Summit Brokerage Services has a long history of customer and regulatory complaints. Summit Brokerage Services is currently licensed with FINRA, or the Financial Industry Regulatory Authority. Summit Brokerage Services has been a FINRA member since February 1994 and is headquartered in Boca Raton, Florida. According to its FINRA BrokerCheck Report, Summit Brokerage has been the subject of 10 regulatory events and five arbitration awards.
As a member of FINRA, Summit Brokerage Services must arbitrate all customer complains before FINRA. Our law firm exclusively handles investor complaints against broker-dealers nationwide and are interested in investigating complaints against Summit Brokerage Services or its brokers. Here are some notable complaints and regulatory events against Summit Brokerage Services or its brokers:
- On October 10, 2013, Summit Brokerage Services was found to have failed to reasonably supervise its former agent, Braden Scott Hill. Braden Scott Hill had a checkered disciplinary history prior to joining Summit Brokerage, which included allegations of dishonesty with past employers. The Arkansas Securities Department noticed irregularities with Branden Scott Hill’s accounts and notified Summit Brokerage who in turn did nothing. Branded Scott Hill had, in actuality, supplied Summit with false information to the firm and was eventually terminated. Summit Brokerage was fined $8,500.
- On January 10, 2007, Summit Brokerage Services was fined $25,000 for failing to establish and maintain written supervisory procedures for reviewing and answering customer complains, disclosures and arbitrations. During that time at least eight customer complaints were reported late. In addition to the fine, they were also required to retain an independent consultant to conduct a complete audit of the firm’s policies, practices and procedures.
- On September 7, 2005, Summit Brokerage services received a fine of 8,300 and was ordered to pay restitution in the amount of $189,720 for failing the supervise broker-deal, Gregg Lorenzo, who received ten customer complaints in nine years as a broker.
If you or someone you know has lost money as a result of Summit Brokerage Services’ financial misconduct, you may be entitled to compensation. The securities and investment fraud law firm of Fitapelli Kurta prosecutes claims on behalf of investors nationwide on a contingency fee basis. However, the law provides you with a limited window of opportunity to recover these financial losses so please, do not wait. Contact the law firm of Fitapelli Kurta today for your free consultation.