Farmer’s Financial Solution Advisor Kirk J. Bertsch Barred
According to the Financial Industry Regulatory Authority (FINRA) on Friday, the regulator has barred Kirk J. Bertsch from associating with any FINRA member at any time.
In October 2017, Bertsch allegedly solicited an investor to purchase a promissory note relating to the Woodbridge Group of Companies LLC, a purported real estate investment fund. Bertsch allegedly sold a $50,000 Woodbridge promissory note to the investor.
Bertsch reportedly received $1,500 in commissions in connection with the transaction, according to the Letter of Acceptance, Waiver & Consent. Bertsch also purportedly invested $240,000 of his own money in Woodbridge promissory notes.
In December 2017, Woodbridge reportedly filed a voluntary Chapter 11 bankruptcy petition. Bertsch’s employer’s supervisory procedures specifically required registered representatives to request and obtain approval prior to engaging in private securities transactions.
FINRA alleges that Bertsch did not provide notice to the Firm prior to participating in the private securities transaction, nor did he obtain approval from the Firm.
According to Bertsch’s FINRA BrokerCheck report, he was registered with Farmer’s Financial Solutions in Spearfish, South Dakota from September 2000 until August 2018 when he was discharged because he, “did not disclose or obtain prior written approval to participate in the purchase and sale of private securities transactions involving unregistered promissory notes; engaged in outside business activities without obtain prior written approval; and did not report he was contacted by a regulator for securities matters.”
For FINRA’s full findings see FINRA case # NO. 2018059666301.
Failure to Supervise
The White Law Group is investigating potential securities fraud claims involving Kirk J. Bertsch and his alleged activities involving improper sale of Woodbridge promissory notes.
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.
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 through FINRA Arbitration.
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.
Have you suffered losses investing with Kirk J. Bertsch and Farmer’s Financial Solutions? If so, the securities 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.WhiteSecuritiesLaw.com.