Summit Brokerage Services, Inc.
The investment lawyers at Gana LLP represent clients in FINRA arbitration and other disputes with their financial advisors and broker-dealers, such as Summit Brokerage Services, Inc. (Summit). Misconduct spans a wide range of activity including breach of fiduciary duty, unsuitable investment advice, unauthorized account activity, securities fraud, and churning. When the person you entrust your money to commits malfeasance often times the brokerage firm will simply deny any possibility of wrongdoing and reject your complaint. Our attorneys can help you uncover broker misconduct and prosecute a claim against those responsible
Summit was formed in 1993, in Boca Raton, FL. On July 11, 2014, RCS Capital Corporation completed its acquisition of Summit Financial Services Group, Inc., the parent company of Summit. RCS’s rapidly growing independent broker dealer network will be called Cetera Financial Group. Summit is affiliated with, under common control, or otherwise performs business on the company names: Cetera Investment Services LLC, J.P. Turner & Company, L.L.C., Legend Equities Corporation, First Allied Advisory Services Inc., and Cetera Advisor Networks LLCSummit Brokerage Services, Inc. – By the Numbers:
- CRD# 34643
- SEC Number 8-46310
- Number of Representatives: 380 as of 2013
- Total Revenues: $88 million as of 2013
- Assets under Management: $10 billion as of 2013
- 10 Regulatory Events as of 2014
- 5 Customer Arbitrations as of 2014
NASD v. Summit Brokerage Services, Inc., Case No. E072004009101 Summit entered into an AWC with the NASD and agreed to pay a $25,000 fine concerning allegations that from April 27, 2002 through July 23, 2004, the firm failed to establish and maintain written supervisory procedures to identify the principal responsible for reviewing customer complaints, disclosures, and arbitrations. As a result of this failure, Summit was alleged to have reported at least eight customer complaints late ranging from 26 to 470 days. The NASD also alleged that at the same time period Summit failed to amend three Form U-4s and one Form U-5 in a timely manner ranging from 182 to 266 days after.
The investment attorneys at Gana LLP have represented hundreds of customers in investment related disputes with their brokerage firms. Our investment attorneys can help you detect and uncover suspicious activity in your accounts. Our consultations are free and we welcome all inquiries.