Ronald Dean Clark of Tampa Florida a stockbroker formerly registered with ProEquities Inc. and Summit Brokerage Services Inc. is referenced in a customer initiated investment related arbitration claim which was resolved for $99,990.00 in damages founded on allegations that (1) misrepresentations had been made by the stockbroker in regard to real estate securities (2) the customer’s account was over concentrated in aggressive investments causing the customer to be exposed to increased risks (3) unsuitable transactions had been executed in the customer’s account by the stockbroker while he was associated with ProEquities causing the customer to suffer losses. Financial Industry Regulatory Authority (FINRA) Arbitration No. 17-02658 (Nov. 19, 2018).
FINRA Public Disclosure confirms that Clark is the subject of eight more customer initiated investment related disputes concerning accusations of the stockbroker’s wrongdoing when he was employed by securities broker dealers including ProEquities and Summit Brokerage Services. Specifically, a customer initiated investment related arbitration claim regarding Clark’s conduct was settled for $13,000.00 in damages supported by allegations that during the period that Clark was registered with ProEquities, investment recommendations failed to be suitable given the customer’s objectives for investing, risk tolerance and needs; and real estate securities, mutual funds, life insurance policies transactions executed by the stockbroker led the customer to suffer unwarranted losses. FINRA Arbitration No. 14-03470 (Jan. 27, 2015).
Another customer filed an investment related arbitration claim pertaining to Clark’s activities in which the customer sought $500,000.00 in damages based upon accusations that while Clark was associated with Summit Brokerage Services, the customer was overcharged on oil and gas securities and mutual funds transactions effected by the stockbroker. FINRA Arbitration No. 18-03367 (Apr. 20, 2018).
FINRA Public Disclosure also reveals that Clark has been sanctioned three times in the securities industry. Specifically, he was ordered by Illinois Securities Department to disgorge ill-gotten gains and pay restitution founded on allegations that the stockbroker offered or sold unregistered; non-exempt securities to one or more residents in the State of Illinois. He has been fined $5,000.00 and suspended by FINRA from associating with any FINRA member in any capacity supported by accusations that the stockbroker violated NASD Rules 2110 and 3040 by engaging in private securities transactions while employed by ProEquities In addition, Clark has been denied registration as a stockbroker or investment adviser representative by Colorado Division of Insurance based upon allegations that the stockbroker engaged in dishonest or unethical business practices and failed to report that he was subject of a customer initiated investment related complaint. Case No. 613231-EC-9870 (Nov. 9, 2018).
Clark’s employment with Summit Brokerage Services has been terminated as of September 20, 2019. He has been registered with Cetera Advisor Networks LLC since September 4, 2019.
