 by industry regulators for failing to supervise the sale of alternative investments.
Berthel Fisher & Co. Financial Services and its affiliate Securities Management & Research, both based in Marion, were alleged to have provided inadequate supervisory systems for sales of alternative investments including certain real estate investment trusts, oil and gas programs, and business development companies.
The Financial Industry Regulatory Authority says the companies did not train staff properly and did not correctly review investments for suitability. The company also was cited for not adequately researching certain exchange-traded funds before offering them to clients.
The companies agreed to the fine but did not admit or deny the charges.
Company officials did not immediately respond to a message.