Adviser suspended for five years for overcharging clients

The Texas securities commissioner has suspended an adviser and his company for five years for overcharging two clients. Jens Pinkernell, the principal adviser and founder of his firm, J. Pinkernell Global Wealth, in Gunter, Texas., was ordered to repay the two clients $46,915, according to the order signed and entered last Friday. His company's investment adviser registration is also suspended for five years. According to the order, one client had agreed to pay Mr. Pinkernell 1.35% of assets managed in advisory fees on a quarterly basis. From May 2013 to April 2016, Mr. Pinkernell withdrew a total of $19,133.70, when the fees due were $1,850.73. A second client had no agreement in place with Mr. Pinkernell, so the adviser charged on a monthly basis an annual asset management fee of 2% of the client's assets. From July 2013 to March 2016, Mr. Pinkernell withdrew $38,436, when the fees due were $8,803.18. Mr. Pinkernell managed client assets of $3 million and has up to 10 clients, according to the company's ADV form. The form also stated that Mr. Pinkernell is the only employee of the company. According to his BrokerCheck profile, Mr. Pinkernell worked for Edward Jones Investments for less than two years before starting his own firm 2012.