The Financial Industry Regulatory Authority (“FINRA”) reports troubling allegations of sales practice violations by Summit Brokerage Services broker Victor Rigoni III (CRD#: 4272056, Lake Forest, Illinois). Specifically, BrokerCheck reports that five or more investors contested the sales practices of the stockbroker, who worked for Summit from 2010 to 2019 and who now works for Cetera Advisor Networks. Notably, those clients’ disputes indicate that Rigoni breached a fiduciary duty to his clients among other things. Read on to learn more about the allegations that investors made against him.
Summit Investor Suggests Victor Rigoni Negligently Recommended REITs
The most recent dispute comes from a Summit Brokerage Services client on May 13, 2019 under FINRA Arbitration #: 19-01299. Namely, the client contested Victor Rigoni’s recommendation or sale of a REIT, suggesting that Rigoni was negligent. Allegedly, Rigoni breached a fiduciary duty and engaged in dishonest, deceptive sales practices. It appears that the client sustained $100,000 in losses because of Rigoni and seeks compensation accordingly. Evidently, this matter is ongoing.
Client Suggests Rigoni Misrepresented Variable Annuity, REIT
A Summit Brokerage Services client contested Victor Rigoni’s sales practices through bringing FINRA Arbitration #: 19-01069 on April 23, 2019. Namely, the client contended that Rigoni misrepresented information about variable annuities and REIT products. Supposedly, Rigoni failed to comply with his fiduciary responsibility; he placed his interests ahead of the client’s interests. Not only that, but the client indicated that Summit, through Rigoni’s actions, violated FINRA rules. As a result, Summit Brokerage Services opted to pay this client nearly $14,000 to resolve the matter. Notably, Rigoni personally contributed funds in this October 2019 settlement.
Victor Rigoni Allegedly Breaches Contract, Fiduciary Duty In Real Estate Security Transaction
Evidently, a third client of Summit Brokerage Services disputed Victor Rigoni’s behavior by filing FINRA Arbitration #: 18-03561 on October 26, 2018. First of all, the client alleged that Rigoni breached a contract in connection with the client’s real estate security purchase. Similar to the other Summit client, this client also indicated that Rigoni falsified information about investments and had failed to put the client’s interests first. Also, Rigoni violated unspecified FINRA rules, according to the client. It appears that Summit Brokerage Services settled this matter by paying the client $12,000 on April 23, 2019.
Apparently, one or more investors also alleged that Rigoni gave bad investment advice and had made unsuitable and unauthorized securities trades. Have you experienced losses from Summit Brokerage Services broker Victor Rigoni? If so, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel about a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The law firm has recovered millions of dollars for clients who have suffered losses due to misconduct of brokers and brokerage firms.