Soreide Law Group has filed a FINRA arbitration on behalf of their client (Claimant) against, SUMMIT BROKERAGE SERVICES INC. (Respondent).

The Claimant, a retired widower from New York, brings this action to recover losses due to the alleged actions of the Respondent. SUMMIT BROKERAGE SERVICES INC’s former financial advisor, Christopher Jorgensen, was the Claimant’s financial advisor. The lawsuit alleges that Jorgensen made unauthorized purchases in the Claimant’s account causing the Claimant to miss out on record market returns.

Christopher Jorgensen has since been barred by FINRA. The lawsuit alleges SUMMIT BROKERAGE SERVICES INC failed to supervise their financial advisor, Christopher Jorgensen, to prevent his alleged mishandling of the Claimant’s portfolio. Christopher Jorgensen has not been named in this lawsuit.

The lawsuit alleges that due to SUMMIT BROKERAGE SERVICES INC, the Claimant has suffered losses of approximately $90,000. The Respondent’s actions, the lawsuit alleges in this case, constitute breach of contract, negligence, failure to supervise, breach of fiduciary duty, and violations of FINRA rules.

Allegedly, Christopher Jorgensen, recommended high-risk products to the Claimant such as Linn Energy (LINE), Ampio Pharmaceuticals (AMPE) and Cliffs Natural Resources (CLF). Soreide Law Group has filed several lawsuits against broker/dealers who sold these high-risk products to their clients. Many of our clients made their broker/dealers aware they were retirees with a low-risk portfolios and could not afford to risk their irreplaceable retirement funds.

According to FINRA’s BrokerCheck, CHRISTOPHER STEPHEN JORGENSEN (CRD#: 1919475) has 8 Disclosures on his FINRA report.  Of the 8 Disclosures, 4 are Customer Disputes, all settled in favor of the clients.  Some of the allegations listed in the Customer Disputes were:  unauthorized trading, excessive commissions, and unsuitable investments. Jorgensen was barred by FINRA from acting as a broker or otherwise associating with a broker/dealer firm on May 26, 2017.

Christoper Jorgensen had been in the securities industry for 28 years and was listed with 6 firms.  The most recent are listed below:

01/23/2012 – 04/28/2017  SUMMIT BROKERAGE SERVICES INC – Setauket, NY

02/15/2008 – 01/25/2012  RAYMOND JAMES FINANCIAL SERVICES, INC. – SMITHTOWN, NY

If you’ve also suffered losses due to the actions or recommendations of SUMMIT BROKERAGE SERVICES INC and/or their former financial advisor Christopher Jorgensen, contact Soreide Law Group and speak to an experienced securities lawyer at no cost regarding the possible recovery of your investment losses through a FINRA arbitration at:  888-760-6552.

Soreide Law Group represents our clients nationally before FINRA on a contingency fee basis–no fee if no recovery.