Summit Brokerage Sued By Investors For Misrepresentation
Victor A. Rigoni III of Lake Forrest Illinois a stockbroker formerly registered with Summit Brokerage Services is the subject of a customer initiated investment related arbitration claim which was settled for $13,999.00 in damages based upon allegations that (1) fiduciary duties which were owed to the customer had been breached by the stockbroker (2) misrepresentations were made to the customer by the stockbroker regarding real estate investment trusts and variable annuities (3) an investment related contract was breached and (4) the customer was defrauded by making investments through the stockbroker when he was associated with Summit Brokerage Services. Financial Industry Regulatory Authority (FINRA) Arbitration No. 19-01069 (Oct. 2, 2019).
FINRA Public Disclosure confirms that Rigoni has been identified in five more customer initiated investment related disputes concerning accusations of his misconduct during the time that the stockbroker was employed by securities broker dealers including Edward Jones and Summit Brokerage Services. In particular, a customer filed an investment related complaint concerning Rigoni’s activities where the customer sought $6,183.00 in damages founded on accusations that when Rigoni was employed by Edward Jones, mutual fund transactions were unsuitable for the customer in view of the customer’s objectives for investing and tolerance for risk; and the customer suffered unwarranted losses because of the stockbroker.
Also, a customer initiated investment related complaint pertaining to Rigoni’s conduct had been settled for $63,742.00 in damages supported by allegations that when Rigoni had been employed by Cambridge Investment Research Inc., exchange traded funds recommendations failed to be suitable for the customer; transactions were facilitated by the stockbroker without the customer’s knowledge or consent; trades were effected on an excessive basis by the stockbroker; and the customer was charged excessive commissions on transactions. Rigoni is additionally referenced in a customer initiated investment related arbitration claim which has been resolved for $12,000.00 in damages based upon accusations that fiduciary obligations were breached; misrepresentations were made about investments that had been sold to the customer; the customer was defrauded; and an investment contract was violated concerning real estate securities transactions effected when Rigoni was associated with Summit Brokerage Services. (FINRA) Arbitration No. 18-03561 (Apr. 23, 2019).
Another customer filed an investment related arbitration claim involving Rigoni’s conduct in which the customer requested $100,000.00 in damages based upon allegations that when Rigoni was associated with Summit Brokerage Services, the customer’s account was handled by the stockbroker in a negligent manner; fiduciary duties which were owed to the customer had been breached; and the customer was defrauded by making real estate investment trust purchases through the stockbroker.
Rigoni’s registration with Summit Brokerage Services has been terminated as of September 20, 2019. Since then, he has been registered with Cetera Advisor Networks LLC.