December 2, 2015- Boca Raton, FL
Summit Brokerage Services entered into a Letter of Acceptance Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that between June 2009 and December 2010, Summit recommended leveraged and inverse exchange-traded funds( ETFs) to certain customers without fully understanding the features and risks associated with them. Summit allowed their brokers to make unsuitable recommendations to purchase nontraditional ETFs to certain customers by failing to conduct adequate due diligence on the products.
AWC No. 2011029635101
Summit Brokerage Services was censured , fined $250,000 ordered to pay restitution of nearly $10,000.
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.
Florida-561 391 1900