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Did Summit Equities, Inc. Cause You Investment Losses?

Summit Equities, Inc. submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which it was fined $325,000 for failing to properly supervise its registered representatives’ recommendations and sales of multi-share-class variable annuities. Registered with FINRA since 1982, with headquarters in Parsippany, New Jersey, Summit Equities has approximately 132 registered representatives.  According to FINRA, during the relevant time period, Summit Equities sold 1,037 individual variable annuity contracts to its customers.  FINRA found that approximately 45% of those contracts were L-share contracts.  FINRA also found that Summit Equities did not provide its registered representatives with proper training and guidance on suitability considerations for these variable annuities, which provide a shorter surrender period than B-share contracts, but have a higher fee in exchange for increased liquidity.   Summit Equities, without admitting or denying the FINRA findings, was censured and assessed a $325,000 fine. 

Do You Need A Securities Attorney For Variable Annuities Investment Disputes?

New Jersey has hundreds of stock brokerage firms and investment advisory offices.  With so many stock brokerage firms and investment advisory offices, comes the potential for their stockbrokers, financial advisors, and other representatives to make unsuitable recommendations and  misrepresent and/or  mislead investors about the risks of owning variable annuities, their features including surrender fees before investing in Variable Annuities and engage in all kinds of stockbroker misconduct which violates Federal and New Jersey securities laws and Financial Industry Regulatory Authority (FINRA) rules and stock brokerage firms policies and procedures. 

Experienced Lawyers With Claims by Investors Who Purchased Variable Annuities In FINRA Arbitrations Throughout New Jersey and Nationwide.

Are you a New Jersey investor who has suffered significant losses in your stock brokerage and investment accounts?  Did your New Jersey stockbroker or investment advisor misrepresent or mislead you about a Variable Annuity investment or make an unsuitable recommendation that you invest in a Variable Annuity or otherwise mismanage your investment account? If so, you need representation by an experienced, highly-rated and nationally recognized FINRA securities arbitration lawyer — an attorney who understands these highly complex and risky Variable Annuity investments.

You will also need an experienced lawyer who knows FINRA rules and procedures inside and out and how to handle these FINRA arbitration cases and other complex legal issues.  By hiring a top rated and highly successful attorney like Robert Wayne Pearce with over 40 years of experience with variable annuities by practicing securities law on both sides of the table in FINRA arbitration proceedings, you will clearly see that Attorney Pearce doesn’t just handle cases—he aggressively represents investors and is one of the best attorneys to recover your Variable Annuity investment losses and all types of stockbroker misconduct in FINRA arbitration proceedings!

At The Law Offices of Robert Wayne Pearce, P.A., we represent investors in all kinds of Variable Annuities and securities law and investment disputes in FINRA arbitration and mediation proceedings. We handle a wide range of practice areas such as fraud and misrepresentation, breach of fiduciary duty, failure to supervise, and unsuitable recommendations of Index Annuities.  Attorney Pearce and his staff represent investors throughout New Jersey, and across the United States on a CONTINGENCY FEE basis, which means you pay nothing – NO FEES-NO COSTS – unless we put money in your pocket after receiving a settlement or FINRA arbitration award.

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Free Initial Consultation With An Experienced Variable Annuities Investment Attorney Serving New Jersey Residents In FINRA Arbitration Proceedings

The Law Offices of Robert Wayne Pearce, P.A.  are highly experienced attorneys who successfully handle Variable Annuities cases and other securities law matters and investment disputes in FINRA arbitration proceedings, and who work tirelessly to secure the best possible result for you and your case.  For dedicated representation by a lawyer with over 40 years of experience and success representing investors who were sold Variable Annuities and all kinds of securities and investments serving New Jersey citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889 or via e-mail. 

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Robert Pearce

Robert Wayne Pearce of The Law Offices of Robert Wayne Pearce, P.A. has been a trial attorney for more than 40 years and has helped recover over $125 million dollars for his clients. During that time, he developed a well-respected and highly accomplished legal career representing investors and brokers in disputes with one another and the government and industry regulators. To speak with Attorney Pearce, call (800) 732-2889 or Contact Us online for a FREE INITIAL CONSULTATION with Attorney Pearce about your case.

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