Jason Cook: $300K REIT Complaint Against Stokes Cook Advisor

Graham, North Carolina financial advisor Jason Cook (CRD# 4349388) has received an investor complaint alleging six-figure damages. Financial Industry Regulatory Authority records show that he is a representative of Berthel Fisher & Company Financial Services, doing business as Stokes Cook Wealth Management.

Mr. Cook’s BrokerCheck report discloses one pending investor complaint. Filed in December 2021, the complaint alleges that as a representative of Berthel Fisher & Company Financial Services, he misrepresented and recommended unsuitable and concentrated investments in non-traded real estate investment trusts and limited partnerships. The pending complaint alleges damages of $300,000.

FINRA has warned investors to exercise caution when weighing investments in real estate investment trusts, in particular non-traded REITs. These investments aren’t traded on national stock exchanges, as their name suggests, and as FINRA observed in a 2016 investor alert, they are “generally illiquid, often for periods of eight years or more.” FINRA warned further that that non-traded REITs may have limited early redemption opportunities and considerable fees: as such, they are “rarely, if ever, suitable for short-term investors,” and they can even present illiquidity risks for long-term investors. As a 2011 investor alert noted, non-traded REIT distributions “are not guaranteed and may exceed operating cash flow.” Investors interested in learning more about the risks associated with non-traded REIT products can find additional information in FINRA’s web resources.

According to the Financial Industry Regulatory Authority, Jason Cook holds 21 years of securities industry experience. Based in Graham, North Carolina, he has been a broker and investment advisor with Berthel Fisher & Company Financial Services since 2006 and 2009, respectively, doing business as Stokes Cook Wealth Management. His past registrations include Raymond James Financial Services (Graham, North Carolina; 2005-2006) and Princor Financial Services Corporation (Des Moines, Iowa; 2001-2005). His credentials include the passage of five securities industry qualifying exams: the General Securities Principal Examination, or Series 24; the Uniform Securities Agent State Law Examination, or Series 63; the Investment Company Products/Variable Contracts Representative Examination, or Series 6; the Securities Industry Essentials Examination, or SIE; and the General Securities Representative Examination, or Series 7. He is licensed in Florida, Georgia, North Carolina, Pennsylvania, South Carolina, and Virginia. (Information current as of June 25, 2022.)

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