Ronald Dean Clark of Tampa Florida a stockbroker currently registered with Summit Brokerage Services Inc. has been referenced in a customer initiated investment related arbitration claim where the customer sought $450,000.00 in damages based upon allegations that (1) the customer’s account was mishandled (2) transactions were placed in the customer’s account that were not suitable for the customer (3) misrepresentations had been made concerning investments and (4) the customer was defrauded in reference to the customer’s real estate investment trust holdings. Financial Industry Regulatory Authority (FINRA) Arbitration No. 17-02658 (Dec. 13, 2017).
FINRA Public Disclosure reveals that Clark has been identified in eight more customer initiated investment related disputes containing accusations of his misconduct during the time that he was associated with ProEquities, Inc. Particularly, a customer initiated investment related arbitration claim concerning Clark’s conduct was settled for $105,000.00 in damages supported by allegations that mutual fund and annuity transactions were not suitable for the customer. National Association of Securities Dealers (NASD) Arbitration No. 03-08760 (Apr. 27, 2005).
On December 22, 2008, another customer filed an investment related complaint regarding Clark’s activities in which the customer requested more than $5,000.00 in damages founded on accusations that misrepresentations had been made to the customer concerning real estate security and insurance products. On May 26, 2009, a customer filed an investment related complaint involving Clark’s activities where the customer sought $20,000.00 in damages based upon allegations that unsuitable mutual fund trades were placed in the customer’s investment account.
Thereafter, a customer initiated investment related arbitration claim involving Clark’s conduct was settled for $65,000.00 in damages supported by accusations that the customer’s account documentation was forged; the customer was never provided a prospectus on a variable annuity investment; and unsuitable mutual fund and variable annuity transactions were placed in the customer’s account. FINRA Arbitration No. 10-2974 (June 16, 2009). Further, Clark is the subject of a customer initiated investment related arbitration claim which was resolved for $13,000.00 in damages founded on allegations that Clark made investment recommendations to the customer that were not suitable concerning life insurance products, emerging market debt funds and speculative real estate investment trusts. FINRA Arbitration No. 14-03470 (Jan. 27, 2015).
Clark is also referenced in a customer initiated investment related complaint where the customer sought $500,000.00 in damages based upon accusations that Clark failed to apply mutual fund discounts for the customer’s mutual funds and oil and gas transactions that were effected in the customer’s account between July of 2014 and August of 2016.
FINRA Public Disclosure additionally confirms that Clark has been fined $5,000.00 and suspended from associating with any FINRA member in any capacity based upon consenting to findings that Clark sold away from his firm while registered with ProEquities, Inc. in violation of NASD Rules 2110 and 3040. Letter of Acceptance Waiver and Consent No. 2009018098601 (July 12, 2011).
Moreover, he entered into a settlement agreement with the State of Illinois, Securities Department, in which he agreed to pay an investor $73,045.00 in damages supported by allegations that he effected unregistered promissory notes sales issued by Direct Participation Services. Case No. 9600652 (Sept. 16, 1997).
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