Public records published by the Financial Industry Regulatory Authority (FINRA) on April 21, 2017 indicate that former Massachusetts-based Berthel Fisher & Company broker/adviser Jeffrey Dragon has been named in a pending FINRA complaint. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Dragon (CRD# 1874038).
Jeffrey Dragon has spent 27 years in the securities industry and was most recently registered with Berthel Fisher & Company in Burlington, Massachusetts (2007-2016). Previous registrations include Merrill Lynch in Wellesley Hills, Massachusetts; Citigroup Global Markets in New York, New York; Citizens Investment Services in Dedham, Massachusetts; GNA Securities in Richmond, Virginia; John Hancock Distributors in Boston, Massachusetts; and John Hancock Mutual Life Insurance Company in Boston, Massachusetts. He is currently not registered with any state or firm.
According to his BrokerCheck report, Jeffrey Dragon has been named in a FINRA complaint and was terminated from his former employer.
In March 2017 he was named respondent in a FINRA complaint alleging he “generated more than $421,000 in concessions for himself and his member firm, at the expense of his customers, by recommending and effecting a pattern of unsuitable short-term trading of unit investment trusts (UITs).” According to FINRA’s complaint: “these short-term trading patterns were inconsistent with the design of the securities at issue and required the customers to pay substantial sales charges, most of which came back to the firm and Dragon in the form of dealer concessions. Dragon recommended to the customers – many of whom were seniors, unsophisticated investors, or both – that they liquidate UIT positions that they had held for only a few months, and which they had purchased on Dragon’s recommendations, and then use the proceeds to purchase other UITs. Because each UIT purchased carried a new sales load, and because UITs are designed not to be actively traded, Dragon’s recommendations were excessive and unsuitable.” The complaint remains pending.
In 2016 he was terminated from his position at Berthel Fisher & Company following allegations he failed to adhere to a term of his heightened supervision agreement, “which required him to run all business, including fixed indexed annuities, through the firm’s commission grid.”
If you or someone you know has complaints regarding Jeffrey Dragon, call Fitapelli Kurta at 877-238-4175 for a free consultation. You may be entitled to recover lost funds. All cases are taken on a contingency basis: we only receive payment if and when you collect money. Time to file your claim may be limited, so we suggest you avoid delay. Call 877-238-4175 now to speak to an attorney for free.