Raymond Berg Subject of Second Minnesota Regulatory Action

Raymond Berg (CRD #: 1080978), a broker formerly registered with LPL Financial, has been fined by the Minnesota Department of Commerce, according to his BrokerCheck record, accessed on June 21, 2025. If you have questions about his alleged conduct as a broker, read on.

2025 Minnesota Regulatory Action

On May 7, 2025, the Minnesota Department of Commerce alleged that Raymond Berg received $13,100 in cash in June 2023 from an investor intended for a 6-to-8-week investment, but did not disclose the nature of investment to the Commissioner of the Department or provide an investment instrument to the investor. He allegedly later disclosed to the Commissioner that this was a cryptocurrency investment.

In December 2023, Raymond Berg allegedly received another $1,100 in cash from the investor for an undisclosed “Network Fee.” The investor allegedly did not receive any earnings or return of principal after the end of the expected timeframe of the investment, and Raymond Berg allegedly failed to verify the investment to the Commissioner during the following investigation.

The Department of Commerce alleged that Raymond Berg violated Minnesota Administrative Rules Rule 2876.5023, subpart 1(A) (2023) and Minnesota Statutes Rule 45.027 subdivision 1a (2024).

Minnesota Administrative Rules

Minnesota Administrative Rules Rule 2876.5023, subpart 1(A) states that recommending securities transactions without a reasonable basis to believe that these transactions are suitable for the client is a violation of investment advisers’ fiduciary duty.

Minnesota Statutes Rule 45.027 subdivision 1a requires licensees and other persons under the jurisdiction of the Commissioner of Commerce to comply with requests for information and documents within 30 days.

Sanctions

Raymond Berg consented to a $10,000 fine and the revocation of his license as a broker in Minnesota.

2016 Minnesota Regulatory Action

On February 11, 2016, the Minnesota Department of Commerce alleged that Raymond Berg’s investment advisory firm, OMEGA Wealth Management Group, failed to disclose its registration termination by LPL Financial.

The Department alleged that this failure qualified as a misrepresentation or omission of material fact with regard to the firm’s qualifications, services, or fees.

Raymond Berg consented to a fine of $3,000.

FINRA Rule 2010

FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade.

Background Information

Raymond Berg has passed the following exams:

• General Securities Principal Examination – Series 24
• Securities Industry Essentials Examination – SIE
• General Securities Representative Examination – Series 7
• Direct Participation Programs Representative Examination – Series 22
• Investment Company Products/Variable Contracts Representative Examination – Series 6
• Foreign Currency Options Examination – Series 15
• Uniform Investment Adviser Law Examination – Series 65
• Uniform Securities Agent State Law Examination – Series 63

He previously worked for the following firms:

• LPL Financial (CRD#:6413)
• FSC Securities Corporation (CRD#:7461)
• AAM Securities (CRD#:15383)
• Prudential-Bache Securities (CRD#:7471)

Kurta Law Can Help

If you worked with Raymond Berg and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm that exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.