Summit Brokerage Services Stockbroker Under Investigation
Craig Gary Langweiler of Newton, Pennsylvania, a stockbroker formerly registered with Summit Brokerage Services, Inc., was named in a Financial Industry Regulatory Authority (FINRA) Wells Notice, which indicated that a disciplinary action against Langweiler had been recommended by FINRA. Wells Notice No. 20140403477 (May. 1, 2017). The Notice indicated that from December of 2011 to May of 2014, Langweiler potentially violated FINRA Rules 2111, 2020 and 2510(b) as a result of his excessive and unauthorized trading in customer accounts.
FINRA Public Disclosure reveals that Langweiler has been subject of three previous regulatory actions concerning allegations of his wrongdoing. Specifically, he was fined $5,000.00 and suspended by FINRA for entering into an unauthorized loan arrangement with an American Portfolio Financial Services customer. Letter of Acceptance, Waiver and Consent, No. 2007010515001 (Aug. 25, 2008).
Subsequently, Langweiler was fined $7,500.00 and suspended by FINRA for exercising discretion in a Saxony Securities, Inc. customer account without authorization from the customer or the Langweiler’s firm. Letter of Acceptance, Waiver and Consent, No. 2008015073801 (Sept. 20, 2010). Finally, he was charged by FINRA Department of Enforcement in a Complaint alleging that he, inter alia, failed to make required disclosures of $56,700.00 in judgments and $143,000.00 in liens. Department of Enforcement v. Craig Gary Langweiler, No. 2011029549201(Dec. 15, 2015).
FINRA Public Disclosure additionally reveals that Langweiler has been identified in thirteen customer initiated investment related disputes containing allegations of his misconduct while employed with Saxony Securities Inc., Summit Brokerage Services, Inc., Meyers Associates, LLP, American Portfolio Financial Services, and Gruntal & Co.
Specifically, on September 13, 2012, a customer initiated investment related arbitration claim involving Langweiler’s conduct was settled for $227,152.00 in damages based upon allegations that he effected unsuitable, excessive and unauthorized equity transactions in the customer’s account. Subsequently, on November 4, 2014, a customer initiated investment related arbitration claim regarding Langweiler’s activities was resolved for $140,000.00 in damages based upon allegations that Langweiler excessively utilized the customer’s margin account, effected trades without authorization, charged excessive commissions and churned the customer’s investment account.
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