The Financial Industry Regulatory Authority (FINRA) recently barred Clay Hoffman, a former registered broker with Summit Brokerage Services, after he failed to respond to a FINRA investigation against him. FINRA was investigating him for allegedly making unsuitable transactions, unauthorized trading, fraud and making excessive trades (churning). Churning is a particularly egregious transgression because it generates large commissions for the broker at the expense of the client, who can be charged excessive fees. When brokerage firms fail to adequately supervise their representatives who are registered through their firm, they may be liable for investment losses that clients suffer. Please call our Chicago-based law firm today to find out how you may be able to bring a claim against Summit Brokerage Services for Clay Hoffman securities violations. The call to us is free with no obligation. We takes cases on a contingency fee basis only. 312-332-4200.
Mr. Hoffman was registered previously with Edward Jones in Tifton, Georgia from May 2001 until June 2007, Merrill Lynch in Ponte Verde Beach, Florida from June 2007 until October 2007, SunTrust Investment Services in St. Simons, Georgia from October 2007 until April 2013 and Summit Brokerage Services in Brunswick, Georgia from May 2013 until March 2016. He has 14 customer disputes against him and is currently not registered within the industry, according to his FINRA BrokerCheck records.
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