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Broker Robert Setser Permanently Barred by FINRA

Robert SetserAccording to records provided by the Financial Industry Regulatory Authority (FINRA), former California-based Newport Coast Securities broker Robert Setser has been permanently barred from acting as a broker or otherwise associating with firms that sell securities to the public. The securities and investment fraud law firm Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Setser (CRD# 1005169).

Robert Setser has spent 28 years in the securities industry and was most recently registered with Newport Coast Securities in Redwood City, California (2010-2012). Previous registrations include JP Turner & Company in San Bruno, California (2009-2010); Direct Capital Securities in Foster City, California (2008-2009); Charter Pacific Securities in Burlingame, California (2008); Berthel Fisher & Company in Burlingame, California (2004-2008); and five other broker-dealer firms. He is currently not registered with any state or firm.

According to his BrokerCheck report, Robert Setser is the subject of sixteen customer complaints, one pending customer complaint, and one regulatory sanction.

  • In 2015 a customer alleged Robert Setser, while employed at Berthel Fisher & Company and EPlanning Services, misrepresented and recommended unsuitable investments in tenant-in-common (TIC) and oil and gas interests. The customer is seeking unspecified damages in the pending complaint.
  • In 2013 FINRA sanctioned John Setser following allegations he failed to respond to a request for information. He was issued a permanent suspension from the securities industry.
  • In 2013 a customer alleged Robert Setser, while employed at Berthel Fisher & Company, failed to conduct adequate due diligence regarding an unsuitable investment in a TIC property. The complaint settled in 2014 for $7,500.
  • In 2013 a customer alleged Robert Setser, while employed at Berthel Fisher & Company, misrepresented and recommended an unsuitable TIC investment. The complaint settled in 2014 for $140,000.
  • In 2012 a customer alleged Robert Setser, while employed at Berthel Fisher & Company, misrepresented and recommended unsuitable TIC interests. The complaint settled for $255,000.
  • In 2010 a customer alleged Robert Setser, while employed at Berthel Fisher & Company, failed to supervise, misrepresented material facts, failed to conduct adequate due diligence, and recommended unsuitable investments in TICs, real estate investment trusts (REITs), and a limited liability company. The complaint settled for $242,500.
  • In 2010 a customer alleged Robert Setser, while employed at Berthel Fisher & Company, sold an unsuitable TIC investment. The complaint settled in 2012 for more than $465,400.

If you have lost money investing with Robert Setser, you may be entitled to recover your losses. Call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. All cases are taken on contingency, which means we only get paid if and when you collect money. You may have a limited window to file your claim, so we recommend you avoid delay. Call 877-238-4175 now to speak to an attorney for free.