Financial Advisor Bartlett Faces Massive Claims at Aegis, Arete & Berthel

Financial Advisor Bartlett Faces Massive Claims at Aegis, Arete & Berthel

As a former financial advisor and legal expert with over a decade of experience, I’ve seen my fair share of cases where investors have suffered significant losses due to the actions of their advisors. The recent complaint against Alvery Bartlett, a former Clayton, Missouri financial advisor, is a prime example of the serious consequences that can arise when an advisor allegedly misrepresents investments and breaches their fiduciary duty.

According to FINRA records, the pending complaint against Bartlett alleges that he misrepresented “an investment strategy consisting of large concentrations in illiquid, speculative, high commission alternative investments” while representing Aegis Capital, Arete Capital, and Berthel Fisher. The alleged damages? A staggering $2 million.

But this isn’t the first time Bartlett has faced such allegations. His BrokerCheck report reveals two other significant complaints:

  • A 2023 complaint alleging unsuitable investments, breach of fiduciary duty, breach of contract, misrepresentation of material facts, and fraudulent inducement to hold oil and gas securities and other products. Alleged damages: $10 million.
  • A 2022 complaint alleging misrepresentation of an alternative investment strategy with “large concentrations in illiquid, speculative, high commission” products. Settled for $2.5 million in 2024.

So, who is Alvery Bartlett? With 40 years of securities industry experience, he most recently worked in Clayton, Missouri, and was registered with Aegis Capital from 2020 to 2023. Prior to that, he was registered with Arete Wealth Management (2020-2023) and Berthel Fisher & Company Financial Services (2016-2020).

It’s important to note that while Bartlett has passed seven securities industry qualifying exams, he is not currently licensed as a broker or an investment advisor, according to FINRA records as of January 6, 2024.

Understanding FINRA Rules and the Consequences of Violations

FINRA, or the Financial Industry Regulatory Authority, is a self-regulatory organization that oversees the conduct of financial advisors and brokerage firms. One of the key rules that advisors must adhere to is the suitability rule, which requires them to make investment recommendations that are suitable for their clients based on factors such as risk tolerance, financial goals, and investment experience.

When advisors violate FINRA rules, the consequences can be severe. They may face fines, suspensions, or even permanent barring from the securities industry. In cases where investors have suffered significant losses due to an advisor’s misconduct, they may be able to seek compensation through FINRA arbitration or legal action.

As the famous investor Warren Buffett once said, “Risk comes from not knowing what you’re doing.” Unfortunately, many investors place their trust in advisors who may not always have their best interests at heart. In fact, according to a 2022 study by the University of Chicago, 7% of financial advisors have been disciplined for misconduct.

Lessons Learned and Protecting Your Investments

Cases like Alvery Bartlett’s serve as a stark reminder of the importance of thoroughly vetting your financial advisor and staying informed about your investments. Before working with an advisor, be sure to:

  • Check their background and disciplinary history using FINRA’s BrokerCheck tool
  • Ask about their investment philosophy and how they are compensated
  • Ensure you understand the risks and potential returns of any recommended investments
  • Regularly review your account statements and ask questions if something doesn’t seem right

As an expert in both finance and law, my goal is to help investors navigate the complex world of investments and protect their hard-earned money. By staying informed and vigilant, you can reduce the risk of falling victim to investment fraud or misconduct.

If you believe you’ve been the victim of investment fraud or misconduct, don’t hesitate to reach out to a qualified securities attorney who can help you understand your rights and options for recovery.

Disclaimer: The information herein is derived from public sources and is provided "as is" without warranty of any kind. Legal matters may have subsequent developments, and market values may fluctuate. While we strive for accuracy, we make no representations about the completeness or reliability of this information. Readers should independently verify all content and seek professional advice as needed.
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