oreide Law Group has filed a FINRA arbitration on behalf of their client (Claimant) against SUMMIT BROKERAGE SERVICES INC (Respondent).
The Claimant resides in Illinois and brings this action to recover losses suffered due to the alleged actions of SUMMIT BROKERAGE SERVICES INC. The lawsuit states that the Claimant sold a business and was looking to invest a little more than one million dollars for his retirement.
The Claimant knew SUMMIT BROKERAGE SERVICES INC, former Financial Advisor, Victor Rigoni, from a local networking group. The lawsuit alleges that the Claimant did not know that Victor Rigoni has, according to FINRA’s BrokerCheck, 15 disclosures on his FINRA Brokercheck CRD report. The lawsuit alleges that Rigoni solicited the Claimant to invest most of his savings in annuities. Allegedly, Victor Rigoni failed to disclose the high commission he was earning for the recommendation or to explain the excessive fees, costs, and penalties associated with the products. The lawsuit alleges that now the Claimant is faced with high penalties to liquidate these unsuitable investments. Victor Rigoni is not named in this lawsuit.
The lawsuit alleges that the Claimant is faced with damages of approximately $99,000 during a time when the financial markets have enjoyed record returns. SUMMIT BROKERAGE SERVICES INC’s alleged actions in this case constitute: negligence, breach of contract, negligent supervision, breach of fiduciary duty, and violations of FINRA rules.
According to FINRA’s BrokerCheck, VICTOR A. RIGONI III (VICTOR RIGONI) CRD#: 4272056, formerly with SUMMIT BROKERAGE SERVICES INC, has 15 disclosures on his CRD report. Five of the disclosures are “Customer Disputes” which date back to 2008. The significance of Rigoni’s FINRA Customer Complaints is underscored in the FINRA NOTICE to MEMBERS 03-49. In 2003, FINRA conducted a review of the CRD’s of all 663,000 registered representatives, only 2,751 (.41%) had been the subject of (3) or more customer complaints. Victor Rigoni’s customer complaints rank him in the top one-hundredth percent of all registered representatives for customer complaints.
Victor Rigoni has been in the securities industry for 19 years and was registered with 4 firms. He is currently registered with the following firm since 9/20/2019:
CETERA ADVISOR NETWORKS LLC
1 WESTMINSTER PLACE SUITE 100N
LAKE FOREST, IL 60045
Rigoni’s previous firms were:
11/09/2010 – 09/20/2019 SUMMIT BROKERAGE SERVICES INC – LAKE FOREST, IL
10/17/2008 – 12/07/2010 CAMBRIDGE INVESTMENT RESEARCH INC – LAKE FOREST, IL
10/10/2000 – 11/03/2008 EDWARD JONES – ANTIOCH, IL
If you’ve suffered losses due to the actions or recommendations of broker/dealer, SUMMIT BROKERAGE SERVICES INC and/or their former financial advisor, Victor Rigoni of Lake Forest, Illinois, contact Soreide Law Group and speak to an experienced securities lawyer regarding the possible recovery of your investment losses through a FINRA arbitration at: 888-760-6552.
Soreide Law Group represents clients nationwide before FINRA on a contingency fee basis—no fee if no recovery.