Summit Brokerage Services Sued For Negligence

Victor A. Rigoni III of Lake Forest Illinois a stockbroker formerly registered with Summit Brokerage Services is the subject of a customer initiated investment related arbitration claim that was settled for $25,000.00 in damages founded on accusations of breach of fiduciary duty and negligence relating to Rigoni’s real estate investment trust transactions. FINRA Arbitration No. 19-01299 (May 20, 2020).

Rigoni has been identified in five more customer initiated investment related disputes regarding allegations of his misconduct while employed with Edward Jones, Cambridge Investment Research and Summit Brokerage Services. FINRA Public Disclosure confirms that a customer filed an investment related complaint involving Rigoni’s conduct where the customer sought more than $5,000.00 in damages supported by accusations of inappropriate trading by the stockbroker which led the Edward Jones customer to experience losses.

Rigoni is also referenced in a customer initiated investment related written complaint that was resolved for $63,742.00 based upon allegations of bad advice and unauthorized trading by Rigoni as it pertained to exchange traded funds effected in the customer’s account during the time that Rigoni was associated with Cambridge Investment Research. The claim also alleges that excessive commissions were charged to the customer on bad trades.

On April 23, 2019, a customer initiated investment related arbitration claim involving Rigoni’s activities was settled for $12,000.00 in damages founded on accusations of the violation of FINRA rules and the breach of both a fiduciary duty and an investment agreement governing the customer’s real estate security transactions during the period in which Rigoni was employed by Summit Brokerage Services. FINRA Arbitration No. 18-03561. According to the claim, misrepresentations had been made by the stockbroker, and the customer had been defrauded.

Rigoni is also the subject of a customer initiated investment related arbitration claim that was resolved for $13,999.00 in damages supported by allegations of the violation of a fiduciary duty in regard to real estate investment trust and variable annuity transactions. FINRA Arbitration No. 19-01069 (Oct. 2, 2019). The claim alleges that fraudulent misrepresentations had been made to the customer during the time that Rigoni was associated with Summit Brokerage Services.

On December 3, 2019, another customer filed an investment related arbitration claim involving Rigoni’s conduct in which the customer requested $99,000.00 in damages based upon accusations of unsuitable investment recommendations and a breach of contract relating to a variable annuity sold to the Summit Brokerage Services customer. FINRA Arbitration No. 19-03485.

Rigoni has been charged by FINRA with failing to disclose liens between 2012 and 2019 and for concealing this information when completing annual compliance questionnaires administered by Cetera Advisor Networks or Summit Brokerage Services. Department of Enforcement v. Victor A. Rigoni III Disciplinary Proceeding No. 2018060840101 (Aug. 3, 2020). FINRA alleges that Rigoni violated FINRA Rules 2010 and 1122.

Rigoni’s registration with Summit Brokerage Services was terminated on September 20, 2019. He was subsequently registered with Cetera Advisor Networks who terminated him on August 7, 2020 founded on allegations of his failure to comply with FINRA rules.