Haselkorn & Thibaut, a highly experienced national investment fraud law firm, has opened an investigation into alleged misconduct involving Anita L. Lester (CRD# 4478199), formerly a broker with Berthel, Fisher & Company Financial Services, Inc. in Chicago, IL, and now an Investment Adviser Representative with Brookstone Wealth Advisors based in The Villages, FL.
Are you an investor concerned about your portfolio or recent recommendations from Anita L. Lester? Let’s explore everything you need to know, including specific allegations, recent investor disputes, and the steps you can take for peace of mind.
Who Is Anita L. Lester?
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Anita Louise Lester is a long-time financial professional, active in the securities industry since 2002. Her credentials and prior roles include:
- Former Broker at Berthel, Fisher & Company Financial Services, Inc. (Chicago, IL) — 07/2013–10/2018
- Previous Affiliations: Concorde Investment Services, LLC; J.W. Cole Financial, Inc.; Principor, Park Avenue Securities, NYLIFE Securities, Washington Square
- Current Position: Investment Adviser Representative at Brookstone Wealth Advisors (10/2021–Present), The Villages, FL
- CRD Number: 4478199
- Other Business Affiliations: All Financial Group
Recent Allegations and Disclosures: Key Details for Investors
Investors rely on their advisors for trust, transparency, and suitability. Anita L. Lester’s record now includes allegations and pending customer complaints focused on her guidance and practices during her time with Berthel, Fisher & Company Financial Services, Inc.
Summary of Disclosed Investor Disputes:
| Date | Case Number | Outcome | Allegations | Associated Firm/Period | Damages Sought/Paid |
|---|---|---|---|---|---|
| 08/2022 | FINRA Case No. 21-03024 | Settled |
|
Berthel, Fisher & Company Financial Services, Concorde Investment Services (2013-2017) | $30,000 settlement |
| Pending (09/2025) | FINRA Case No. 25-01986 | Pending |
|
Berthel, Fisher & Company Financial Services (2014 recommendations) | $200,000 in damages sought |
Key Takeaways for Investors: What Are the Alleged Issues?
- Unsuitable recommendations — Alleged over-concentration in complex, illiquid alternative products such as non-traded REITs and BDCs
- Failure in due diligence — Claims of insufficient research or vetting before recommending certain investments
- Poor risk disclosure — Accusations that the potential downsides and illiquidity of products were not properly explained
- Breach of fiduciary duty — Asserting that client interests were not put first
- Fraud/Misrepresentation — Omission of key information or material facts
If your portfolio suffered due to such practices, you may have grounds for recovery through FINRA arbitration.
Understanding Alternative Investments: Why Some Investors Are Taking Action
Non-traded REITs and BDCs offer promise but carry significant risks:
- Illiquidity: Hard to sell quickly, and often with significant fees or below purchase price
- Complexity: Involve higher risks not always obvious to investors lacking specialized knowledge
- Poor Suitability: May not align with the needs of older or more conservative clients
FINRA Rules require brokers to ensure that every product recommended is suitable for the client’s specific situation and to fully explain the risks involved (See FINRA BrokerCheck for regulatory requirements).
Review of Regulatory and Litigation History
To supplement public records and direct investor claims:
- No regulatory or SEC enforcement actions have been brought personally against Anita L. Lester to date.
- No civil lawsuits or bankruptcy disclosures attached to her name or CRD 4478199.
- No state securities regulator actions have yet been found.
However, current and prior investor complaints remain active — making ongoing due diligence and thoughtful review of your accounts critical if you worked with Ms. Lester.
What Should You Do Next?
Being proactive is essential if you suspect any portfolio mismanagement or if you’ve been recommended investments that seemed unsuitable for your goals or risk tolerance.
- Gather your investment statements, account information, and records of all communications
- Note the timeline and types of investments recommended during your time as a client
- Don’t delay — certain rights to arbitration or recovery are subject to time limits
The Haselkorn & Thibaut Difference
Haselkorn & Thibaut is dedicated to advocating for investors. With over 50 years of experience in the financial services industry, this firm has earned a 98% success rate and has recovered millions for clients nationwide from brokers, advisors, and firms. Cases are handled on a contingency basis — no recovery, no fee.
Get a Free Portfolio Recovery Consultation
If you invested with Anita L. Lester during her time at Berthel, Fisher & Company Financial Services, Inc., and are concerned about losses or the handling of your portfolio, now is the time to take action.
Haselkorn & Thibaut’s compassionate, client-focused team is here to help you understand your options and potentially recover your investment losses.
Call 1-888-994-8066 for your free, confidential consultation today. Remember: No matter the complexity or size of your case, you pay nothing unless there is a recovery.
Stay informed, protect your future, and let experienced advocates at your side help you secure the resolution you deserve.
