Investigation of Summit Brokerage Services, Inc. financial advisor Ronald Clark
Posted on Monday, April 9th, 2018 at 11:12 am
There are options for customers of Summit Brokerage Services, Inc. financial advisor Ronald Clark (CRD# 1086724). Clark has been registered with Summit Brokerage Services, Inc. in Tampa, Florida since 2009.
In August 2011, FINRA sanctioned Clark to $5,000 in civil and administrative penalties and fines and suspended him for 15 days after it was found that he participated in a private securities transaction, not for selling compensation, involving the purchase of approximately $88,000 worth of equity securities by customers and failed to provide written notice to Summit Brokerage Services, Inc. prior to his participation in the securities transaction.
Back in November 1996, the Illinois Securities Department accessed Clark a $500 fee and sanctioned him to pay restitution to an investor in the amount of $73,045 after it was found that he sold unregistered promissory notes or investment contracts issued by Direct Participation Services, inc. D/b/a Government Financial to Illinois.
Clark has been the subject of 12 customer complaints between 2001 and 2017, three of which were denied and one was closed without action, according to his CRD report. Recent complaints include:
December 2017. “Clients allege: fraud while at pro_equities:, mismanagement of account since initial opening 2007 claimants allege unsuitability, overconcentration and misrepresentation concerning their investments in real estate investment trusts (“REITS”).” The customer is seeking $450,000 in damages and the case is currently pending.
April 2017. “Client alleges rep did not use mutual fund breakpoints from July 2014 to August 2016. Alleged loss in Oil & Gas company.” The customer is seeking $500,000 in damages and the case is currently pending.
November 2014. “Claimants allege that respondents ignored their needs and risk tolerance by recommending that their monies be invested in unsuitable, high risk reits, emerging market debt funds and expensive life insurance products. As a result, claimants state that they have suffered great loss.” The customer sought $200,000 in damages and the case was settled for $13,000.
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 Clark’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.