Timothy Berthel Barred by State of Illinois

Timothy Berthel (CRD #: 1424900), a broker formerly registered with Financial West Group, has been barred by the State of Illinois, according to his BrokerCheck record, accessed on May 24, 2023. Read on if you want to know more about his alleged conduct as a broker.

Bar by State of Illinois

On February 28, 2023, the Illinois Secretary of State, Securities Department alleged that Timothy Berthel failed to disclose the risk associated with certain securities and misrepresented his experience and knowledge of a particular fund’s characteristics.

The Securities Department alleged that he violated Sections 12F, 12G, 12I, 12J, 8E.1(B), and 8E.1(m) of the Illinois Securities Act of 1953.

Timothy Berthel was permanently barred in all capacities in Illinois, starting April 4, 2023. His registration was also revoked and he was prohibited from future violations of the Illinois Securities Act.

Illinois Securities Act of 1953

Section 12F of the Illinois Securities Act of 1953 prohibits the use of fraudulent transactions and business practices in the securities business. Other subparagraphs in the section have similar purposes:

• Section 12G: prohibits untrue statements of material fact and misleading omissions
• Section 12I: forbids the use of fraudulent schemes and artifices.
• Section 12J: further defines fraudulent conduct.

Section 8E.1(B) allows the state of Illinois to suspend, revoke, or deny the registration of an investment adviser if they are found to have engaged in unethical or fraudulent business practices.

Section 8E.1(m) extends this right to individuals who have exhibited an “inability to properly conduct” business as an investment adviser.

What are Blue Sky Laws?

Blue sky laws are state securities regulations that provide investors with an additional layer of protection against fraud. They typically also define what investments qualify as securities in the state.

Background Information

Timothy Berthel has passed the following exams:

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

He previously worked for the following firms:

• Financial West Group (CRD#:16668)
• FFP Securities (CRD#:16337)
• Berthel, Fisher & Company Financial Services (CRD#:13609)

Kurta Law Can Help

If you worked with Timothy Berthel 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 and 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.