Berthel Fisher has new lease on life
by Bruce Kelly April 4, 2014, Investment News Legal settlement means it might be clear of DBSI-related claims Since the credit crisis, the financial advice industry has been littered with the dead shells of independent broker-dealers that sold fraudulent private placements before the crash. DeWaay Financial Network Inc., GunnAllen Financial Inc., QA3 Financial Corp. and dozens of others all ran short of capital in the wake of a cascade of investor litigation, stemming from the sale of the phony or suspect deals. Indeed, 43 of the 92 broker-dealers that sold tenant-in-common exchanges – real estate deals known as TICs – sponsored by the defunct DBSI Inc. are no longer in business, according to an InvestmentNews analysis. A staggering amount, 47%, of broker-dealers that sold DBSI TICs have been closed or merged. But Berthel Fisher & Co. Financial Services Inc., one of...