Current Investigations

Brian M. Berger Allegedly Misappropriated Funds From Elderly Customers

By June 11, 2019 No Comments

Brian M. Berger was a Florida based securities broker. He worked in the securities industry for fifteen years. During his career, he was registered with five different securities firms.

His registrations included; Citigroup Global Markets (1999-2009), Morgan Stanley (2009-2010), Wells Fargo Advisors (2010-2014), MetLife Securities (2014-2015), and Newbridge Securities Corporation (2015). He is no longer working as a registered securities broker in any fashion.

Brian M. Berger’s publicly available FINRA BrokerCheck report shows that he has received multiple customer complaints over the course of his career.

In April 2011, a customer alleged unsuitability and misrepresentation. This case was settled for $13,500 in damages.

Brian M. Berger received two complaints throughout June and July 2015. The customers in these cases alleged that Berger misappropriated funds from their accounts to make payments on his Discover card. The first case was settled for $231,136 in damages. The second case was settled for $186,474 in damages.

In July 2015, he was barred by FINRA from acting as a securities broker in any fashion. This followed allegations that he failed to provide FINRA with the requested documents, and refused to appear for on-the-record testimony during an investigation into the above mentioned fund misappropriation.

In September 2016, Brian M. Berger pled guilty to three counts of wire fraud. He was sentenced to eighteen months in prison to be followed by three years of supervised release. He was also ordered to pay $372,643 in restitution.

Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Brian M. Berger, please contact Oakes & Fosher for a free and private consultation.