Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) on August 7, 2017 indicate that former Georgia-based Summit Brokerage Services broker/adviser Clay Hoffman has been sanctioned by FINRA and barred from acting as a broker or otherwise associating with firms that sell securities to the public. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Hoffman (CRD# 4371162).
Clay Hoffman has spent 14 years in the securities industry and was most recently registered with Summit Brokerage Services in Brunswick, Georgia (2013-2016). Previous registrations include SunTrust Investment Services in St. Simons, Georgia; Merrill Lynch, Pierce, Fenner & Smith in Ponte Vedra Beach, Florida; and Edward Jones in Tifton, Georgia. He is currently not registered with any state or firm.
According to his BrokerCheck report, he has received ten customer complaints and four regulatory sanctions.
In November 2016 FINRA sanctioned him following allegations he “failed to respond to multiple requests for documents and information related to an investigation.” He was barred from acting as a broker or otherwise associating with firms that sell securities to the public.
In July 2016 FINRA sanctioned him following allegations he failed to respond to FINRA request for information. He was suspended from associating with any FINRA member firm in any capacity.
In 2016 FINRA sanctioned him following allegations he “executed discretionary transactions in a customer’s account without prior written authorization from the customer to exercise discretionary trading power and without written approval of the account as discretionary by his member firm.” He was issued a fine of $5,000 and a 15-day suspension.
In 2015 a customer alleged Clay Hoffman, while employed at SunTrust Investment Services and Summit Brokerage Services, misrepresented material facts related to an investment, made an unsuitable investment recommendation and effected unauthorized trades. The complaint settled for $90,000.
In 2014 a customer alleged Clay Hoffman, while employed at SunTrust Investment Services and Summit Brokerage Services, breached contract, converted funds, committed fraud, negligently misrepresentated material facts, and breached his fiduciary duty. The complaint settled for $60,000.
In 2013 a customer alleged he, while employed at SunTrust Investment Services, made an unsuitable investment recommendation. The complaint settled for more than $26,300.
In 2013 a customer alleged he, while employed at SunTrust Investment Services, effected unauthorized trades. The complaint settled for $80,000.
If you or someone you know has lost money investing with Clay Hoffman, call Fitapelli Kurta at 877-238-4175 for a free consultation. You may be eligible to recoup your losses. Fitapelli Kurta accepts all cases on a contingency basis: 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.