NVESTOR ALERT: Lawsuit Filed About CHRISTOPHER JORGENSEN
Christopher Jorgensen (CRD#: 1919475, Setauket, New York) is a prior Summit Brokerage Services Inc. general securities broker. Notably, the Financial Industry Regulatory Authority (“FINRA”) BrokerCheck shows that at least two customers brought investor disputes about Jorgensen since FINRA barred him. The customers’ disputes, summarized below, raise serious allegations against Jorgensen, including unsuitable and excessive trading.
Summit Customer’s Lawsuit Alleges Christopher Jorgensen Made Excessive ETF Trades
Evidently, a Summit Brokerage Services customer filed FINRA Arbitration #: 18-01081 on April 3, 2018. According to the customer, Christopher Jorgensen made excessive trades in the customer’s retail accounts. Supposedly, Jorgensen sold the customer OTC equities, common and preferred stock, exchange traded funds (“ETFs”), and mutual funds. The customer reportedly took issue with the frequency of Jorgensen’s trades. But that’s not all. Allegedly, Jorgensen overconcentrated the customer’s investments, placing the customer at increased risk of loss. Finally, the customer supposedly did not authorize Jorgensen’s trading. Eventually, on May 24, 2018, Summit Brokerage Services settled the customer’s complaint by agreeing to pay the customer $70,000.
Customer Claim Involving Jorgensen, Allegations Of Unsuitable Trading
Also, Summit Brokerage Services disclosed that another customer complained about Christopher Jorgensen’s sales practices. First, the customer alleged that Jorgensen sold the customer unsuitable investments. Secondly, Jorgensen allegedly made excessive iPath S&P 500 VIX Short Term Futures ETN trades. Moreover, the customer claimed that Jorgensen did not listen to the customer’s instructions concerning the customer’s trading account. All things considered, Summit Brokerage Services paid the customer $10,000 in a May 17, 2018 settlement.
Complaints Involving Christopher Jorgensen Preceding FINRA Bar
Christopher Jorgensen reports that two other customers complained about his sales practices. Previously, Jorgensen worked at Raymond James (Smithtown, New York). A Raymond James customer brought an investment dispute on October 21, 2011. Allegedly, Jorgensen made closed end fund trades which caused the customer to pay an unreasonable amount in commissions. Not only that, but the customer experienced investment losses. Evidently, on February 9, 2012, Raymond James agreed to compensate the customer to the tune of $25,430.
Before working at Raymond James, Christopher Jorgensen worked for Citigroup GMI. FINRA BrokerCheck shows that a Citigroup GMI customer brought a complaint on August 6, 2003, alleging suitability. Particularly, the customer claimed Jorgensen sold bad investments, including OTC equities. Accordingly, on August 6, 2003, Citigroup GMI and Jorgensen collectively paid the customer $37,000 to settle the suitability allegations.
Summit Brokerage Services, Raymond James Discharge Jorgensen
FINRA BrokerCheck shows that Summit Brokerage Services disaffiliated with Jorgensen April 4, 2017. Allegedly, the securities firm cited a customer complaint as the basis for Jorgensen’s departure. In that complaint, the customer alleged Jorgensen tried to get the customer to refrain from cooperating with FINRA’s inquiry into Jorgensen. Likewise, on January 24 ,2012, Raymond James Financial Services disaffiliated with Jorgensen because of a customer complaint about unauthorized trading.
FINRA Bars Christopher Jorgensen For Failing To Testify In FINRA Investigation
Things went from bad to worse for Christopher Jorgensen when FINRA barred him on May 26, 2017. Evidently, Jorgensen submitted a Letter of Acceptance, Waiver and Consent on May 18, 2017 in Case #2016049329101. FINRA reportedly executed the AWC on May 26, 2017, barring Jorgensen from associating with FINRA brokers or brokerage firms. Notably, FINRA stated that Jorgensen violated FINRA Rules 8210 and 2010 because he refused to testify in a FINRA investigation. The AWC did not specify the basis of FINRA’s investigation into Jorgensen. However, it is likely that the regulator wanted more information about the customer complaints and Jorgensen’s employment terminations.
Have you experienced losses by investing with Summit Investment Services securities broker Christopher Jorgensen? If so, contact Soreide Law Group at (888) 760-6552, where you can speak with experienced counsel about a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has recovered millions of dollars for investors who have suffered losses due to misconduct of brokers and brokerage firms.