Richard Brown Involved In Summit Client Investor Disputes

Soreide Law Group is investigating potential claims on behalf of investors who may have suffered losses due to the actions of Richard Whitfield Brown [CRD: 1595628, Fort Myers, Florida]. Evidently, Brown has a history of employment with Summit Brokerage Services Inc. from May 2, 2003, to September 20, 2019, and more recently with Cetera Advisor Networks LLC since August 22, 2019. Notably, BrokerCheck shows that there are client complaints involving Brown. These complaints include allegations of recommending unsuitable investments leading to significant client damages.

Summit Brokerage Services Investor Accused Brown Of Recommending Unsuitable Investments

Specifically, a client filed a complaint about Richard Brown. Evidently, the client alleged that Brown recommended investments that were unsuitable. Because of this, the client allegedly sustained damages on real estate securities. Therefore, on June 30, 2023, Summit Brokerage Services settled this matter by paying the client $8,000 in damages.

Richard Brown Disclosed Unsuitable Trading Allegations By Summit Brokerage Services Client

Also, a client of Summit Brokerage Services contested Richard Brown’s sales practices by filing FINRA Arbitration: 19-01083. Allegedly, Brown sold the client an annuity and REIT around 2010 that were unsuitable. It appears that Brown caused the client to sustain damages. Therefore, Summit Brokerage Services opted to settle the matter on September 19, 2019, by compensating the client in the amount of $14,000.

Brown Disclosed Investor Allegations About REIT Sales

Particularly, a client of Summit Brokerage Services contested Richard Brown’s sales practices, according to a complaint dated November 14, 2017. Allegedly, Brown sold unsuitable REITs. Therefore, the client sought compensatory relief from Summit Brokerage Services or Brown in the matter. The complaint was closed on November 8, 2018, without a resolution.

Summit Brokerage Services Investor Accused Brown Of Unsuitable Advice

Also, a Summit Brokerage Services client filed FINRA Arbitration: 17-01357 about Richard Brown. Evidently, the client alleged that Brown recommended unsuitable investments. Because of this, the client allegedly sustained damages on products like real estate securities and variable annuities. Therefore, on March 28, 2018, Summit Brokerage Services settled this matter by paying the client $9,500 in damages.

Summit Brokerage Services Investor Accused Richard Brown Of Breach Of Fiduciary Duty

Additionally, a Summit Brokerage Services client filed FINRA Arbitration: 14-00828 about Richard W. Brown. Namely, the investor alleged breach of fiduciary duty, negligence, breach of contract, and misrepresentation regarding REITs and variable annuities. Therefore, on January 9, 2015, Summit Brokerage Services settled this matter by paying the client $25,000 in damages.

Have You Suffered Losses Due To Richard Brown?

Did you experience losses because of Richard Brown? If so, reach out to Soreide Law Group online or at (888) 760-6552 and talk with a securities attorney concerning a potential recovery of your investment losses. Soreide Law Group has recovered losses for investors throughout the United States, works on a contingency fee basis, and advances all costs. Brown and brokerage firms he worked for, including Summit Brokerage Services, deny accusations of sales practice violations.