Richard Brown Involved In Summit Investor Disputes

Soreide Law Group is investigating potential investor claims of sales practice violations possibly committed by securities broker Richard W. Brown [CRD: 1595628, Fort Myers, Florida], according to disclosures on Financial Industry Regulatory Authority (FINRA) BrokerCheck. Evidently, Brown worked for Summit Brokerage Services from May 2, 2003, to September 20, 2019. Continue reading to learn more about the specific allegations against this broker.

Summit Brokerage Client Alleged Excessive Annuity, Mutual Fund Sales

Specifically, on November 22, 2023, a Summit Brokerage Services Inc. client filed FINRA Arbitration No. 23-03284 about Richard Brown. Supposedly, Brown recommended unsuitable investments and made excessive sales of mutual funds, variable annuities, and real estate securities. Because of this, the client requested $368,803 in compensation from Summit Brokerage Services Inc. or Brown. Evidently, this arbitration is pending a resolution.

Client Alleged Unsuitable Real Estate Securities Transactions By Richard Brown

A client of Summit Brokerage Services Inc. contested Richard Brown’s sales practices by filing a written complaint. Allegedly, Brown recommended unsuitable real estate securities. It appears that Brown allegedly caused the client to sustain damages on real estate securities. Therefore, Summit Brokerage Services Inc. opted to settle the matter on June 30, 2023, by compensating the client in the amount of $8,000.

Cetera Advisor Networks LLC Investor Accused Brown Of Unsuitable Recommendations

Evidently, a Cetera Advisor Networks LLC client filed FINRA Arbitration No. 19-01083 concerning Richard Brown. Supposedly, Brown made unsuitable recommendations. Consequently, on September 19, 2019, Cetera Advisor Networks LLC settled this matter by paying the client $14,000 in damages.

Brown Disclosed Unsuitable Advice Allegations By Summit Brokerage Services Client

Particularly, a client of Summit Brokerage Services contested Richard Whitfield Brown’s sales practices, according to a complaint dated November 14, 2017. Allegedly, Brown made unsuitable investment recommendations. It appears that Brown allegedly caused the client to sustain damages on real estate securities. However, the complaint was closed.

Did You Sustain Losses Because Of Brown?

Did you experience losses due to Richard Brown? If so, get in touch with Soreide Law Group online or at (888) 760-6552 and talk with a securities lawyer concerning a potential recovery of your investment losses. Soreide Law Group has recovered losses for investors across the country, works on a contingency fee basis, and advances all costs. Brown and the brokerage firms he worked for deny any allegations of sales practice violations.