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 was associated with Summit Brokerage Services. Financial Industry Regulatory Authority (FINRA) Arbitration No. 18-01086 (Apr. 4, 2018).
FINRA Public Disclosure confirms that Blythe is referenced in three more customer initiated investment related disputes pertaining to allegations of his violative conduct during the time that he was associated with Prudential Securities Incorporated, Cambridge Investment Research Inc. and Summit Brokerage Services.
Specifically, on December 16, 2002, a customer initiated investment related complaint concerning Blythe’s conduct was settled for $9,900.00 in damages based upon accusations that while Blythe was associated with PSI, mutual fund trades effected in the customer’s account were not suitable for the customer. Then, a customer initiated investment related arbitration claim regarding Blythe’s activities was resolved for $125,000.00 in damages based upon allegations that margin was inappropriately utilized in the customer’s account; and the customer had been provided poor advice with regard to the equities held in the customer’s account. National Association of Securities Dealers (NASD) Arbitration No. 03-06764 (July 7, 2004).
Moreover, on March 12, 2009, a customer filed an investment related complaint regarding Blythe’s activities where the customer sought $200,000.00 in damages supported by accusations that while Blythe was associated with Cambridge Investment Research, he negligently transacted in the customer’s account; modified an investment strategy without informing the customer in advance; effected inappropriate investment transactions; churned the customer’s investment portfolio; utilized margin without the customer’s permission; breached his fiduciary duties; and failed to abide by the customer’s investment instructions.
Blythe has been employed by Summit Brokerage Services Inc. since January 31, 2014.
