Investment Loss Options for Clients of Former Summit Brokerage Services, Inc. Broker Bruce Ciallella
Posted on Wednesday, November 18th, 2020 at 9:14 pm
Were you the victim of former Summit Brokerage Services, Inc. broker Bruce Ciallella (CRD# 719050)? Ciallella has been registered with Cabot Lodge Securities LLC in Boca Raton, Florida since 2019. Previously, Ciallella was registered with IFS Securities in Atlanta, Georgia from 2017 to 2019. Previously, Ciallella was registered with Summit Brokerage Services, Inc. in Boca Raton, Florida from 2005 to 2017.
Ciallella has been the subject of seven customer complaints between 1986 and 2019, one of which was denied. according to his CRD report. The most recent complaint was regarding:
November 2019. “From 2015 to 2018 the client alleges self-dealing and fraud, excessive trading, unsuitable investments, concentrated stock positions, failure to properly manage account, unauthorized trading, breach of fiduciary duty, misrepresentation and omissions, violation of the Florida securities and investor protection act.” The customer is seeking $300,670.64 in damages and the case is currently pending. The complaint took place while Ciallella was registered with Summit Brokerage Services and was regarding common and preferred stocks, junk bonds, and other low-priced securities.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Summit Brokerage Services, Inc. may be liable for investment or other losses suffered by Ciallella’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If and have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.