Victor A. Rigoni III of Lake Forest, Illinois, a stockbroker registered with Cetera Advisor Networks LLC, has been fined $5,000.00 and suspended for three months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity because Rigoni failed to make regulatory disclosures. Department of Enforcement v. Victor A. Rigoni III, Order Accepting Offer of Settlement, Disciplinary Proceeding No. 2018060840101 (March 24, 2021).
According to the Order, Rigoni did not timely change his Form U4 to disclose six unsatisfied state and federal tax liens during the time that he was associated with Summit Brokerage Services and Cetera Advisors. Rigoni also falsely attested to Summit that he complied with FINRA’s Form U4 requirements on six separate occasions. As a result, Rigoni violated FINRA Rules 2010 and 1122.
FINRA Public Disclosure shows that Rigoni is referenced in six customer initiated investment related disputes concerning Rigoni’s conduct while associated with securities broker dealers, including Cambridge Investment Research Inc. and Summit Brokerage Services Inc. On November 30, 2010, a customer initiated investment related complaint involving Rigoni’s conduct was settled for $63,742.00 in damages based upon allegations that Rigoni charged excessive commissions, made unsuitable recommendations, and engaged in the unauthorized trading of ETFs during the time that Rigoni was associated with Cambridge Investment Research Inc.
Rigoni is also referenced in a FINRA securities arbitration claim that was settled for $12,000.00 in damages based upon allegations that Rigoni breached a contract, committed fraud, made misrepresentations of material fact, breached his fiduciary duties, and violated FINRA rules in connection with the recommendation and sale of real estate securities when Rigoni was associated with Summit Brokerage Services Inc. FINRA Arbitration No. 18-03561 (April 23, 2019).
On October 2, 2019, a different FINRA securities arbitration claim involving Rigoni’s conduct was settled for $13,999.00 in damages based upon allegations that Rigoni breached a contract, committed fraud, made misrepresentations of material fact, breached his fiduciary duties, and violated FINRA rules. FINRA Arbitration No. 19-01069.
Rigoni is also referenced in a FINRA securities arbitration claim that was settled for $25,000.00 in damages based upon allegations that Rigoni breached his fiduciary duties, committed fraud, and was negligent in connection with the recommendation and sale of REITs. FINRA Arbitration No. 19-01299 (May 20, 2020).
On November 27, 2020, an additional FINRA securities arbitration claim involving Rigoni’s conduct was settled for $18,000.00 in damages based upon allegations that Rigoni breached a contract and made unsuitable recommendations of variable annuities to the Summit Brokerage Services Inc. customer. FINRA Arbitration No. 19-03485.
Rigoni was associated with Summit Brokerage Services Inc. in Lake Forest, IL, from November of 2010 to September of 2019, and was associated with Cetera Advisor Networks LLC in Lake Forest, IL, from September of 2019 to August of 2020. On August 7, 2020, Cetera Advisor Networks LLC permitted Rigoni to resign based upon allegations that Rigoni failed to make regulatory disclosures.
