Former Summit Brokerage Services, Inc. broker Richard Brown (CRD# 1595628) is accused of real estate investment losses. He has been registered with Cetera Advisor Networks LLC in Fort Myers, Florida, since 2019. Previously, he was registered with Summit Brokerage Services, Inc. in Fort Myers, Florida, from 2003 to 2019.
Richard Brown Customer Complaints
He has been the subject of 11 customer complaints between 1999 and 2023, three of which were closed without action and one was withdrawn, according to his CRD report. The most recent complaints are regarding:
November 2023. “Claimant alleges they were invested in unsuitable investments and made excessive annuity sales.” The customer is seeking $368,803 in damages, and the case is currently pending.
August 2021. “Claimants allege that registered representative recommended unsuitable investments.” The customer sought $100,000 in damages, and the case was settled for $8,000. The complaint was regarding real estate securities losses, and it took place while he was registered with Summit Brokerage Services, Inc.
April 2019. “Claimants state that rep around 2010 sold client an annuity and REITS that were unsuitable.” The customer sought $99,000 in damages, and the case was settled for $14,000. The complaint was regarding variable annuities and real estate securities losses, and it took place while he was registered with Summit Brokerage Services, Inc.
May 2017. “Unsuitable investments.” The customer sought $65,000 in damages, and the case was settled for $9,500. The complaint was regarding variable annuities and real estate investment trusts (REITs), and it took place while he was registered with Summit Brokerage Services, Inc.
March 2014. “Breach of fiduciary duty, negligence, breach of contract, fraud, misrepresentation damage amount requested.” The customer sought $750,000 in damages, and the case was settled for $25,000. The complaint was regarding variable annuities and real estate securities losses, and it took place while he was registered with Summit Brokerage Services, Inc.
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 Richard Brown’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you 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.
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