According to reports, South Florida financial adviser, Brian M. Berger, 39, is facing federal charges that he defrauded more than $370,000 from his clients. Berger reportedly pleaded not guilty to three wire fraud charges October 14, in federal court in West Palm Beach.
Berger, who has worked for three different brokerage firms since 2014, allegedly told clients he was investing their money in a new business opportunity, federal prosecutors said. Instead, he allegedly used the money to pay off his credit card and other personal debts between 2013 and 2015, authorities said.
Berger was allegedly barred from the securities industry in 2015 by the Financial Industry Regulatory Authority due to allegations that he misappropriated funds from elderly customers while registered with member firms.
Brian Berger was registered with Newbridge Securities in Boca Raton, FL from 04/2015 – 06/2015, Metlife Securities in Fort Lauderdale from07/2014 – 04/2015, and Wells Fargo Advisors in Boca Raton, FL from 07/2010 – 07/2014, according to FINRA Broker Check.
Between 2011 and 2015, there are three customer disputes listed on Berger’s FINRA Broker Check. Allegations include unauthorized transactions, unsuitable investments and misrepresentation.
Berger has been released on bond. Each count carries a maximum penalty of 20 years in federal prison and fines of $250,000 or more.
Brokerage firms are required to adequately supervise their agents to ensure they are complying with FINRA rules and they can held responsible for any losses in a FINRA arbitration claim if it is determined that they failed to properly supervise their agent.
If you suffered losses investing with Brian Berger, the attorneys at The White Law Group may be able to help. For a free consultation, please call (888) 637-5510.
The foregoing information, which is all publicly available, is being provided by The White Law Group.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Franklin, Tennessee.