Tag Archives: Summit Brokerage investigation

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

Robert J. Hudson-Former VSR Financial Broker-Discloses Customer Dispute Over Annuities-Essex Junction, VT

April 2017-Essex Junction, VT

The FINRA records of  Robert James Hudson, Jr. ,  a  stockbroker who was formerly  employed by  VSR Financial Services  disclose a pending customer dispute, a prior customer dispute that has been resolved, two final regulatory events and a termination from employment.

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.

Hudson , who operates Strategic Wealth Coach  in Essex Junction, VT discloses that  a complaint filed by a VSR Financial Services customer in 2/2017 alleges damages of $250,000 in connection with the sale/surrender of annuities that triggered substantial tax liabilities for 2010-2015.

Hudson was registered with VSR Financial Services from 8/2006-11/2016 and is currently registered with Summit Brokerage Services, a related entity .

See this for more information regarding VSR Financial Services.

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 similar to United Development Funding. 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. It may also include art, wine, antiques, coins or stamps. 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.

If you have losses in an account in an account handled by Robert J. Hudson 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.

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 Estevez, Former Investors Capital Corp Broker-Discloses Regulatory Matters-NY

March 2017- New York

According to publicly available records Robert Estevez , (CRD# 3161419) ,  a  stockbroker who previously worked for Investors Capital Corp and who is currently employed by Joseph Gunnar & Co.  disclose a pending regulatory investigation, 2 prior finalized regulatory matters, 5 final customer disputes and 3 outstanding judgement/liens.

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 the currently pending regulatory matter, Michigan securities regulators seek to deny Estevez’s registration in that state because, according to their allegations: “Estevez…is the subject of a Cease and Desist Order issued by the State of New Hampshire, and Applicant’s liabilities exceed his assets and the Administrator has made a finding of insolvency as to Applicant…”

In a prior regulatory matter while he was employed by Investors Capital Corp., the State of New Hampshire fined Estevez $50,000 and alleged that ” The State found that individuals in the branch where Mr. Estevez was located made telemarketing calls into the state of New Hampshire to persons on the National Do Not Call List. The State found that Mr. Estevez may have initiated some of these calls”. 9/2014- Com-2013-00002-00004. 

Public records disclose that Estevez has three outstanding IRS liens of $56,135 , $15,646 and $59,897.

Estevez has been registered with Joseph Gunnar & Co.  since 9/2016. He was registered with Investors Capital Corp. from 12/2008-9/2016.

Investors Capital Corp., a part of the Cetera Group, wound down operations during 2016. Many of the brokers were transferred to Summit Brokerage Services.

INVESTORS CAPITAL CORP. SUBJECT OF 21 REGULATORY MATTERS–CEASES OPERATIONS FALL 2016

Investors Capital Corp. withdrew its registration with FINRA in fall 2016. Investors Capital has been named in 21 regulatory matters and a number of customer arbitrations. For more information on Investors Capital Corp, follow this link. 

If you have questions about an account in an account handled by Robert Estevez, contact us 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: 877-224-3199Florida-561 391 1900 

Texas-512-329-2870

Ronald Kudlacek-VSR Financial Services Broker-Discloses Settlement of Customer Dispute Involving Annuity

The FINRA records of  Ronald J. Kudlacek,  a  stockbroker who is currently  employed by  VSR Financial Services & Summit Brokerage Services disclose a prior customer dispute that has been resolved.

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.

Kudlacek , who operates Core + Financial Strategies in Houston, Texas discloses that  a complaint filed by a VSR Financial Services customer alleged damages of $550,000 in connection with the loss of guaranteed benefits on a variable annuity due to the fact an incorrect amount was withdrawn that exceeded the maximum withdrawal limit. That dispute was resolved by a settlement payment of $178,800 according to FINRA records.

Kudlacek has been registered with VSR Financial Services since 12/2010 and registered with Summit Brokerage Services since 9/2016. VSR Financial Services is in the process of winding down operations and transferring many of the brokers and customer accounts to a related entity, Summit Brokerage Services. See this for more information regarding VSR Financial Services.

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 similar to United Development Funding. 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. It may also include art, wine, antiques, coins or stamps. 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.

If you have losses in an account in an account handled by Ron Kudlacek 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.

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

James Regier-VSR Financial Broker-Discloses Customer Complaints Over Alternative Investments-Topeka, KS

October 2016-Topeka, KS

The FINRA records of  James V. Regier,  a  stockbroker who is currently  employed by  VSR Financial Services & Summit Brokerage Services disclose 2 pending customer disputes and a prior customer dispute that is final.

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.

Regier, who operates ETA Financial Services in Topeka, Kansas discloses that  a complaint filed by a VSR Financial Services customer alleged that an investment in real estate securities was not suitable for her. That case was settled for $104,191 in July 2012.

In one of the pending matters filed in July 2016, a customer of VSR Financial alleges damages of $78,642 as a result of an unsuitable investment in United Development Funding IV (UDF).

In April 2016, a customer of VSR FInancial alleged that from April 2015-March 2016, unsuitable investments were made in the account by Regier. No damages are specified.

Regier has been registered with VSR Financial Services since 8/2002 and registered with Summit Brokerage Services since 9/2002. VSR is in the process of winding down operations and transferring many of the brokers and customer accounts to Summit Brokerage Services.

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 similar to United Development Funding. 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. It may also include art, wine, antiques, coins or stamps. 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.

If you have losses in an account in an account handled by James V. Regier 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.

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