Claimant alleged the former advisor was deceptive in recommending a withdrawal of funds from a qualified account to invest in a fraudulent investment scam, on or about December 2014.

$20,000.00

$20,000.00

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

SEC Admin Release 34-81460, IA Release 40-4754 / August 22, 2017: The Securities and Exchange Commission ("Commission") deems it appropriate and in the public interest that public administrative proceedings be, and hereby are, instituted pursuant to Section 15(b) of the Securities Exchange Act of 1934 ("Exchange Act") and Section 203(f) of the Investment Advisers Act of 1940 ("Advisers Act") against Brian Michael Berger ("Respondent" or "Berger"). The Division of Enforcement alleges that on November 22, 2016, Berger pleaded guilty to three counts of wire fraud in violation of Title 18, United States Code, Section 1343, before the United States District Court for the Southern District of Florida. United States v. Brian M. Berger, Case No. 9:16-CR-80167 (S.D. Fla.). On February 1, 2017, a judgment in the criminal case was entered against Berger. He was sentenced to a prison term of 18 months followed by three years of supervised release and was ordered to pay restitution in the amount of $372,643.00. In connection with that plea, Respondent admitted that between April 2013 and September 2015, he engaged in a scheme to defraud and used his position to either transfer money from client investment accounts to which he had access or convince clients to give him money to invest in non-existent businesses. Respondent admitted to the FBI that he utilized unauthorized transfers from client accounts to pay his personal Discover credit card account and obtained money for personal use by taking cash advances from that same Discover credit card account. He also admitted to making unauthorized withdrawals from the accounts of two clients. Respondent further admitted to taking through his fraud schemes a total of $372,643.00.

Order

Bar (Permanent)

any broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent, or NRSRO

Indefinite

5/20/2019

from participating in an offering of penny stock

Indefinite

5/20/2019

Wire Fraud

Pled guilty

FINRA

Respondent Berger failed to comply with an arbitration award or settlement agreement or to satisfactorily respond to a FINRA request to provide information concerning the status of compliance.

Letter

Suspension

any capacity

N/A

11/3/2015

Pursuant to Article VI, Section 3 of FINRA By-Laws, and FINRA Rule 9554, Respondent Berger is suspended on November 3, 2015 for failure to comply with an arbitration award or settlement agreement or to satisfactorily respond to a FINRA request to provide information concerning the status of compliance.

FINRA

WITHOUT ADMITTING OR DENYING THE FINDINGS, BERGER CONSENTED TO THE SANCTION AND TO THE ENTRY OF FINDINGS THAT HE FAILED TO PROVIDE THE REQUESTED DOCUMENTS AND INFORMATION, AND REFUSED TO APPEAR AND PROVIDE ON-THE-RECORD TESTIMONY TO FINRA, DURING AN INVESTIGATION INTO ALLEGATIONS THAT BERGER HAD MISAPPROPRIATED FUNDS FROM ELDERLY CUSTOMERS WHILE REGISTERED WITH MEMBER FIRMS.

Acceptance, Waiver & Consent(AWC)

Bar (Permanent)

All Capacities

7/23/2015

CLIENT ALLEGES PAYMENTS AGAINST HER BROKERAGE ACCOUNTS, FOR DISCOVER CARD ACCOUNTS OWNED BY THE FINANCIAL ADVISOR, WERE UNAUTHORIZED.

$175,143.04

$186,474.44

CLIENT ALLEGES PAYMENTS AGAINST HER BROKERAGE ACCOUNTS, FOR DISCOVER CARD ACCOUNTS OWNED BY THE FINANCIAL ADVISOR, WERE UNAUTHORIZED. (07/27/2010-06/30/2014)

$186,013.40

$231,136.70

METLIFE

Discharged

THE REGISTERED REPRESENTATIVE DID NOT FOLLOW COMPANY POLICY WITH RESPECT TO CUSTOMER SIGNATURES ON ACCOUNT DOCUMENTS.

MY WIFE WAS IN THE HOSPITAL FOR AN UNEXPECTED EMERGENCY SURGERY. SHE WAS IN THERE FOR 2 MONTHS. WHILE SHE WAS IN THE HOSPITAL I WAS WORKING FROM HOME. A CLIENT CALLED AND ASKED THAT WE WIRE $130,000 TO HER. I SOLD THE NECESSARY SECURITIES AND AD MY ASSISTANT EMAIL THE PAPERWORK. WHEN MY ASSISTANT SENT THE WIRE, SHE SENT $103,000 NOT $130,000. WHEN THE CLIENT AND I FOUND THIS OUT, I CALLED THE ASSISTANT AND ASKED THAT SHE SEND THE REMAINING AMOUNT. WE NEVER DISCUSSED PAPERWORK. WHEN I WAS TERMINATED, THE MANAGER SAID THAT THERE WAS A SIGNATURE IRREGULARITY. WHEN I INQUIRED HE SAID THAT MY ASSISTANT HAD PHOTOCOPIED THE ORIGINAL DOCUMENT, CHANGED THE AMOUNT TO THE NEW AMOUNT AND HANDED IT IN. WHILE I UNDERSTAND I HAVE TO SIGN THIS U4 AMENDMENT, I WOULD LIKE TO GO ON RECORD WITH THE SYNOPSIS.

UNSUITABLILITY, MISREPRESENTATION 01/01/08-10/31/08

$30,000.00

$13,500.00