Summit Brokerage Services, Inc. Censured

(FINRA Case #2016050260001) Summit Brokerage Services, Inc. (CRD #34643, Boca Raton, Florida) – An AWC (Accept, Waiver & Consent) was issued in which the firm was censured and required to provide FINRA with a remediation plan to remediate eligible customers who qualified for, but did not receive, an applicable mutual fund sales-charge waiver. As part of this settlement, the firm agreed to pay restitution to eligible customers, which is estimated to total approximately $356,915 (the amount eligible customers were overcharged, inclusive of interest). The firm will also ensure that retirement and charitable waivers are appropriately applied to all future transactions. Continue reading

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