Haselkorn & Thibaut has launched an investigation into Steve Jeffrey Cummings, a former financial advisor based in Fort Deposit, Alabama, who most recently worked with Berthel, Fisher & Company Financial Services (CRD #2274017). If you are an investor concerned about your account or who may have experienced losses in investments recommended by Steve J. Cummings, understanding the background, red flags, and history of complaints can help you make informed decisions about your next steps.
Who is Steve Jeffrey Cummings?
Steve Jeffrey Cummings, once a registered broker and investment advisor, has a long work history with several firms, including:
- Berthel, Fisher & Company Financial Services
- First Legacy Securities, LLC (09/2008–02/2010)
- Sunset Financial Services, Inc. (08/2007–09/2008)
- NYLife Securities LLC (07/1999–08/2007)
- Pruco Securities Corporation (10/1992–07/1999)
He is not currently registered with FINRA and no longer actively registered with any broker-dealer. His other business interests include serving as President of Southern Capital Advisors and involvement in music and education organizations.
Licensing and Regulatory Status
Steve J. Cummings previously held numerous licenses (Series 7, 24, 6, 26, 63, 66, and SIE), but is not currently registered with a FINRA-member brokerage firm. Investors should know that **working with an unregistered advisor exposes them to additional risks**, as FINRA oversight and protections may not apply.
History of Regulatory Actions & Disclosures
Cummings’ record contains **multiple regulatory actions, disclosures of outstanding tax liens, employment discharges, and customer complaints**. Below is a summary of key disclosures relevant to current and former clients:
| Category | Details |
|---|---|
| Regulatory Actions |
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| Outstanding Liens |
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| Employment Discharge |
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Customer Disputes & Complaints Filed Against Steve Jeffrey Cummings
Cummings’ record includes a series of **customer complaints and arbitration cases** related to his recommendations and conduct as an investment advisor. These cases, many of which resulted in settlements, highlight important red flags for investors:
- Alabama Securities Commission Action: December 2010 “Show Cause” relating to sale of unregistered promissory notes. Consent Order issued October 2011. $1,500 fine paid by Cummings.
- FINRA Arbitration Case No. 21-01909 (2021): Customers of Berthel, Fisher & Company Financial Services alleged the sale of unsuitable and misrepresented alternative investments, including DPPs/LPs, real estate securities, and BDCs. Settled for $40,000 in September 2022.
- Customer Complaint (July 2019): Alleged 2010 REIT was misrepresented as “guaranteed safe.” Settled for $25,000 in 2021.
- FINRA Arbitration Case No. 18-04104 (2018): Suitability and misrepresentation claims regarding oil & gas, real estate, and BDC products from 2015 purchases. Settled for $62,000 in 2020.
- Customer Complaint (December 2022): Claimed unsuitable alternative investments in 2011–2016. Settled for $82,500.
- Pending Complaint (August 2025): Ongoing claim seeking $594,746 for a decade-long alleged pattern of losses and improper investments in listed equities, mutual funds, and real estate securities.
Key Allegations Include:
- Unsuitable investment recommendations
- Misrepresentations or omissions of material facts
- Failure to supervise (alleged at the firm level)
For active or former clients, these complaints point to potential strategies for loss recovery and further illustrate the necessity for careful due diligence when evaluating financial advisors.
Summary Table: Steve Jeffrey Cummings – Complaints & Actions
| Date | Allegation | Resolution / Status | Amount |
|---|---|---|---|
| Dec 2010 – Oct 2011 | Sale of unregistered promissory notes (Alabama Securities Commission) | Consent Order & Fine | $1,500 |
| July 2021 | Unsuitable/misrepresented alternative investments (Berthel, Fisher customers) | Settled Sep 2022 | $40,000 |
| July 2019 | Misrepresented “safe” REIT | Settled 2021 | $25,000 |
| 2018 | Unsuitable/misrepresented oil & gas, REITs, BDCs | Settled 2020 | $62,000 |
| Dec 2022 | Unsuitable alternative investments (2011–2016) | Settled | $82,500 |
| Aug 2025 (pending) | Alleged decade-long losses; improper investments | Pending | $594,746 |
Red Flags for Investors Considering or Reviewing Steve Jeffrey Cummings
- Multiple customer disputes and regulatory actions
- Employment discharge due to failure to disclose tax liens
- Significant outstanding tax liens suggest potential personal financial distress
- Pattern of settled investor lawsuits/arbitrations
- Not currently registered as a broker or investment advisor
Why You Should Act If You Suffered Losses
If your account was managed by Steve Jeffrey Cummings—especially during his tenure at Berthel, Fisher & Company Financial Services—and you noticed losses or questionable recommendations, you may have legal options to recover damages. Taking action promptly is vital, as time limits often apply to investment loss recovery through arbitration or other proceedings.
How Haselkorn & Thibaut Can Help
Haselkorn & Thibaut is a national law firm focused on representing investors who have lost money due to the actions of stockbrokers and financial advisors. The firm has over 50 years of experience, a 98% success rate, and has recovered millions for clients. Their attorneys can provide a free, confidential consultation to review your situation and explain your legal options. No recovery, no fee—clients pay nothing unless your case is successful.
Contact Haselkorn & Thibaut now for a free consultation at 1-888-994-8066.
For more details on this advisor’s background, visit the official FINRA BrokerCheck profile.
If you are an investor with Steve Jeffrey Cummings, formerly of Berthel, Fisher & Company Financial Services in Fort Deposit, Alabama, don’t wait to get answers. Haselkorn & Thibaut’s team is ready to help you seek the recovery and peace of mind you deserve.
