The Financial Industry Regulatory Authority (FINRA) reports important information about securities broker Adam Summers AKA Adam Petersen Summers [CRD#: 5587343, Frankfort, IL]. Also, investors disputed the sales practices of the securities broker, who worked for Wells Fargo Clearing Services. Additionally, the securities broker discloses a regulatory enforcement action. However, Summers denies the allegations of sales practice violations. Read on to learn more about the allegations against Summers.
Wells Fargo Clearing Services Investor Accuses Adam Summers Of Unsuitable Recommendations
Evidently, a Wells Fargo Clearing Services client filed FINRA Arbitration #: 20-0396 about Adam Summers. Namely, the client alleged that Summers made unsuitable recommendations. Because of this, the client sustained damages on investments. Therefore, on May 4, 2022, Wells Fargo Clearing Services settled this matter by paying the client $50,000.
Wells Fargo Clearing Services Investor Accuses Summers Of Unsuitable Recommendations
Also, a client of Wells Fargo Clearing Services contested Adam Summers’ sales practices by filing FINRA Arbitration #: 20-03968. Allegedly, Summers made unsuitable recommendations. Supposedly, the investments which Summers sold or recommended had caused the client to sustain damages. This matter is ongoing.
FINRA Sanctions Lasalle St. Securities Broker Adam Summers For Forgery
Evidently, on April 8, 2022, FINRA issued Case #: 2021071714401 sanctioning Adam Summers for infractions. Specifically, FINRA imposed a five-month suspension and a $5,000 fine. Notably, FINRA alleged that Summers forged the client’s signature.
Supposedly, between February 2021 and May 2021, during the time that he was associated with LaSalle St. Securities LLC, Summers forged his supervisor's name on 97 new account forms. Specifically, LaSalle required that all new account forms be signed by the client and a principal of the firm. The 97 new accounts forms that Summer forged had already been signed by the client but still needed the signature of his supervisor. After Summers forged his supervisor's signature, he submitted the forms for firm approval. LaSalle's policies forbid Summers from signing another person's name on any document connected to a client's account. As a result, Summers violated FINRA Rule 2010.
Stifel Nicolaus Company Disaffiliates With Securities Broker For Nondisclosures
Also, Adam Summers worked for Stifel Nicolaus Company. However, Stifel Nicolaus Company disaffiliated with Summers. Evidently, Stifel Nicolaus Company alleged that Summers failed to disclose an arbitration in a timely manner.
Wells Fargo Clearing Services Securities Broker Adam Summers Terminated For Unauthorized Activities
Moreover, Wells Fargo Clearing Services disaffiliated with Summers. Allegedly, Summers possibly traded in a client’s outside investment accounts and was possibly listed as a beneficiary of a client’s policy.
Adam Summers worked for Lasalle St Securities in Frankfort, IL, as a stockbroker from January 21, 2021 to June 14, 2021.
Damages Resulting From Wells Fargo Clearing Services Securities Broker Adam Summers?
Have you sustained damages by investing with Adam Summers? If so, reach out to Soreide Law Group at (888) 760-6552 to talk with a securities lawyer about potentially recovering your investment losses. Notably, Soreide Law Group has effectively recovered money for investors in all 50 states. The firm represents clients on a contingency fee basis and advances all costs. Summers and brokerage firms Summers was employed by deny any and all allegations of sales practice violations.
Soreide Law Group discusses Wells Fargo Clearing Services Securities Broker Adam Summers and how a securities attorney can help you get compensation because of sales practice violations.
