The law firm of Oakes & Fosher is presently investigating the alleged misconduct of securities broker Alvery Anthony Bartlett. According to his publicly available FINRA BrokerCheck report, Alvery Bartlett has been the subject of multiple customer disputes over the course of his career.
Alvery Bartlett is a Missouri-based securities broker. He has worked in the securities industry for thirty nine years. During his career, he has been registered with eight different securities firms.
His Registrations
- Clayton Brokerage Co. Of St. Louis (1981-1982)
- Alvery Bartlett Brokerage Co. (1983-1990)
- Derand/Pennington/Bass (1990-1990)
- Mark Twain Brokerage Services (1990-1991)
- The Bartlett Fund Management (1990-1992)
- Berthel, Fisher & Company Financial Services (1992-2016)
- Arete Wealth Management (2016-2020)
- Aegis Capital Corp (2020-present)
The Allegations
- In January 2015, a customer alleged that Alvery Bartlett had misrepresented the suitability of investments recommended to them. This case was settled for $25,000 in damages.
- In January 2018, a customer alleged that Bartlett had recommended unsuitable investments. This case was settled for $450,000 in damages.
- In August 2019, a customer alleged that Bartlett had misrepresented the suitability of investments recommended to them. This case was settled for $325,000 in damages.
- In June 2020, a customer alleged that Bartlett had 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 was settled for $52,500 in damages.
- In April 2022, a customer alleged that Bartlett had recommended an investment strategy consisting of large concentrations in illiquid, speculative, high commission alternative investments for over 15 years which was misrepresented to them. In addition, certain claimants allege that the representative engaged in questionable conduct relating to a private hedge fund and various business ventures. This case is currently pending, and the customer is seeking $10,000,000 in damages.
What Does This Mean?
Securities brokers are required to make sure that their customers’ portfolios are adequately diversified in a suitable manner. This means that their account can not solely comprise of one or two securities. If this is the case, then the success or failure of the customer’s account is entirely determined by the success or failure of those one or two investments. Investor portfolios should consist of multiple investments so that the investor does not lose everything if the value of one security plummets.
Diversity is also important in regards to the level of risk. If an investor’s account is over-concentrated in high-risk securities, then the account can be incredibly volatile. Investors with more moderate objectives need to have their portfolios diversified among investments with varying levels of risks. This means that the customer can expose some assets to moderate risk, while to still keeping most of their assets in safe investments.
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 in this fashion 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. We handle cases on a contingency basis, which means there are no fees charged unless we collect for you.
