The Florida-based Soreide Law Group (888-760-6552) obtained the following information on FINRA’s website under, “Disciplinary and Other FINRA Actions February 2016.”                                    
Soreide Law Group is investigating claims against Summit for selling NVAX (Novavax) also
Summit Brokerage Services, Inc. (CRD #34643, Boca Raton, Florida)
was censured, fined $250,000 and ordered to pay $9,556.84, plus interest, in restitution to clients for allegedly, by and through certain of its registered representatives, recommending leveraged and inverse exchange-traded funds (nontraditional ETFs) to certain clients without fully understanding the features and specific risks associated with them.
FINRA’s findings stated that Summit Brokerage Services allowed their registered representatives to make unsuitable recommendations to clients to purchase nontraditional ETFs by failing to conduct adequate due diligence on the products. According to FINRA, Summit Brokerage Services allegedly did not provide adequate formal training to its representatives regarding non-traditional ETFs before permitting them to recommend the products to clients. As a result, the Summit Brokerage Services registered representatives were insufficiently informed regarding the features and risks associated with nontraditional ETFs. These recommendations resulted in the firm’s retail clients buying and selling approximately $250 million worth of nontraditional ETFs. Several customers with conservative investment objectives who bought one or more nontraditional ETFs based on recommendations made by Summit Brokerage Services registered representatives, and who held those investments for longer periods of time, experienced net losses.
FINRA’s findings also stated that the Summit Brokerage Services failed to establish and maintain an adequate supervisory system, Also, the firm did not have specific procedures addressing nontraditional ETFs, including procedures to address the risks associated with longer-term holding periods in nontraditional ETFs, and procedures designed to monitor the holding periods.
(FINRA Case #2011029635101)
If you were a client of Summit Brokerage Services, Inc. of Boca Raton, Florida, and you purchased nontraditional ETF’s at the recommendation of your broker without knowing the risks associated with this product and experienced financial losses, call the Pompano Beach, Florida-based Soreide Law Group for a consultation regarding possible recovery of your losses at: 88-760-6552. We represent clients nationwide before FINRA.
Summit Brokerage Services sold many clients NVAX Novavax which just declined 80% on 9/16/2016.
Soreide Law Group is also investigating investments made in the following "Alternative Investment Offerings" made by Summit Brokerage Services or other brokers as they may have declined significantly in value:

1. ARC-Retail Centers of America
2. Cole Credit Property Trust IV
3. New York Recovery Reit, Inc.
4. Franklin Square Investment Corporation II
5. FS Energy & Power Fund
6. ARC Healthcare Trust
7. CNL Global Growth Trust
8. CNL Global Income Trust
9. Wells Core Office Income REIT
10. Cole Corporate Income Trust
11. Dividend Capital Industrial Income Trust
12. KBS REIT III
13. KBS Legacy Apartment REIT
14. Resource Real Estate Opportunity Reit, Inc.
15. Carey Watermark Investors
16. United Development Funding IV
17. Walton US Land Fund 3
18. Walton Center Creek
19. U.S. Energy Genesis Drilling Program
20. ATEL 15, LLC
21. ICON ECI Fund Fifteen, LP
22. Campbell Fund Trust A
23. Campbell Fund Trust B
24. Grant Park Global Alternative Markets 3
25. Superfund Green LP A
26. Superfund Green LP B
27. Superfund Gold LP A
28. Superfund Gold LP B
29. American Realty Capital – Retail Centers of America, Inc.;
30. American Realty Capital Healthcare Trust III, Inc.;
31. American Realty Capital Global Trust II, Inc.; and
32. Realty Finance Trust, Inc.

Update 9/19/2016

The Florida-based, Soreide Law Group, obtained following information on FINRA’s website under, “Disciplinary and Other FINRA Actions, September, 2016”:
Summit Brokerage Services, Inc. (CRD #34643, Boca Raton, Florida)
was censured, fined $75,000 and required to pay $83,757.49, plus interest, in restitution to their clients.
Summit Brokerage Services paid full restitution, plus statutorily calculated interest, and provided proof of payment to FINRA.
Without admitting or denying FINRA’s findings, Summit Brokerage Services consented to the sanctions and to the entry of findings that it allegedly failed to identify and apply sales charge discounts to certain clients’ eligible purchases of Unit Investment Trusts (UITs), resulting in clients paying excessive sales charges of approximately $62,236.26.
FINRA’s findings stated that Summit Brokerage Services failed to establish, maintain, and enforce a supervisory system and WSPs reasonably designed to ensure clients received sales charge discounts on all eligible UIT purchases. FINRA stated that the firm’s WSPs did not contain any provisions specific to UIT discounts.
(FINRA Case #2014041840301)
If you were a client of the Boca Raton, Florida-based, Summit Brokerage Services, and experienced investment losses due to their actions or recommendations, contact the Pompano Beach, Florida-based Soreide Law Group and speak to an attorney regarding the possibility of recovering your financial losses at: 888-760-6552.
Soreide Law Group represents our clients nationwide, and operates on a contingency fee.