The law firm of Oakes & Fosher is currently investigating the alleged misconduct of securities broker Alvery Bartlett. According to his publicly available FINRA BrokerCheck report, Alvery Anthony Bartlett Jr. has been the subject of multiple customer disputes over the course of his career.
Alvery Bartlett is a Missouri-based securities broker who has worked in the securities industry for thirty-seven years. During his career, he has been registered with eight different securities firms.
- Clayton Brokerage Co. Of St. Louis (1981-1982)
- Alvery Bartlett Brokerage Co. (1983-1990)
- Mark Twain Brokerage Services (1990-1991)
- Derand/Pennington/Bass, Inc. (1990-1990)
- The Bartlett Fund Management Co. (1990-1992)
- Berthel, Fisher & Company Financial Services (1992-2016)
- Arete Wealth Management (2016-2020)
- Aegis Capital Corp. (2020-Present)
- In January 2015, customers alleged that Bartlett recommended and misrepresented unsuitable investments. This case was settled for $25,000 in damages.
- In January 2018, a customer alleged that Bartlett recommended unsuitable investments over the course of two years. This case was settled for $450,000 in damages.
- In August 2019, a customer alleged that Bartlett recommended unsuitable investments and made material misrepresentations regarding these investments. This case is currently pending, and the customer is seeking an undisclosed amount in damages.
- In June 2020, customers alleged that Bartlett made a series of recommendations of illiquid, high-commission investments which were unsuitable and resulted in over-concentration of these products in their portfolio. This case is currently pending, and the customer is seeking an undisclosed amount in damages.
What Does This Mean?
Securities brokers have a duty to their customers to always act in their best financial interests. This is their duty as a fiduciary. This means that brokers can only recommend investments that their customers are actually suited for. Brokers like Alvery Bartlett can determine if a particular investment is suitable for their customer by looking at various different factors provided to them by the customer. This includes the customer’s investment objectives, financial situation, liquidity needs, and risk tolerance. Brokers who invest their customers contrary to these needs have either done so in a fraudulent manner, placing their own financial interests ahead of their customer’s, or in a negligent one. Regardless if the broker’s intent was fraudulent or negligent, managing a customer’s account unsuitably disqualifies them from the ability to perform their duties in the required manner.
Oakes & Fosher Can Help
Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who have lost money due to this fraud or negligence may actually be entitled to damages.
Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Alvery Bartlett, please contact Oakes & Fosher for a free and private consultation. Oakes & Fosher handles cases on a contingency basis, which means there are no fees charged unless we collect for you.