REIT Complaints Persist Against Ex-Summit Broker Richard Brown

Financial Industry Regulatory Authority (FINRA) records indicate that Florida-based Cetera Advisor Networks broker Richard Brown has received several resolved or pending customer disputes. MDF Law encourages investors who have complaints regarding Mr. Brown (CRD# 1595628) to contact us at 800-767-8040.

Multiple Customer Complaints over REITs

According to his BrokerCheck report[1], he has received five customer complaints, one pending customer complaint, and three customer complaints that were closed with no action taken.

In 2021 In 2019 a customer alleged Richard Brown, while employed at Summit Brokerage Services, recommended unsuitable real estate investments. The customer is seeking $100,000 in damages in the pending complaint.

In 2019 a customer alleged Richard Brown, while employed at Summit Brokerage Services, recommended unsuitable investments in a variable annuity and real estate investment trusts[2]. The complaint settled for $14,000.

In 2017 a customer alleged Richard Brown, while employed at Summit Brokerage Services, recommended unsuitable variable annuity and real estate investments. The complaint settled in 2018 for $9,500.

In 2017 a customer alleged that while registered with Summit Brokerage Services, he made unsuitable recommendations to invest in real estate securities. The customer sought unspecified damages in the complaint, which was closed with no action taken.

In 2014 a customer alleged that while registered with Summit Brokerage Services, he breached his fiduciary duty, acted negligently, breached contract, committed fraud, and made misrepresentations of material facts regarding REIT and variable annuity investments. The complaint settled for $25,000.

In 2009 a customer alleged that while associated with Summit Brokerage Services, he unsuitably over-concentrated the account in REITs and variable annuity products. The customer sought unspecified damages in the complaint, which was closed with no action taken.

In 1999 a customer alleged that while registered with Raymond James & Associates, he acted negligently, committed common law fraud, and engaged in unsuitable trading of her accounts. The complaint settled for $32,500.

In 2000 a customer alleged that while registered with Raymond James & Associates, he recommended unsuitable over-the-counter equity products. The customer sought $100,000 in damages in the complaint, which was closed with no action taken.

In 1999 a customer alleged that while registered with Raymond James & Associates, he violated federal securities laws, acted negligently, and engaged in common law fraud in connection to investments in listed equity products. The complaint settled for $100,000.

Brown Currently Registered with Cetera Advisors

Richard Brown is currently registered with Cetera Advisors.  He has spent 33 years in the securities industry and has been registered with Cetera Advisor Networks in Fort Myers, Florida since 2019. His previous registrations include Summit Brokerage Services in Fort Myers, Florida (2003-2019); McDonald Investments in Cleveland, Ohio (1999-2003); and Raymond James & Associates in St. Petersburg, Florida (1988-1998). He has passed four securities industry examinations: Series 63 (Uniform Securities Agent State Law Examination), received on December 22, 1988; SIE (Securities Industry Essentials Examination), received on October 1, 2018; Series 7 (General Securities Representative Examination), received on October 15, 1988; and Series 24 (General Securities Principal Examination), received on May 25, 2004. He currently holds securities licenses in 25 states.