WARNING! Impending Investigation–THOMAS CHARBONNEAU, FELTL & CO. and BERTHEL FISHER & CO.
Thomas Charbonneau, Feltl & Company, and Berthel Fisher & Company
Have you lost money with financial advisor Thomas Charbonneau from Lilydale, Minnesota? Thomas Charbonneau was recently barred by FINRA (the Financial Industry Regulatory Authority) in connection with a pump-and-dump scheme and for allowing a customer to sign blank forms. FINRA alleged that Charbonneau was recommending that his customers purchase shares of Spectrascience, Inc. (symbol SCIE). Shortly after he made these recommendations, Charbonneau was alleged to have sold 1.7 million shares of Spectrascience that he owned. This is a classic example of a pump-and-dump scheme – where an advisor gets his clients to invest in a thinly traded stock in order to increase the market price, and then the advisor sells his own shares, making a profit and leaving the other investors with losses after the advisor’s stock sales drive the price back down. Charbonneau’s broker-dealer firm, Feltl & Company, allowed Charbonneau to resign in October 2010 after this conduct was discovered.
Charbonneau was also alleged to have allowed a customer to sign a blank application for a REIT (real estate investment trust) investment. This is problematic, as it allows a financial advisor to fill in information on the application that may be false or misleading. Charbonneau was later terminated from his firm for this conduct.
Charbonneau was a financial advisor and registered representative with Feltl & Company from March 2005 to October 2010. He was also registered with Berthel Fisher & Company Financial Services from November 2010 to November 2013. Charbonneau filed for personal bankruptcy in December 2011.
Broker-dealers like Feltl & Company and Berthel Fisher & Company have a duty to supervise the conduct of their financial advisors. Broker-dealers must also ensure that their advisors follow all securities rules and regulations, such as refraining from fraudulent schemes like the pump-and-dump scheme. If a broker-dealer like Feltl & Company or Berthel Fisher & Company fails to adequately supervise their advisors and representatives, the broker-dealer may have liability for customer losses. Our attorneys have represented investors in Minnesota in the past. If you have lost money through Thomas Charbonneau, Feltl & Company, or Berthel Fisher & Company and want to hear about ALL legal options, please visit https://www.israelsneuman.com/ or call us at 720-599-3505.
Click here to view Charbonneau FINRA AWC: Charbonneau FINRA AWC