Investors Sue Summit Brokerage For Unauthorized Trading
Christopher Stephen Jorgensen of Setauket New York a stockbroker formerly employed by Summit Brokerage Services Inc. has been identified in a customer initiated investment related arbitration claim which has been resolved for $70,000.00 in damages founded on accusations of unauthorized trading and overconcentration of the customer’s assets in investments including (1) exchange traded funds (2) mutual funds (3) common or preferred stocks (4) over the counter equities and (5) variable annuities when Jorgensen was employed by Summit Brokerage Services. Financial Industry Regulatory Authority (FINRA) Arbitration No. 18-01081 (May 24, 2018).
FINRA Public Disclosure indicates that Jorgensen is the subject of three more customer initiated investment related disputes pertaining to allegations of his violative activities during the period in which he was employed by Raymond James Financial Services Inc., Citigroup GMI and Summit Brokerage Services. A customer initiated investment related complaint pertaining to Jorgensen’s conduct was settled for $25,403.44 in damages based upon allegations that the customer was overcharged by the stockbroker on closed end fund transactions effected at Raymond James Financial Services.
The complaint also alleged that trades were effected by Jorgensen without the customer’s knowledge and that the customer’s account poorly performed.
Jorgensen is referenced in another customer initiated investment related complaint which was resolved on May 17, 2018 for $10,000.00 in damages based upon accusations thatthe customer’s investment instructions had been disregarded by Jorgensen when the stockbroker was associated with Summit Brokerage Services. The complaint also alleged that exchange traded notes including VIX were traded in the customer’s account causing the customer’s losses.
Jorgensen has also been barred from associating with any FINRA member in any capacity based upon findings that he neglected to testify for FINRA examiners during the time that he was the subject of an investigation. Letter of Acceptance Waiver and Consent No. 2016049329101 (May 26, 2017).
FINRA Public Disclosure reveals that Raymond James Financial Services discharged Jorgensen founded on accusations that transactions had been effected on a discretionary basis by the stockbroker which prompted a customer initiated investment related complaint that was settled through a payment to the customer.
On April 4, 2017, Summit Brokerage Services discharged Jorgensen founded on accusations of a customer of the securities broker dealer being asked by Jorgensen to refrain from cooperating with FINRA personnel.