Advisor Alert: Our Attorneys Are Investigating Richard Whitfield Brown For Investment Fraud
Did You Lose Money Because of Richard Brown?
Filed: January 30, 2024
Richard Brown currently has one (1) pending customer complaint. Overall, he has been the subject of eleven (11) customer complaints. As an investor, you may be entitled to compensation for losses accrued due to mismanagement of your investments.
Let’s begin our Patil Law Advisor Alert with a summary report on Richard Whitfield Brown.
Who Is Richard Whitfield Brown of Cetera Advisor Networks LLC?
- Advisor Name: Richard Whitfield Brown
- Aliases: Richard Brown
- CRD: 1595628
- Location: Fort Myers, Florida
- Current Employer: Cetera Advisor Networks LLC
- Previous Firms: Summit Brokerage Services Inc., Mcdonalds Investments Inc., and Raymond James & Associates, Inc.
- Number of Known Customer Complaints: 11
- Can Richard Brown Be Sued: Yes, in Private Arbitration
- Can Richard Brown’s Employers Be Sued For Failing to Supervise Actions: Yes, in Private Arbitration
- Highest Damages Allegation: $750,000
- Highest Settlement: $100,000
If you have suffered investment losses by Richard Brown, we strongly encourage you to exercise your rights to experienced legal representation. Recover what is owed to you by retaining a breach of fiduciary duty lawyer. Reach out to the legal team at Patil Law, P.C. via the secure online form or call the firm directly toll-free at 1-800-950-6553.
Customer Complaints Filed Against Richard Brown For Broker Misconduct
As of this publication date, Richard Brown has been the subject of 11 customer disputes. Let’s review them below.
In November 2023, a complaint was filed against or in reference to Richard Brown by a customer of Summit Brokerage Services Inc. alleging that they were invested in unsuitable investments and made excessive annuity sales. Per the customer, he/she lost over $368,803 because of Mr. Brown’s actions. As of this publication date, this claim remains pending.
In August 2021, a complaint was filed against or in reference to Richard Brown by multiple customers of Summit Brokerage Services Inc. alleging that Mr. Brown recommended unsuitable investments. Per the customers, they lost over $100,000 because of Mr. Brown’s actions. On June 30, 2023, Mr. Brown settled the claim for $8,000, and some or all of this amount may have been paid by Mr. Brown’s employer and/or insurance carrier.
In April 2019, a FINRA arbitration was filed against or in reference to Richard Brown by multiple customers of Summit Brokerage Services Inc. alleging that Mr. Brown sold clients an annuity and REITS that were unsuitable around 2010. Per the customers, they lost over $99,000 because of Mr. Brown’s actions. On September 19, 2019, Mr. Brown settled the claim for $14,000, and some or all of this amount may have been paid by Mr. Brown’s employer and/or insurance carrier.
In November 2017, a complaint was filed against or in reference to Richard Brown by a customer of Summit Brokerage Services Inc. alleging unsuitable Investments.
In May 2017, a FINRA arbitration was filed against or in reference to Richard Brown by a customer of Summit Brokerage Services Inc. alleging unsuitable investments. Per the customer, he/she lost over $65,000 because of Mr. Brown’s actions. On March 28, 2018, Mr. Brown settled the claim for $9,500.
In March 2014, a FINRA arbitration was filed against or in reference to Richard Brown by a customer of Summit Brokerage Services Inc. alleging breach of fiduciary duty, negligence, breach of contract, fraud, misrepresentation. Per the customer, he/she lost over $750,000 because of Mr. Brown’s actions. On January 9, 2015, Mr. Brown settled the claim for $25,000.
In July 2013, a complaint was filed against or in reference to Richard Brown by a customer of Summit Brokerage Services Inc. alleging suitability. Per the customer, he/she lost over $107,800 because of Mr. Brown’s actions.
In September 2009, a complaint was filed against or in reference to Richard Brown by a customer of Summit Brokerage Services Inc. alleging unsuitability.
In February 2000, a complaint was filed against or in reference to Richard Brown by multiple customers of Raymond James alleging unsuitable investments. Per the customers, they lost over $100,000 because of Mr. Brown’s actions.
In July 1999, a complaint was filed against or in reference to Richard Brown by a customer of Raymond James & Associates, Inc. alleging violation of chapter 517 Florida statutes, negligence, and common law fraud. A violation of federal securities laws. claimant alleges her “good quality” investments were liquidated and her accounts were traded activity and unsuitably. Per the customer, she lost over $100,000 because of Mr. Brown’s actions. On March 22, 2000, Mr. Brown settled the claim for $32,500, and some or all of this amount may have been paid by Mr. Brown’s employer and/or insurance carrier.
In February 1999, a NASD arbitration was filed against or in reference to Richard Brown by a customer of Raymond James & Associates, Inc. alleging violation of chapter 517, negligence, common law fraud, rico, and violation of federal securities laws. On June 24, 1999, Mr. Brown settled the claim for $100,000, and some or all of this amount may have been paid by Mr. Brown’s employer and/or insurance carrier.
How To File A Claim Against Richard Brown of Cetera Advisor Networks LLC (previously with Summit Brokerage Services Inc., Mcdonalds Investments Inc., and Raymond James & Associates, Inc.) To Get Your Money Back
If you have questions about Richard Brown, Cetera Advisor Networks LLC, Summit Brokerage Services Inc., Mcdonalds Investments Inc., Raymond James & Associates, Inc., or the management or performance of your accounts, please contact Attorney Patil for a free initial consultation via email or toll-free at 1-800-950-6553.