Last Updated: December 2023 (Fort Myers, Florida)
Richard Brown Investigation Summary
Here’s what you need to know about Fort Myers, FL, stockbroker Richard Brown:
- Name: Mr. Richard Whitfield Brown
- Current Employer: Cetera Advisor Networks
- DBA: Brown & Haught Financial Group, Richard W. Brown Investments
- Previous Firms: Summit Brokerage Services
- Function: Stock Broker/ Financial Advisor
- Aliases: Richard Brown
- Primary Location: Fort Meyers, Florida
- CRD 1595628
- Can Richard Brown be sued in FINRA arbitration: Yes
- Sanctioned by FINRA: No
- Highest Settlement or Award: $100,000
- Pending Customer Dispute Seeks Damages of $368,803
Discuss your case with experienced investment fraud lawyer Bob Rex at (877) 224-3199 for a free consultation.
Did You Lose Money With Richard Brown As Your Stockbroker?
Richard Brown discloses 10 prior and one currently pending customer disputes.
In 11/2023 a customer of Summit Brokerage Services filed a FINRA arbitration alleging that Richard Brown made excessive annuity sales and unsuitable recommendations. Damages of $368,803 are sought in this currently pending matter.
Prior disputes include:
- A customer was paid $25,000 to resolve allegations that Brown committed securities fraud and misrepresented an investment in a real estate investment trust (REIT).
- A customer was paid $32,500 to resolve allegations that Brown violated Florida Statute 517, and over traded an account
- A customer was paid $32,500 to resolve allegations that Brown violated Federal Securities Laws and Florida Statute 517.
Allegations of Broker Misconduct Against Richard Brown
Customers of Richard Brown have alleged the following wrongdoing in connection with the handling of customer accounts:
- Unsuitable Investment Recommendation
- Excessive trading
- Excessive annuity sales
- Overconcentrated account
- Violations of Florida Statute 517
- Violations of Federal Securities Laws
- Breach of fiduciary duty
- Recommended unsuitable annuities
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.
Recover Your Investment Losses Now With Rex Securities Law
If you have suffered investment losses in an account handled by Richard Brown, contact us for a complimentary consultation with an experienced securities lawyer to learn how you may be able to recover damages through FINRA arbitration.
With offices in Boca Raton, FL and Austin, TX, stockbroker fraud attorney Bob Rex provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers, financial advisors and broker dealers.
If you have questions about how your account has been handled, call (877) 224-3199 to speak with an experienced securities attorney at no cost to you.
Most cases are handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
