Articles Tagged with Summit Brokerage Services

AdobeStock_17723177-1-300x175Two former brokers, Christopher Cervino and Larry Werbel were allegedly involved in a scheme to inflate the market for VGTel Inc. shares, a penny stock company. Their scheme allegedly defrauded more than 100 investors out of more than $15 million. Mr. Cervino was sentenced to one year and a day in prison last year, after he was found guilty of securities fraud by a federal court in New York. Mr. Werbel has pleaded guilty to fraud charges and is waiting for sentencing. Both were ordered by the Financial Industry Regulatory Authority (FINRA) to pay James Mirgliotta and the estate of his late wife, Bette, $595,000 in compensatory damages and $250,000 in punitive damages.

Christopher Cervino was previously registered with H.J. Meyers & Co., Sharpe Capital Inc., Ladenburg, Thalmann & Co., Carlin Equities, RBC Capital Markets, Lighthouse Financial Group, GFI Securities, Delaney Equity Group, Wilson-Davis & Co., COR Clearing, and Primary Capital in New York, New York from October 2014 until January 2016. He has one customer dispute pending against him, two regulatory matters, one civil and one criminal pending charge. He has been permanently barred from the industry, according to public FINRA records.

Mr. Werbel was previously registered with Cigna Financial Advisors, FSC Securities Corp, LPL Financial, Summit Brokerage Services, and Concorde Investment Services in Chagrin Falls, Ohio from April 2015 until January 2016. He has seven customer disputes against him, three regulatory matters, one civil pending dispute, and one criminal pending charge. This is according to FINRA, as well. He has also been permanently barred from the industry.

AdobeStock_90383187-1-300x194Stoltmann Law Offices is investigating Joel Archer, a broker with Summit Brokerage Services. Allegedly, Archer cold-called a retired woman from California and she opened two accounts with him. Archer allegedly told the client that all of her income needs would be met and she could grow her principal to over $1 million by 2023. He then advised her to sell her Prudential Retirement X Series Annuity, which resulted in an immediate cash penalty. Her annuity was paying her a yearly income and would have continued to perform as promised. Archer had concentrated the majority of her funds in illiquid, non-traded REITs and alternative investments. These lost money for the client and resulted in up to 10% sales commissions for Archer. The investments were not suitable for the client and generated large commissions for Archer. He also allegedly placed over 100 stock transactions in the two accounts with some trades carrying commissions as high as $936 for one basic stock trade. This is against securities laws. Summit Brokerage Services may be liable for these losses, and the lawsuit claims negligence, breach of fiduciary duty, negligent supervision and breach of contract.
According to his online BrokerCheck report, Mr. Archer was previously registered with Edward Jones in Sacramento, California from December 2003 until September 2008 and Ryamond James in Sacramento from November 2008 until March 2010. He is currently registered with Summit Brokerage Services in Arden Arcade, California and has been since February 2010. He has one pending customer dispute against him and one criminal disposition. Please call our Chicago-based securities law firm today at 312-332-4200 for a no-cost, no-obligation consultation. Attorneys are standing by to take your call.

Did you or someone you know invest money with John Raleigh, a registered broker with Summit Brokerage Services in Sarasota, Florida? If so, the attorneys at Stoltmann Law Offices are interested in speaking with you. Mr. Raleigh was accused of recommending an unsuitable investment in CNL Lifestyle Properties common stock and insurance. He also allegedly recommended an annuity whose distribution “resulted in rates going forward,” experiencing a reduction. These are against securities laws and internal firm rules and regulations. According to his profile online with the Financial Industry Regulatory Authority (FINRA), Mr. Raleigh was previously registered with IDS Life Insurance Company in Minneapolis, Minnesota from April 1993 until September 1998 and American Express Financial Advisors in Minneapolis from April 1993 until September 1998. He is currently registered with Summit Brokerage Services in Sarasota, and has been since September 1998. He has two customer disputes against him, one of which is currently pending.

