Concerned about Investment Losses with Donald Bartelt?
According to FINRA, Donald Bartelt (CRD #1377935, Cave Creek, Arizona), was fined $250,000 and barred from association with any FINRA member in any capacity; and ordered to pay $200,330.66, plus interest, in restitution to customers.
The sanctions were based on findings that Bartelt allegedly recommended quantitatively unsuitable trading in customer accounts. The findings stated that the trading activity in all of the accounts at issue was purportedly excessive and inconsistent with the customers’ financial circumstances and investment objectives.
The findings also alleged that the benefits to Bartelt outstripped any likely return to the customers from the trading, making it clear that Bartelt, was allegedly trading for his own benefit without regard to the customers’ interests. Accordingly, Bartelt purportedly acted in willful and reckless disregard of the customers’ interests and allegedly churned customer accounts.
For FINRA’s full findings see FINRA Case #2012030564701.
According to Bartelt’s FINRA BrokerCheck report, he was registered with Newport Coast Securities in Cave Creek, AZ from 05/17/2010 – 08/25/2014. Bartelt has five disclosures listed on his Broker report including customer allegations of unsuitable recommendations alleged misconduct.
Recovery of Investment Losses
Brokers have a fiduciary duty to make investment recommendations that are consistent with the clients net worth, investment experience and objectives. Risk tolerance, age, and liquidity needs also need to be considered. Furthermore, brokers are prohibited from engaging in underhanded businesses practice, like churning, that violate securities laws and regulations.
When brokers abuse client accounts and conduct transactions that violate securities laws, the brokerage firm they are working with may be liable for investment losses. Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.
If you suffered losses investing with Donald Bartfelt, the attorneys of The White Law Group may be able to help you recover your losses. For a free consultation with a securities attorney, please call 888-637-5510.
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.
For more information on The White Law Group, visit www.WhiteSecurtiesLaw.com.