Richard Whitfield Brown of Fort Myers, Florida, a stockbroker registered with Summit Brokerage Services Inc., is the subject of a customer initiated investment related Financial Industry Regulatory Authority (FINRA) securities arbitration claim in which the customer requested $368,803.00 in damages based upon allegations that Brown made the unsuitable investment recommendation of in real estate securities (“REITs) mutual funds, and variable annuities during the time that Brown was associated with Summit Brokerage Services Inc. FINRA Arbitration No. 23-03284 (November 22, 2023).
FINRA Public Disclosure shows that Brown is referenced in ten other customer initiated investment related disputes concerning Brown’s conduct while associated with securities broker dealers. On September 25, 2009, a customer filed an investment related complaint involving Brown’s conduct in which the customer requested compensatory damages based upon allegations that Brown made unsuitable recommendations and overconcentrated the customer’s accounts in REITs and annuities when Brown was associated with Summit Brokerage Services Inc. This complaint was closed with no further action taken by the customer.
On July 22, 2013, another customer filed an investment related complaint involving Brown’s conduct in which the customer requested $107,800.00 in damages based upon allegations that Brown made unsuitable recommendations in real estate securities and closed-end funds. The complaint was withdrawn.
On January 9, 2015, an investment related FINRA securities arbitration claim involving Brown’s conduct was settled for $25,000.00 in damages. According to the claim, Brown made misrepresentations of material fact, was negligent, breached a contract, committed fraud, and breached his fiduciary duties in connection with the sale of variable annuities and real estate investment trusts. FINRA Arbitration No. 14-00828.
Brown was also referenced in a customer initiated investment related FINRA securities arbitration claim that was settled for $9,500.00 in damages based upon allegations that Brown made unsuitable recommendations in real estate securities and variable annuities. FINRA Arbitration No. 17-01357 (March 28, 2018).
On November 14, 2017, another customer filed an investment related complaint involving Brown’s conduct in which the customer requested compensatory damages based upon allegations that Brown provided unsuitable advice about real estate securities when Brown was associated with Summit Brokerage Services. This complaint was closed.
On September 19, 2019, a securities arbitration claim involving Brown’s conduct was settled for $14,000.00 in damages based upon allegations that Brown made unsuitable recommendations in variable annuities and real estate securities. FINRA Arbitration No. 19-01083.
On June 30, 2023, a different complaint involving Brown’s conduct was settled for $8,000.00 in damages based upon allegations that Brown recommended unsuitable real estate securities to the customer.
Brown has been associated with Cetera Advisor Networks LLC in Fort Myers, Florida, since August 22, 2019. Brown was associated with Summit Brokerage Services Inc. in Fort Myers, Florida, from May 2, 2003, to September 20, 2019.
