Customer Files Suitability Complaint Against Summit Brokerage

Soreide Law Group is investigating claims on behalf of customers who invested with David Charles Hill (CRD #818407, Port Orange, Florida). Hill was a registered representative of Summit Brokerage Services, Inc. who was discharged on November 16, 2017. Summit Brokerage Services alleged that Hill did not disclose the receipt of a customer complaint within the time frame that the firm required.

Customer Files Suitability Complaint Against Summit

Hill has disclosed on Financial Industry Regulatory Authority (“FINRA”) BrokerCheck that at least one Summit brokerage Services, Inc. customer alleged sales practice violations. The customer filed a written complaint on November 3, 2017, shortly before the time that Hill had been discharged by Summit Brokerage Services.
The customer specifically claimed that a fixed annuity was sold to the customer that was not suitable. Apparently, the fixed annuity policy was never provided to the customer, preventing the customer from reviewing the terms and conditions. The customer’s complaint was settled for $40,737.64 on November 22, 2017. The broker indicated that the policy was able to be surrendered by the customer.
Side Note: Summit Brokerage Services, Inc. (CRD# 34643, Boca Raton, Florida) has disclosed 14 regulatory events and 6 customer arbitrations. Most recently, Summit Brokerage Services, Inc. consented to being censured by FINRA pursuant to Letter of Acceptance, Waiver and Consent (“AWC”) #2016050260001 that was executed on August 21, 2017. FINRA stated that Summit Brokerage Services failed to identify and apply sales charge waivers to eligible customers. The firm was also accused of failing to supervise the application of those waivers to ensure customers did not overpay when investing in mutual funds. FINRA found that Summit Brokerage Services violated FINRA Rules 3110 and 2010.
Hill was employed at AmSouth Investment Services, Inc. from May 23, 2006 to October 31, 2006. He was then employed at Colonial Brokerage, Inc. from June 4, 2007 to October 30, 2009. Subsequently, he became a registered representative of Woodbury Financial Services, Inc. from November 3, 2009 to July 12, 2001, and later NBC Securities, Inc. from July 12, 2011 to January 24, 2014. Hill was registered at Summit Brokerage Services, Inc. from January 7, 2014 to December 1, 2017.

Investors who have incurred losses from Peter D. Holler and Summit Brokerage Services are invited to contact Soreide Law Group at (888) 760-6552 for a free consultation. Our firm has recovered millions of dollars for investors who have suffered losses due to broker and brokerage firm misconduct. We represent clients on a contingency fee basis and advance all costs.