AdobeStock_91053286-1-300x194Stoltmann Law Offices continues to investigate Clay Hoffman, a former broker with Summit Brokerage, who has recently been barred from the industry by the Financial Industry Regulatory Authority (FINRA). Mr. Hoffman previously was suspended by FINRA for his alleged failure to respond to FINRA’s request for information. He was later barred in November 2016 for his alleged failure to respond to multiple requests for documents and information related to an investigation. His license was suspended in February 2016 due to the findings that alleged that he engaged in unauthorized business practices and executed discretionary transactions in a customer account without any written authorization from the customer or the firm. He was also accused of alleged misrepresentation, unsuitability and unauthorized trading. He also allegedly caused a loss for a client due to the misrepresentation of Mutual Funds while employed at SunTrust and Summit Brokerage Services.
Previously, Mr. Hoffman was registered with Edward Jones in Tifton, Georgia from May 2001 until June 2007, Merrill Lynch in Ponte Verde Beach, Florida from June 2007 until October 2007, SunTrust Investment Services in St. Simons, Georgia from October 2007 until April 2013 and Summit Brokerage Services in Brunswick, Georgia from May 2013 until March 2016. He has 14 customer disputes against him. He has been permanently barred from the industry. Please call our Chicago-based law firm today to find out how to sue Summit Brokerage Services on a contingency fee basis. Attorneys are standing by.

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Did your broker, James Vernon Regier, of Summit Brokerage Services, recommend United Development Funding (UDF) investments to you? If so, you may be able to recover those losses on a contingency fee basis. Please call our Chicago-based securities law firm today to speak to an attorney about your options of recovering your investment losses. We may be able to help you bring a claim against Summit Brokerage Services in the Financial Industry Regulatory Authority (FINRA) arbitration forum. Please call today as time is of the essence. 312-332-4200.

Mr. Regier allegedly engaged in securities laws violations, including making unsuitable investments in clients’ accounts. He also allegedly engaged in unsuitable trading in a customer’s account by recommending purchases of publicly traded shares of UDF IV. UDF was a highly risky and illiquid investment that was not suitable for many investors. A broker has an ironclad obligation to only recommend and sell those investments that are suitable for his customers. If he does not, his brokerage firm may be liable for investment losses.

James Regier was previously registered with Washington Square Securities in Des Moines, Iowa from January 2002 until August 2002, and VSR Financial Services in Topeka, Kansas from August 2002 until November 2016. He is currently registered with Summit Brokerage Services in Topeka and has been since September 2016. He has three customer disputes against him, two of which are currently pending.

AdobeStock_78306447-1-300x199The Financial Industry Regulatory Authority (FINRA) recently barred Clay Hoffman, a former registered broker with Summit Brokerage Services, after he failed to respond to a FINRA investigation against him. FINRA was investigating him for allegedly making unsuitable transactions, unauthorized trading, fraud and making excessive trades (churning). Churning is a particularly egregious transgression because it generates large commissions for the broker at the expense of the client, who can be charged excessive fees. When brokerage firms fail to adequately supervise their representatives who are registered through their firm, they may be liable for investment losses that clients suffer. Please call our Chicago-based law firm today to find out how you may be able to bring a claim against Summit Brokerage Services for Clay Hoffman securities violations. The call to us is free with no obligation. We takes cases on a contingency fee basis only. 312-332-4200.

Mr. Hoffman was registered previously with Edward Jones in Tifton, Georgia from May 2001 until June 2007, Merrill Lynch in Ponte Verde Beach, Florida from June 2007 until October 2007, SunTrust Investment Services in St. Simons, Georgia from October 2007 until April 2013 and Summit Brokerage Services in Brunswick, Georgia from May 2013 until March 2016. He has 14 customer disputes against him and is currently not registered within the industry, according to his FINRA BrokerCheck records.

Stoltmann Law Offices is investigating James Noto, a registered representative with Summit Brokerage Services. Noto was the subject of a regulatory event and seven customer disputes. He was fined by Florida’s Department of Financial Services in 2013 after allegedly engaging in the insurance business without proper licensing. If you have lost money with Noto, please call our offices in Chicago at 312-332-4200 to speak to an attorney. The call is free with no obligation.

