Suing Donald Gross and Summit Equities For Selling Away Claims

Donald K. Gross, a former registered broker with Summit Equities, was accused of participating in a private securities transaction for compensation by selling approximately $6.2 million in limited partnership interests in a hedge fund that traded options, without providing proper notice to the firm. The hedge fund ultimately collapsed and the investors lost 95% of their investments. This is commonly referred to as “selling away,” and is when a broker recommends or sells a security that is not held or offered by his member firm. It is a tactic used by brokers so they do not have to share commissions with the member firm, and it is against securities rules and regulations. Gross’ former firm, Summit Equities, may be responsible for losses you may have sustained with Donald Gross, because of the firm’s inability to properly supervise him while he was registered there. Please call our securities law firm at 312-332-4200 to speak to an attorney about your options. The call is free with no obligation.

Gross was registered with Global Equity Holdings in Lebanon, New Jersey from July 2001 until January 2014 and Summit Equities in Parsippany, New Jersey from November 1989 until November 2016. He has one customer dispute against him. He is not currently licensed within the industry.

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