Soreide Law Group Files FINRA Arbitration Against SUMMIT BROKERAGE SERVICES and Broker, JOEL ARCHER.

Soreide Law Group has filed a FINRA arbitration on behalf of our client (Claimant) against:
SUMMIT BROKERAGE SERVICES, INC., and their registered representative, JOEL EARL ARCHER 
The Claimant, a retired woman from California, had received a cold call from SUMMIT BROKERAGE SERVICES’ broker, JOEL ARCHER in January 2012, and opened two accounts, an IRA and an account for her Trust.  The lawsuit alleges that ARCHER told the Claimant all of her income needs would be met and would grow her principal to over $1 million by 2023. Allegedly, JOEL ARCHER advised the Claimant to sell her Prudential Retirement X Series Annuity which resulted in an immediate cash penalty. Her annuity was paying her a yearly income and would have continued to perform as promised.
The lawsuit alleges that ARCHER, who claimed the annuity had too many fees and was not liquid enough for the Claimant, concentrated the majority of her funds in illiquid, non-traded REITS, and alternative investments that all lost money for the Claimant and netted JOEL ARCHER a 7-10% sales commission on each one. The lawsuit alleges that the Claimant had explained to JOEL ARCHER that the money he was managing represented her life savings and since she is retired she wanted no risk to her principal and needed an income to sustain her through retirement.
In addition to the illiquid REITS and alternative investments, ARCHER, the lawsuit alleges, placed over 100 stock transactions in the Claimants two accounts with some of the trades carrying commissions as high as $936 for just one basic stock trade. Allegedly, the majority of the stock transactions were not discussed in advance and JOEL ARCHER placed many of the trades without any authorization. Allegedly, this went completely unnoticed or unchecked by SUMMIT BROKERAGE SERVICES.
The lawsuit claims damages of no less than $200,000.
The lawsuit is claiming: negligence, breach of fiduciary duty, negligent supervision, and breach of contract.
SUMMIT BROKERAGE SERVICES headquarters is in Boca Raton, Florida.
If you were also a client of SUMMIT BROKERAGE SERVICES’ broker, JOEL ARCHER, and experienced losses due to his actions or recommendations, call Soreide Law Group and speak to an experienced securities attorney regarding the possible recovery of your investment losses through a FINRA arbitration at:  888-760-6552.
Soreide Law Group represents clients nationally before FINRA.