Noto was registered with Cigna Securities in Radnor, Pennsylvania from September 1982 until April 1993, Merrill Lynch in New York, New York from March 1993 until January 1998, Vanguard Capital in Del Mar, California from January 1998 until September 1998 and Raymond James in St. Petersburg, Florida from October 1998 until February 2005. He is currently registered with Summit Brokerage Services in Trinity, Florida and has been since March 2005. He has seven customer disputes against him, one of which is currently pending.

According to a Financial Industry Regulatory Authority (FINRA) Letter of Acceptance, Waiver and Consent (AWC), Robert Collins Noe was suspended from the industry for two months and fined $5,000. Noe allegedly signed a customer’s name on an annuity withdrawal form in order to help effectuate a bona fide annuity withdrawal on behalf of that customer. Noe signed the customer name and submitted it to the firm for processing. This is against securities rules and regulations. If you or someone you know invested money with Robert Collins Noe, you may be able to sue his former brokerage firm, Summit Brokerage Services, for investment losses. Summit had a duty to reasonably supervise Noe while he was employed there. The call to us is free and we take cases on a contingency fee basis only.

According to his online FINRA BrokerCheck report, Noe was registered with the following companies: E.F. Hutton & Co., Shearson Lehman Hutton Inc., Dean Witter Reynolds Inc., D.E. Frey & Co., Olde Discount Corp, Meridian Associates, Schlitt Investor Services and Summit Brokerage Services in Vero Beach, Florida from August 2001 until September 2015. He has three customer disputes against him, two of which are currently pending. He is not licensed within the industry.

The Financial Industry Regulatory Authority (FINRA) sanctioned J.P. Turner & Co. after they found that the firm violated a rule requiring brokers to ensure that all municipal securities transactions between the firm’s account and a customer’s account be done at a “fair and reasonable price,” according to a cnbc.com article on Tuesday. FINRA also stated that the firm’s supervisory system failed to “provide for supervision reasonably designed to achieve compliance with securities regulations related to fair pricing of municipals.” Because of this, Turner was fined $140,000 and ordered to pay $76,743.68 plus interest in restitution to customers.

In a separate case involving the brokerage firm, FINRA said that it failed to prevent registered representatives from making multiple phone solicitations to numbers that were on both the national do-not-call list and the firm’s own list. The regulatory body found that Turner “failed to establish, maintain and enforce a supervisory system that would prevent those phone calls from being made.” Allegedly J.P. Turner stopped using a third-party telemarketer, except for in one of its offices. FINRA censured the firm and fined it $75,000. Turner has more than 30 regulatory events listed on its BrokerCheck file. The firm is now part of Cetera Financial Group and has been since 2014. According to published reports, about half of Turner’s reps were offered positions with Summit Brokerage Services, a firm that is absorbing J.P. Turner.

Stoltmann Law Offices is investigating allegations made against Summit Brokerage Services, a Boca Raton, Florida based securities brokerage firm. Recently, the Financial Industry Regulatory Authority (FINRA) brought a regulatory action against Summit, with numerous allegations that the firm failed to supervise the sale of non-traditional exchange-traded funds (ETFs) from June 2009 until December 2010. The ETFs included inverse and leveraged ETFs. The firm agreed to pay a fine of $250,000 and restitution of $9,556. ETFs are used to track and replicate the performance of an index. Leveraged ETFs try to replicate the performance of a particular index, but attempt to do so by doubling or even tripling the index. Inverse ETFs try to replicate the opposite of a particular index and can be popular tools for intra-day trading for investors. The ETFs are designed for day-trading, but often financial advisors recommend holding them for weeks or months. They are often misused in the industry. They can be very risky investments because of it. A broker’s duty is to research the investment before recommending it to a client. He also has a duty to take into account a client’s age, net worth, investment portfolio, and risk tolerance before recommending a security. If he does not, his brokerage firm may be liable for investment losses. Please call us if you experienced a similar situation with your broker or with Summit Brokerage Services. We may be able to help you bring a claim against them to recover your investment losses.

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