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David Rhodes: Subject of Regulatory Sanction

David Rhodes Publicly available records published by the Financial Industry Regulatory Authority (FINRA) on September 29, 2016 indicate that Texas-based Summit broker/adviser David Rhodes has been the subject of customer complaints and a regulatory sanction. The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Rhodes (CRD# 2620006).

David Rhodes has spent 21 years in the securities industry and has been registered with Summit Brokerage Services, a member of the Cetera Financial Group, in Bryan, Texas since 2011. Previous registrations include Lincoln Financial Advisors in Dallas, Texas (1999-2011); the Lincoln National Life Insurance Company in Fort Wayne, Indiana (1999-2006); and Princor Financial Services in Des Moines, Iowa (1995-1999). He is a registered broker and investment adviser with six US states and territories: California, Georgia, New Mexico, North Carolina, Texas, and Virginia.

According to his BrokerCheck report, David Rhodes is the subject of four customer complaints and one regulatory sanction, and was discharged from his position at Lincoln Financial Advisors.

In 2013 FINRA sanctioned David Rhodes following allegations he participated in private securities transactions, involving the borrowing of funds from customers, without providing notice to his member firm, Lincoln Financial Advisors, which had forbidden him from entering into transactions to raise capital or solicit investors. He was issued a 30-day suspension and a fine of $5,000.

In 2011 David Rhodes was terminated from Lincoln Financial Advisors following allegations he issued two promissory notes connected to an outside investment without notifying or receiving firm approval.

In 2007 a customer alleged David Rhodes, while employed at Lincoln Financial Advisors, referred the customer to an outside law firm for tax strategy advice, and misrepresented the provisions of certain strategies, resulting in tax consequences. The complaint settled in 2007 for $94,276.

In 2005 a customer alleged David Rhodes, while employed at Lincoln Financial Advisors, referred the customer to an outside law firm, and misrepresented he provisions of certain tax strategies, consequently incurring tax consequences. The complaint settled in 2007 for $557,143.

In 2005 a customer alleged David Rhodes, while employed at Lincoln Financial Advisors, referred the customer to an outside law firm, and misrepresented he provisions of certain tax strategies, consequently incurring tax consequences. The complaint settled in 2007 for $454,305.

If you have lost money investing with David Rhodes, you may be entitled to recover your losses. Call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. All cases are taken on a contingency basis, which means we only get paid if and when you collect money. Time to file your claim may be limited, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.