Francis Joseph Velten Jr., of New Port Richey, Florida, a stockbroker registered with Summit Brokerage Services Inc., has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity because Velten failed to provide information and documents to FINRA when it investigated possible violations of FINRA rules. Department of Enforcement v….
Francis Joseph Velten (also known as Frank Velten) of New Port Richey, Florida, a stockbroker formerly registered with Summit Brokerage Services Inc., has been charged by Financial Industry Regulatory Authority (FINRA) Department of Enforcement with failing to cooperate in a FINRA investigation into accusations of Velten’s churning of customer accounts when he was employed by…
Norman Arnold Robbins (also known as Norman Arnold Rosenberg) of Boca Raton Florida a stockbroker formerly registered with Summit Brokerage Services is referenced in a customer initiated investment related FINRA securities arbitration claim in which the customer sought $100,000.00 in damages supported by accusations of an overconcentration of their account in commodity funds, real estate…
Bruce Anthony Ciallella of Boca Raton Florida a stockbroker formerly registered with Summit Brokerage Services Inc. is the subject of a customer initiated investment related FINRA securities arbitration claim which was settled for $100,000.00 in damages supported by accusations of fraud and the violation of Florida Securities and Investor Protection Act concerning the sale of…
James Whitney Story (also known as Whit Story) of Fitzgerald Georgia a stockbroker formerly registered with Summit Brokerage Services is the subject of a customer initiated investment related complaint which was settled for $50,000.00 in damages founded on allegations that fixed income securities had been recommended by Story during the time that he was associated…
Victor A. Rigoni III of Lake Forest Illinois a stockbroker formerly registered with Summit Brokerage Services is the subject of a customer initiated investment related arbitration claim that was settled for $25,000.00 in damages founded on accusations of breach of fiduciary duty and negligence relating to Rigoni’s real estate investment trust transactions. FINRA Arbitration No….
Kurt Louis Hoffer of Charlotte North Carolina a stockbroker associated with Summit Brokerage Services Inc. has been referenced in a customer initiated investment related arbitration claim which has been settled for $45,366.00 in damages supported by allegations that the customer sustained unwarranted losses from being placed into unsuitable investments including VXX Fund between 2015 and…
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…
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…
Summit Brokerage Services Inc. a securities broker dealer headquartered in Boca Raton Florida has been censured and fined $325,000.00 by Financial industry Regulatory Authority (FINRA) based upon findings that (1) Summit Brokerage Services neglected to supervise its stockbrokers’ recommendations for purposes of ensuring that the stockbrokers’ trades were suitable for customers of the firm and…
Eric John Zebrauskas of Carmel Indiana a stockbroker formerly employed by Summit Brokerage Services Inc. has been discharged on October 3, 2018 supported by accusations of Zebrauskas causing a customer to furnish signed but blank documents to effect investment transactions. Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that this is not the first time…
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…
Steven Hugh Murphy of Simi Valley California a stockbroker formerly registered with VSR Financial Services Inc. is referenced in a customer initiated investment related arbitration claim where the customer sought damages estimated to exceed $5,000.00 based upon accusations that (1) the customer was a victim of elder abuse (2) transactions were effected in violation of…
James Keith Muir of Sarasota Florida a stockbroker currently employed by Summit Brokerage Services Inc. is the subject of a customer initiated investment related arbitration claim which was resolved for $27,500.00 in damages based upon accusations that the customer was placed in unsuitable equity products including GPRO STON and BBBQP. Financial Industry Regulatory Authority (FINRA)…
Daniel Charles Stewart of Shawnee Kansas a stockbroker formerly employed by VSR Financial Services Inc. is the subject of a customer initiated investment related arbitration claim that was resolved for $18,750.00 in damages supported by accusations that Stewart failed to timely execute the customer’s investment related instructions which caused the customer to incur losses. Financial…
Richard Stephen Hughes of Wilmington Illinois a stockbroker formerly employed by Summit Brokerage Services Inc. has been fined $10,000.00 and suspended for eight months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he made unsuitable recommendations to customers regarding mutual fund and unit investment…
John Richard Boatright of Duluth Georgia a stockbroker formerly employed by Summit Brokerage Services Inc. is referenced in a customer initiated investment related written complaint on May 11, 2018 where the customer sought $46,000.00 in damages based upon allegations that the customer’s account was handled in a negligent manner and the customer was poorly advised…
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…
John Joseph Raleigh Jr. of Minneapolis Minnesota is a stockbroker currently registered with Summit Brokerage Services Inc. who is the subject of a customer initiated investment related written complaint on November 7, 2017 where the customer sought $600,000.00 in damages based upon allegations of unsuitability relating to the customer’s investment in real estate security and…
Michael David Mathias of Mount Kisco New York is a stockbroker currently registered with Summit Brokerage Services Inc. who is the subject of a customer initiated investment related arbitration claim where the customer requested four hundred thirty-three thousand six hundred eight-seven dollars in damages founded on accusations of suitability relating to the customer’s variable annuity…
James Vernon Regier, of Topeka, Kansas, a stockbroker formerly registered with VSR Financial Services, Inc., has been named in a customer initiated investment related written complaint on July 14, 2016, in which the customer requested $76,642.00 in damages based upon allegations that Regier effected unsuitable transactions in the customer’s account concerning United Development Funding IV….
