July 2019-Boca Raton, FL
Wealthmangement.com reports that Summit Brokerage Services, an independent broker dealer headquartered in Boca Raton, FL, will close it doors and roll its business up into an affiliated broker dealer, Cetera Advisor Network.
Summit Brokerage reports having 450 advisors and $17.5 billion in client assets.
According to FINRA records, Summit Brokerage discloses 15 prior regulatory matters. Most recently in July 2019, Summit Brokerage was censured by FINRA, fined $325,000 and ordered to pay restitution to customers of $558,296, plus interest, to resolve various allegations related to supervision of the firm’s brokers. The supervisory deficiencies include a broker who excessively traded customer accounts which generated over $650,000 in commissions.
If you have losses in an account at Summit Brokerage Services, call for a no charge consultation to discuss your options.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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