Did CHRISTOPHER JORGENSEN Cause Your Investment Losses?

The Financial Industry Regulatory Authority (“FINRA”) reports on BrokerCheck that investors have disputed the sales practices of Summit Brokerage Services Inc. securities broker Christopher Jorgensen (CRD#: 1919475, Setauket, New York). Notably, the broker, who FINRA barred May 26, 2017 for not appearing for testimony when under investigation, reports four client complaints or arbitrations, all of which settled through payments to clients. Here’s more on the alarming disclosures involving Jorgensen:

Summit Brokerage Services Investor Files Arbitration Alleging Jorgensen Made Unauthorized Trades

The most recent dispute comes from a Summit client who filed FINRA Arbitration #: 18-01081 on April 3, 2018. First of all, the client claimed that Christopher Jorgensen made unauthorized trades. Secondly, Jorgensen allegedly traded at a high frequency (i.e. excessively). Finally, the client claimed that Jorgensen sold investments, including variable annuities, OTC equities, stocks, mutual funds and ETFs, that were unsuitable, meaning that the investments were not the right fit due to the client’s investment profile. Because of this, Summit opted to pay the client $70,000 in damages to settle.

Investor Brings Complaint Suggesting Jorgensen Made Excessive And Overly Risky Trades

 

A Summit Brokerage Services Inc. investor brought a dispute about Christopher Jorgensen on October 18, 2017. The client contended in this claim that Jorgensen made unsuitable investment transactions. Apparently, Jorgensen invested the client’s assets in the iPath S&P 500 VIX Short Term Futures ETN. According to the client, Jorgensen excessively traded the client’s account and did not listen to the client’s instructions. Because of this, on May 17, 2018, Summit Brokerage Services opted to settle by paying the customer $10,000.

Raymond James, Citigroup GMI Investors File Claims Alleging Jorgensen’s Sales Practice Violations

 

FINRA BrokerCheck shows that the Raymond James client disputed Christopher Jorgensen’s sales practices, claiming the financial advisor traded to generate excess commissions from the client. Supposedly, Jorgensen was also responsible for poor investment performance on the customer’s closed-end fund investments. Evidently, Raymond James opted to settle this matter by paying $25,403.44 to the client. Also, a Citigroup GMI client made allegations of unsuitability on equity trades. Supposedly, Jorgensen made the bad stock trades. As a result, Citigroup chose to compensate the client to the tune of $37,000.

Lars Soreide Highest Ethical Standard Award 2018

Lars Soreide Highest Ethical Standard Award 2018

Before FINRA barred Christopher Jorgensen, Raymond James and Summit Brokerage Services disaffiliated with him for client complaints possibly including the aforementioned. Suffered losses by investing with Summit Brokerage Services broker Christopher Jorgensen? If so, contact Soreide Law Group at (888) 760-6552 and 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.