Summit Brokerage Services – Investor Alert – UPDATED
Update 11/2/16: FINRA fined eight firms, including Summit, a total of $6.2 million and ordered five of them to pay another $6.3 million in restitution for failing to supervise the sales of variable annuities. The variable annuities under scrutiny were L-share annuities that are considered “potentially incompatible, complex and expensive long-term minimum-income and withdrawal riders.” According to FINRA, L-share annuities could “pay greater compensation to the firms and registered representatives than more traditional share classes.
Galvin Legal is launching an investigation on behalf of investors who may have suffered losses investing with Summit Brokerage Services. If you suffered losses investing with Summit Brokerage Services, then Galvin Legal may be able to help you recover your losses in a Financial Industry Regulatory Authority (“FINRA“) arbitration claim.
Summit Brokerage Services (CRD# 34643) (SEC# 8-46310)
As of August 24, 2016, Summit Brokerage Services’ FINRA BrokerCheck Report contains the following:
12 Regulatory Event Disclosures
6 Arbitration Disclosures
Main Office Location
595 S. FEDERAL HIGHWAY
SUITE 500
BOCA RATON, FL 33432
Mailing Address
595 S. FEDERAL HIGHWAY
SUITE 500
BOCA RATON, FL 33432
Business Telephone Number
800-257-6082
Direct Owners and Executive Officers
SUMMIT FINANCIAL SERVICES GROUP, INC. – HOLDING COMPANY FOR APPLICANT
ANTONIADES, ADAM NICHOLAS (CRD# 2261744) – DIRECTOR
BALLARD, JAMES DAVID (CRD# 1714327) – VICE PRESIDENT
FRAM, FREDERICK GORDON (CRD# 1701062) – CHIEF COMPLIANCE OFFICER AND SECRETARY
HARRISON, BRETT LAMAR (CRD# 4032238) – DIRECTOR
JACOBS, STEVEN CRAIG (CRD# 1676431) – VICE PRESIDENT
LEEDS, MARSHALL TODD (CRD# 1014569) – DIRECTOR, CHIEF EXECUTIVE OFFICER AND PRESIDENT
OLSON, GREGORY ALAN (CRD# 2692482) – ASSISTANT SECRETARY
SHELSON, MARK PAUL (CRD# 1819252) – TREASURER
SMILEY, STANLEY ROBERT (CRD# 3004604) – VICE PRESIDENT
FINRA requires brokerage firms to conduct due diligence on investments and to conduct a suitability analysis when recommending securities to a customer that takes into account the customer’s knowledge and experience. Brokerage firms that fail to conduct adequate due diligence or that make unsuitable recommendations can be held responsible for the customer’s losses in a FINRA arbitration claim.
If you suffered losses investing with Summit Brokerage Services and would like a free consultation with a securities attorney, then please call Galvin Legal at 1-800-405-5117.
Galvin Legal is a national securities arbitration, mediation, fraud, and investor protection law practice. For more information on Galvin Legal, please visit www.galvinlegal.com or call 1-800-405-5117.
