Summit Brokerage Services has faced serious allegations including unauthorized trading, churning, and breach of fiduciary duty. These complaints reflect deeper concerns about the firm’s compliance history and its treatment of clients. This article outlines the regulatory issues and client complaints involving Summit, helping investors understand their rights and potential paths for recovery.
If you or someone you know has suffered significant investment losses working with Summit Brokerage Services or another brokerage firm, don’t hesitate to reach out to Meyer Wilson Werning today. Our attorneys are experienced in securities fraud cases and will help to guide you through the process with a free consultation to determine whether your losses are the result of actionable misconduct.


History and Background of Summit Brokerage Services
Key Details About the Firm
Founded in 1993 and based in Boca Raton, Florida, Summit Brokerage Services, Inc. (CRD#: 34643) has employed approximately 380 representatives and reported $88 million in revenue in 2013. Summit was affiliated with Cetera Investment Services LLC and J.P. Turner & Company.
Despite its size and reach, Summit has accumulated a concerning regulatory record:
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16 regulatory events and 5 customer arbitrations reported as of 2025
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A $500,000 fine issued for failing to maintain adequate supervisory procedures
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Additional scrutiny for delayed reporting of client complaints and supervision failures
This record raises red flags for investors who trusted the firm to manage their assets responsibly.
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Allegations of Misconduct and Breaches of Duty
Common Types of Allegations Against Summit
Investor complaints and regulatory records point to several serious types of misconduct:
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Unsuitable investment advice: Recommending strategies or products that do not align with client goals or risk tolerance
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Breach of contract: Failing to adhere to obligations under a legally binding agreement
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Securities fraud: Deceptive practices that violate industry regulations
These practices not only jeopardize investor portfolios but also indicate potential ethical failings within the firm’s advisory culture.
Regulatory Failures and Supervision Lapses
Summit Brokerage Services entered into an Acceptance, Waiver, and Consent (AWC) agreement with the NASD, admitting to supervisory failures that exposed clients to further risk. The $500,000 fine addressed two primary violations:
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Inadequate supervisory procedures: Lack of oversight allowed problematic behavior to go unchecked
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Delayed complaint reporting: Client complaints were not reported in a timely manner, compounding investor harm
These findings suggest systemic compliance issues that may have affected a wide range of clients.
Client Experiences and Financial Losses

Many former clients of Summit have described troubling experiences, including being ignored after raising concerns and discovering unauthorized trades only after damage had been done. Complaints frequently mention:
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Trades made without consent
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Recommendations that resulted in large losses
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Lack of follow-up or transparency after complaints were filed
These incidents have led to lost savings, increased stress, and diminished trust in financial professionals.
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Legal Support for Summit Brokerage Investors
If you or someone you know has been a victim of losses through Summit Brokerage Services, contact our team at Meyer Wilson Werning today. With over 20 years of experience and $350 million in recovered losses for our clients, we are well-versed in handling cases such as these.
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Frequently Asked Questions
What are the main issues with Summit Brokerage Services?
Main issues include allegations of unauthorized trading, churning, breach of fiduciary duty, and unsuitable investment advice, all of which raise concerns about the firm’s ethical practices.
What regulatory actions have been taken against Summit Brokerage Services?
Summit has faced multiple regulatory actions, including a $500,000 fine for failing to maintain proper supervisory procedures and late reporting of customer complaints, indicating compliance failures.
How can clients recover losses from Summit Brokerage Services?
Clients may pursue arbitration claims through FINRA to recover losses, typically starting by filing a statement of claim outlining their grievances and seeking legal representation to guide them through the process effectively.
Recovering Losses Caused by Investment Misconduct.