Tag Archives: Summit Brokerage Services Inc.

FINRA Sanctions Summit For Failure To Supervise

Summit Brokerage Services Inc. a securities broker dealer headquartered in Boca Raton Florida has been censured and fined $325,000.00 by Financial industry Regulatory Authority (FINRA) based upon findings that (1) Summit Brokerage Services neglected to supervise its stockbrokers’ recommendations for purposes of ensuring that the stockbrokers’ trades were suitable for customers of the firm and […]

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Summit Fires Stockbroker For Unauthorized Activities

April 10, 2019  |   Posted by :   |   Forgery, Stockbroker Fraud News, Unauthorized Trading   |   0 Comments

Eric John Zebrauskas of Carmel Indiana a stockbroker formerly employed by Summit Brokerage Services Inc. has been discharged on October 3, 2018 supported by accusations of Zebrauskas causing a customer to furnish signed but blank documents to effect investment transactions. Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that this is not the first time […]

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Summit Brokerage Services Sued For Unauthorized Trading

Richard David Blythe of Tucson Arizona a stockbroker currently registered with Summit Brokerage Services Inc. is the subject of a customer initiated investment related arbitration claim in which the customer requested $100,000.00 in damages supported by accusations of the unauthorized trading of equities and mutual funds in the customer’s investment account during the time Blythe […]

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VSR Sued By Investors For Breach Of Fiduciary Duty

Steven Hugh Murphy of Simi Valley California a stockbroker formerly registered with VSR Financial Services Inc. is referenced in a customer initiated investment related arbitration claim where the customer sought damages estimated to exceed $5,000.00 based upon accusations that (1) the customer was a victim of elder abuse (2) transactions were effected in violation of […]

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Summit Brokerage Sued For Bad Recommendations

November 12, 2018  |   Posted by :   |   FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

James Keith Muir of Sarasota Florida a stockbroker currently employed by Summit Brokerage Services Inc. is the subject of a customer initiated investment related arbitration claim which was resolved for $27,500.00 in damages based upon accusations that the customer was placed in unsuitable equity products including GPRO STON and BBBQP. Financial Industry Regulatory Authority (FINRA) […]

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VSR Financial Sued By Investors For Failure To Execute

Daniel Charles Stewart of Shawnee Kansas a stockbroker formerly employed by VSR Financial Services Inc. is the subject of a customer initiated investment related arbitration claim that was resolved for $18,750.00 in damages supported by accusations that Stewart failed to timely execute the customer’s investment related instructions which caused the customer to incur losses. Financial […]

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FINRA Fines Summit Stockbroker For Unsuitable Recommendations

Richard Stephen Hughes of Wilmington Illinois a stockbroker formerly employed by Summit Brokerage Services Inc. has been fined $10,000.00 and suspended for eight months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he made unsuitable recommendations to customers regarding mutual fund and unit investment […]

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Customer Accuses Summit Brokerage Of Negligence

July 31, 2018  |   Posted by :   |   FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

John Richard Boatright of Duluth Georgia a stockbroker formerly employed by Summit Brokerage Services Inc. is referenced in a customer initiated investment related written complaint on May 11, 2018 where the customer sought $46,000.00 in damages based upon allegations that the customer’s account was handled in a negligent manner and the customer was poorly advised […]

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Summit Brokerage Services Sued By Customer For Fraud

April 27, 2018  |   Posted by :   |   FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

Ronald Dean Clark of Tampa Florida a stockbroker currently registered with Summit Brokerage Services Inc. has been referenced in a customer initiated investment related arbitration claim where the customer sought $450,000.00 in damages based upon allegations that (1) the customer’s account was mishandled (2) transactions were placed in the customer’s account that were not suitable […]

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Customer Sues Summit Brokerage For Unsuitable Recommendations

April 08, 2018  |   Posted by :   |   Stockbroker Fraud News, Suitability   |   0 Comments

John Joseph Raleigh Jr. of Minneapolis Minnesota is a stockbroker currently registered with Summit Brokerage Services Inc. who is the subject of a customer initiated investment related written complaint on November 7, 2017 where the customer sought $600,000.00 in damages based upon allegations of unsuitability relating to the customer’s investment in real estate security and […]

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Summit Sued By Customer For Unsuitability Recommendations

March 12, 2018  |   Posted by :   |   Stockbroker Fraud News, Suitability   |   0 Comments

Michael David Mathias of Mount Kisco New York is a stockbroker currently registered with Summit Brokerage Services Inc. who is the subject of a customer initiated investment related arbitration claim where the customer requested four hundred thirty-three thousand six hundred eight-seven dollars in damages founded on accusations of suitability relating to the customer’s variable annuity […]

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Another VSR Financial Services Customer Sues For Miconduct

