SEC Bars Brian M. Berger, Financial Advisor in Boca Raton, Florida
Have you suffered losses investing with Brian M. Berger in Boca Raton, FL? If so, the securities attorneys at The White Law Group may be able to help you by filing a FINRA Dispute Resolution claim against his former employer(s).
According to the Securities and Exchange Commission (SEC) Initial Decision of Default on February 5, 2019, Brian M. Berger was reportedly barred from being a stockbroker or investment advisor or working in the securities industry.
The Division of Enforcement alleges that on November 22, 2016, Berger pleaded guilty to three counts of wire fraud before the United States District Court for the Southern District of Florida.
On February 1, 2017, Berger was sentenced to a prison term of 18 months followed by three years of supervised release and was ordered to pay restitution in the amount of $372,643.00.
Berger reportedly admitted that between April 2013 and September 2015, he engaged in a scheme to defraud and used his position to either transfer money from client investment accounts to which he had access or convince clients to give him money to invest in non-existent businesses.
Further, Berger reportedly admitted to the FBI that he utilized unauthorized transfers from client accounts to pay his personal Discover credit card account and obtained money for personal use by taking cash advances from that same Discover credit card account.
He also allegedly admitted to making unauthorized withdrawals from the accounts of two clients. Through his fraud schemes, Berger purportedly misappropriated $372,643.00.
According to Berger’s FINRA BrokerCheck report, during his sixteen year career in Boca Raton and Fort Lauderdale, Florida, he worked at 5 different firms, including Newbridge Securities, MetLife, and Wells Fargo.
Berger reportedly has 9 disclosure events listed on his broker record, including 4 customer complaints. Most recently, in December 2017, a customer alleged that “the former advisor was deceptive in recommending a withdrawal of funds from a qualified account to invest in a fraudulent investment scam, on or about December 2014.”
Free Consultation with a Securities Fraud Attorney
The White Law Group is investigating potential securities fraud claims involving Brian M. Berger and the liability his employers may have for failure to supervise his alleged activities.
Brokerage firms are required to adequately supervise their agents to ensure they are complying with FINRA rules. 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 M. Berger, the attorneys at The White Law Group may be able to help you. For a free consultation with an experienced securities attorney, 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.
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