Christopher Stephen Jorgensen, of Setauket, New York, a stockbroker formerly registered with Summit Brokerage Services, Inc., has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he obstructed a FINRA investigation into allegations of his misconduct. Letter of Acceptance, Waiver and Consent, No….
Kim Kerry Love, of Boca Raton, Florida, a stockbroker currently registered with Summit Brokerage Services, Inc., has been named in a customer initiated investment related written complaint on April 4, 2017, in which the customer requested $499,000.00 in damages based upon allegations that Love effected the “unauthorized transfer” of assets from the customer’s trust account….
Clay Emerson Hoffman, of Brunswick, Georgia, a stockbroker formerly registered with Summit Brokerage Services, Inc., has been permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon a FINRA Office of Hearing Officers Default Decision and Order containing findings that he obstructed an investigation into allegations that Hoffman…
Robert James Hudson, of Essex Junction, Vermont, a stockbroker formerly registered with VSR Financial Services, Inc., has been named in a customer initiated investment related written complaint on February 14, 2017, in which the customer requested $250,000.00 in damages based upon allegations that Hudson caused the customer to incur significant tax burdens via the liquidation…
James Michael Noto, of Trinity, Florida, a stockbroker currently registered with Summit Brokerage Services, Inc., has been named in a customer initiated investment related arbitration claim, which settled on August 3, 2016 for $25,000.00 in damages. The customer’s claim was based upon allegations that Noto effected an unsuitable variable annuity contract. FINRA Public Disclosure reveals…
Keith A. Bradley, of Houston, Texas, a stockbroker formerly registered with VSR Financial Services, Inc., has been subject to a customer initiated investment related arbitration claim on July 12, 2016, in which the customer requested $100,000.00 in damages based upon allegations that Bradley negligently handled the customer’s investment account, and effected unsuitable investment transactions. Bradley’s…
The Cetera Firms, which include Cetera Advisor Networks LLC, (headquartered in El Segundo, California), Cetera Financial Specialists LLC (headquartered in Schaumburg, Illinois), First Allied Securities, Inc. (headquartered in San Diego, California), Summit Brokerage Services, Inc. (headquartered in Boca Raton, Florida), and VSR Financial Services, Inc. (headquartered in Overland Park, Kansas), were censured and fined by…
Joel E. Archer, of Arden Arcade, California, a stockbroker currently registered with Summit Brokerage Services, Inc., has been named in a pending customer initiated investment related arbitration claim on June 21, 2016, in which the customer requested $200,000.00 in damages based upon allegations against Archer of making unsuitable investment recommendations to the customer, and effecting…
Summit Brokerage Services, Inc., headquartered in Boca Raton, Florida, was censured and fined $75,000.00 by the Financial Industry Regulatory Authority (FINRA) after consenting to findings that it overcharged customers regarding unit investment trust purchases, and failed to implement adequate supervisory procedures to prevent the overcharging of customers. Letter of Acceptance, Waiver and Consent, No. 2014041840301…
Clay Emerson Hoffman, of Brunswick, Georgia, a stockbroker with Summit Brokerage Services, Inc., was fined $5,000.00 and suspended for fifteen days from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he engaged in unauthorized discretionary trading in a customer account. Letter of Acceptance, Waiver and Consent,…