The investment lawyers of Gana LLP are investigating claims against Dennis Rasmusson (Rasmusson). According to BrokerCheck records, Rasmusson has been subject to two customer disputes and regulatory action.
In 2014, a customer alleged that Rasmusson failed to follow instructions, traded excessively and breached his fiduciary duty. The damage amount requested was $500,000 and this dispute settled for $110,000. In 2013, a customer alleged mismanagement of portfolio. This dispute was settled for $34,000.
In 2011 the state of Nebraska sanctioned Rasmusson for failing to keep certain books and records and maintain policies and procedures manual.
When a broker recommends an investment to an investor, the broker has a duty to:
- Understand the nature of the investment’s risks, rewards, and strategy before recommending the investment;
- Make only suitable recommendations to the investor based upon the investor’s objectives, needs, and circumstances;
- Furnish information to the investor that would be material to the investor’s decision about the investment recommendation; and
- Not misrepresent or omit material information.
The number of complaints against Rasmusson are unusual compared to his peers. According to news sources, only about 7.3% of financial advisors have any type of disclosure event on their records among brokers employed from 2005 to 2015. Brokers must publicly disclose reportable events on their CRD customer complaints, IRS tax liens, judgments, investigations, and even criminal matters. However, studies have found that there are fraud hotspots such as certain parts of California, New York or Florida, where the rates of disclosure can reach 18% or higher. Moreover, according to the New York Times, BrokerCheck may be becoming increasing inaccurate and understate broker misconduct as studies have shown that 96.9% of broker requests to clean their records of complaints are granted.
Rasmusson entered the securities industry in 1985 and has been employed by Berthel Fisher & Company Financial Services, Inc. since March 2014. He worked for New England Securities from October 1985 until January 1995. He then moved to The O.N. Equity Sales Company until March 2005. From March 2005 until February 2011, Rasmusson was associated with QA3 Financial Corp. Finally, he was with VSR Financial Services from February 2011 until April 2014 when he moved to Berthel Fisher & Company Financial Services, Inc.
Investors who have suffered losses may be able to recover their losses through securities arbitration. The attorneys at Gana LLP are experienced in representing investors who have suffered securities losses due to the mishandling of their accounts. The majority of these claims may be brought in securities arbitration before FINRA. Our consultations are free of charge and the firm is only compensated if we are able to successfully recover on your behalf.