James Vernon Regier, of Topeka, Kansas, a stockbroker formerly registered with VSR Financial Services, Inc., has been named in a customer initiated investment related written complaint on July 14, 2016, in which the customer requested $76,642.00 in damages based upon allegations that Regier effected unsuitable transactions in the customer’s account concerning United Development Funding IV. […]

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Summit Brokerage Services Stockbroker Barred In Investigation

May 30, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Christopher Stephen Jorgensen, of Setauket, New York, a stockbroker formerly registered with Summit Brokerage Services, Inc., has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he obstructed a FINRA investigation into allegations of his misconduct. Letter of Acceptance, Waiver and Consent, No. […]

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Summit Brokerage Customer Complains About Love

May 25, 2017  |   Posted by :   |   Stockbroker Fraud News, Stockbroker Theft   |   0 Comments

Kim Kerry Love, of Boca Raton, Florida, a stockbroker currently registered with Summit Brokerage Services, Inc., has been named in a customer initiated investment related written complaint on April 4, 2017, in which the customer requested $499,000.00 in damages based upon allegations that Love effected the “unauthorized transfer” of assets from the customer’s trust account. […]

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Summit Brokerage Services Stockbroker Barred

April 11, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Clay Emerson Hoffman, of Brunswick, Georgia, a stockbroker formerly registered with Summit Brokerage Services, Inc., has been permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon a FINRA Office of Hearing Officers Default Decision and Order containing findings that he obstructed an investigation into allegations that Hoffman […]

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VSR Financial Services Sued By Customer

April 10, 2017  |   Posted by :   |   FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

Robert James Hudson, of Essex Junction, Vermont, a stockbroker formerly registered with VSR Financial Services, Inc., has been named in a customer initiated investment related written complaint on February 14, 2017, in which the customer requested $250,000.00 in damages based upon allegations that Hudson caused the customer to incur significant tax burdens via the liquidation […]

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Summit Brokerage Services Named In FINRA Arbitration

James Michael Noto, of Trinity, Florida, a stockbroker currently registered with Summit Brokerage Services, Inc., has been named in a customer initiated investment related arbitration claim, which settled on August 3, 2016 for $25,000.00 in damages. The customer’s claim was based upon allegations that Noto effected an unsuitable variable annuity contract. FINRA Public Disclosure reveals […]

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VSR Financial Services Named in Customer Securities Arbitration

Keith A. Bradley, of Houston, Texas, a stockbroker formerly registered with VSR Financial Services, Inc., has been subject to a customer initiated investment related arbitration claim on July 12, 2016, in which the customer requested $100,000.00 in damages based upon allegations that Bradley negligently handled the customer’s investment account, and effected unsuitable investment transactions. Bradley’s […]

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Cetera Firms Fined For Failure To Supervise Variable Annuity Sales

The Cetera Firms, which include Cetera Advisor Networks LLC, (headquartered in El Segundo, California), Cetera Financial Specialists LLC (headquartered in Schaumburg, Illinois), First Allied Securities, Inc. (headquartered in San Diego, California), Summit Brokerage Services, Inc. (headquartered in Boca Raton, Florida), and VSR Financial Services, Inc. (headquartered in Overland Park, Kansas), were censured and fined by […]

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Summit Brokerage Services Named in Customer Arbitration Alleging Unsuitability

November 02, 2016  |   Posted by :   |   Non-traded REITs, Stockbroker Fraud News, Suitability   |   0 Comments

Joel E. Archer, of Arden Arcade, California, a stockbroker currently registered with Summit Brokerage Services, Inc., has been named in a pending customer initiated investment related arbitration claim on June 21, 2016, in which the customer requested $200,000.00 in damages based upon allegations against Archer of making unsuitable investment recommendations to the customer, and effecting […]

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Summit Brokerage Services Fined For Overcharging Customers

Summit Brokerage Services, Inc., headquartered in Boca Raton, Florida, was censured and fined $75,000.00 by the Financial Industry Regulatory Authority (FINRA) after consenting to findings that it overcharged customers regarding unit investment trust purchases, and failed to implement adequate supervisory procedures to prevent the overcharging of customers. Letter of Acceptance, Waiver and Consent, No. 2014041840301 […]

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Summit Brokerage Services Stockbroker Suspended For Unauthorized Trading

February 23, 2016  |   Posted by :   |   Stockbroker Fraud News, Unauthorized Trading   |   0 Comments

Clay Emerson Hoffman, of Brunswick, Georgia, a stockbroker with Summit Brokerage Services, Inc., was fined $5,000.00 and suspended for fifteen days from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he engaged in unauthorized discretionary trading in a customer account. Letter of Acceptance, Waiver and Consent, […]

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