Category Archives: Summit Brokerage Services

Summit Brokerage Services Sanctioned for Churning Accounts-Boca Raton, FL

July 2019-Boca Raton, FL

Summit Brokerage Services, an independent broker dealer headquartered in Boca Raton, FL, announced that it 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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Robert Berg-Summit Brokerage Services Broker-Discloses Customer Dispute Alleging Aggressive Trading- Danbury, CT

March 2019 – Danbury, CT

According to publicly available records  Robert Eugene Berg   (CRD#1218879) ,  a  stockbroker who is currently registered with Summit Brokerage Services,  disclose 1 pending and 2 prior customer disputes.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

In August 2002,  a Morgan Stanley customer filed case 02-04711 alleging fraud, conversion, breach of fiduciary duty, breach of contract and excessive concentration.   The case settled for $28,604.

In December 2018, a customer with Summit Brokerage Services, filed FINRA case 18-04448 alleging aggressive and speculative investment recommendations and is seeking damages of $75,000.   This case is still pending.

Berg has been employed with Summit Brokerage Services since May of 2014.   He was with Morgan Stanley from August 2006 until 2014. He discloses an affiliation with Berg Wealth Management in Danbury.

If you have questions about an investment account handled by Robert Berg,  contact us for a no charge consultation to learn about your legal 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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Ricky Mantei-Centaurus Financial Broker-Discloses 3 Pending and 5 Prior Customer Disputes-Lexington, SC

March 2019 – Lexington, SC

The FINRA records of  Ricky Alan Mantei ,  a  stockbroker who is  employed by  Centaurus Financial  discloses 3 pending  and 5 prior customer disputes.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

In 10/2018,  a customer of Mantei’s prior employer J.P. Turner  was paid $70,000 to resolve allegations that they were sold unsuitable investments from 2010-2016.

The pending customer complaints include:

  • A  former customer of J.P. Turner & Centaurus seeks damages of $233,238 and alleges Mantei recommended unsuitable investments based on their investment objectives.
  • FINRA case 18-3810-a former customer of J.P. Turner & Centaurus seeks damages of $100,000 and alleges Mantei recommended unsuitable investments .
  • FINRA case 18-01848-a former customer (beneficiaries of a deceased client’s account)  of Summit Brokerage Services seeks damages of $100,000 and alleges Mantei recommended unsuitable investments .

Mantei  has been employed by Centaurus Financial since 5/2015. He was with  J.P. Turner & Company from May 2010 until  2015.  He discloses a business affiliation with Mantei & Associates in Lexington, SC.

If you have losses in an account in an account handled by Ricky Alan Mantei, contact us for a no charge consultation to discuss how you may be able to recover damages for those losses.

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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Ronald D. Clark-Summit Brokerage Services Broker-Discloses Pending Customer Disputes Involving REIT/Oil & Gas -Tampa, FL

March 2018 – Tampa, FL

According to publicly available records , Ronald D. Clark , (CRD# 1086724) ,  a  stockbroker who is employed by Summit Brokerage Services disclose  2 prior regulatory events, 2 pending customer disputes and 8 prior customer disputes  .

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

Clark was suspended by FINRA for 15 business days in 2011 to resolve allegations that he participated in a private securities transaction without providing written notice to his former employer ProEquities, Inc.

In recently filed FINRA Case 17-02658, filed in December 2017, a customer of ProEquities Inc.  alleges that unsuitability, overconcentration and misrepresentation concerning their investments in real estate investment trusts (REITs). Damages of $450,000 are alleged.

In another pending matter, a customer of Summit Brokerage Services alleges that Clark did not properly use mutual fund break points from July 2014 to August 2016 and recommended an oil and gas investment that suffered losses. Damages are alleged to be $500,000.

In one of the prior customer disputes, a customer of ProEquities was paid $65,000 to resolve allegations that investments recommendations were unsuitable, cost of riders and surrender charges were not discussed and that a signature on a form was forged.

Clark has been registered with Summit Brokerage Services since 3/2009, and  discloses business affiliations with The Money Coach LLC, Money Matters of Tampa and Money Matters of Alabama. 

If you have questions about an account in an account handled by Ronald D. Clark , contact us for a no charge consultation to discuss your legal 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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Thomas Bodensteiner-Former VSR Financial Services Broker-Subject of Customer Suit Over Losses in UDF IV-Clear Lake, IA

February 2018 – Clear Lake, Iowa

The FINRA records of  Thomas W. Bodensteiner ,  a  stockbroker who was previously  employed by  VSR Financial Services  discloses a pending customer dispute .

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

 

In FINRA arbitration #17-0314 a customer of VSR Financial Services alleges unsuitability, negligence and misrepresentation in connection with investments in real estate securities and United Development Funding IV (UDF IV). Damages sought are $50,000.

Bodensteiner was employed by VSR Financial Services from 10/2001-9/2016. He is currently employed by Summit Brokerage Services.  

If you have losses in an account in an account handled by Thomas W. Bodensteiner or another broker who was employed by VSR Financial Services , contact us to discuss how you may be able to recover damages for those losses.

VSR Financial Services was fined $550,000 by the Financial Industry Regulatory Authority (FINRA) in May 2013 in connection with the sale of alternative investments . In their findings, FINRA criticised VSR Financial for recommending high concentration levels of alternative investments in customer accounts and for its lack of supervision over the use of consolidated reports prepared by brokers and provided to customers.

Alternative investments include non publicly traded real estate investment trusts (REITS) , hedge funds, real estate, commodities and derivatives contracts and, managed futures. These investments tend to be complex, illiquid, nontransparent, hard to value and expensive. Many of the alternative investments sold over recent years are not traded on any public market making them difficult to value and even more difficult to liquidate if cash is needed.

 VSR wound down operations at the end of 2016 and transferred most of their brokers and customer accounts to Summit Brokerage ServicesSee this for more information regarding VSR Financial Services.

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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870