Firm Sanctioned for Failing to Reasonably Supervise Recommended Securities Transactions and Use of Consolidated Reports
WASHINGTON—FINRA announced today that it has sanctioned Summit Brokerage Services, Inc. (Summit) a total amount exceeding $880,000 for supervisory failures, including approximately $558,000 in restitution to customers whose accounts were excessively traded by a former registered representative of the firm who was previously barred by FINRA.
