For Victims of Joel Archer and Summit Brokerage Services

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.

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