DES MOINES (AP) — An eastern Iowa financial services company has been fined $775,000 by industry regulators for failing to supervise the sale of alternative investments.
Berthel Fisher & Co. Financial Services and its affiliate Securities Management & Research, both based in Marion, were alleged to have provided inadequate supervisory systems for sales of alternative investments including certain real estate investment trusts.
The Financial Industry Regulatory Authority says the companies did not train staff properly and did not correctly review investments. The company also was cited for not adequately researching certain exchange-traded funds.
The companies agreed to the fine without admitting the charges.
A company statement says its officials take regulatory issues seriously and work to improve procedures to provide the best investments to its clients so they can better meet their financial goals.