Securities Arbitration Lawyer Blog
The Financial Industry Regulatory Authority (“FINRA”) has suspended stockbroker Victor A. Rigoni, III from the securities industry for three months. FINRA accepted an Offer of Settlement submitted by Mr. Rigoni after FINRA’s Department of Enforcement filed a disciplinary complaint against Mr. Rigoni in August 2020. The complaint alleged that from August 2012 through March 2019, Mr. Rigoni willfully failed to timely amend his Uniform Application for Securities Industry Registration or Transfer (Form U4) to disclose six unsatisfied federal and state tax liens totaling $164,521. On average, Mr. Rigoni disclosed his tax liens almost three-and-a-half years late. Mr. Rigoni also never disclosed a state tax lien of $11,304.
Mr. Rigoni has been associated with the following broker-dealers:
- Cetera Advisor Networks LLC in Lake Forest, Illinois, from September 2019 to August 2020.
- Summit Brokerage Services, Inc. in Lake Forest, Illinois, from November 2010 to September 2019.
- Cambridge Investment Research, Inc. in Lake Forest, Illinois, from October 2008 to December 2010.
- Edward Jones in Antioch, Illinois, from October 2000 to November 2008.
According to this public disclosure report with FINRA, Cetera Advisor Networks, LLC allowed Mr. Rigoni to “voluntarily resign” after Mr. Rigoni was named a Respondent in the FINRA complaint alleging that he willfully failed to timely amend his Form U4 to disclose unsatisfied federal and state tax liens.
Mr. Rigoni has also been associated with the following entities: NSCG Insurance Solutions, LLC; Retirement Zone Radio; North Shore Capital Group; and Retirement Life Pro.
As discussed more fully below, Mr. Rigoni has also been the subject of numerous customer disputes that have resulted in monetary settlements to customers.
If you have suffered financial losses investing with Rigoni or suspect that Mr. Rigoni did not have your best interest in mind when recommending an investment, account transactions, or annuities, contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential review of your account or annuity contract.
Iorio Altamirano LLP represents investors that have disputes with their financial advisors or brokerage firms, such as Cetera Advisor Networks LLC and Summit Brokerage Services, Inc.
Financial Advisor Victor A. Rigoni III (CRD No. 4272056)
Mr. Rigoni has 19 years of experience in the securities industry and has been associated with four different brokerage firms.
According to his BrokerCheck report, Mr. Rigoni has been the subject of five customer complaints concerning investment recommendations that he made related to variable annuities, real estate investment trusts (“REITs”), and Exchange Traded-Funds (“ETFs”):
- Customer Dispute (November 2019): In November 2019, a customer filed a securities arbitration complaint seeking $99,000 in damages and alleging that Mr. Rigoni and Summit Brokerage Services made an unsuitable recommendation related to a variable annuity contract. The customer also alleged that Summit Brokerage Services breached its contract with the client. The dispute was settled for $18,000.
- Customer Dispute (May 2019): In November 2019, a customer filed a securities arbitration complaint that alleged $100,000 in damages arising out of a REIT The customer alleged breach of fiduciary duty, common law fraud, and negligence. Summit Brokerage Services settled the matter for $25,000.
- Customer Dispute (April 2019): In April 2019, a customer filed a securities arbitration complaint that alleged $100,00 in damages arising out of recommendations to invest in a REIT and variable annuity. The customer alleged breach of contract, fraud, misrepresentation, breach of fiduciary duty, and violation of FINRA rules. Summit Brokerage Services and Mr. Rigoni settled the matter for $13,999.
- Customer Dispute (October 2018): In October 2018, a customer filed a securities arbitration complaint that alleged $125,000 in damages arising out of a recommendation to invest in a real estate security. The customer alleged breach of contract, fraud, misrepresentation, breach of fiduciary duty, and violation of FINRA rules. Summit Brokerage Services settled the matter for $12,000.
- Customer Dispute (November 2010): In November 2010, a customer submitted a written complaint to Cambridge Investment Research, Inc., alleging $80,000 in damages. The customer alleged that (1) prior to transferring the investment account from Cambridge Investment Research, Inc. to Summit Brokerage Services, Inc., Mr. Rigoni liquidated holdings in the account for the purpose of generating new commissions at Summit Brokerage Services, Inc.; (2) Mr. Rigoni generated excessive commission; (3) investment were not suitable; and (4) Mr. Rigoni engaged in unauthorized trading; and (5) Mr. Rigoni made poor recommendations. Cambridge Investment Research, Inc. and Mr. Rigoni settled the dispute for $63,742.
Cetera Advisor Networks, LLC and Summit Brokerage Services, Inc. – Supervisory Duties
Brokerage firms like Cetera Advisor Networks, LLC and Summit Brokerage Services, Inc. must properly supervise financial advisors and customer accounts. Brokerage firms must also establish and maintain a reasonably designed system to oversee account activity to ensure compliance with securities laws and industry regulations. When a brokerage firm fails to sufficiently supervise its financial advisors or the investment account activity, it may be liable for investment losses sustained by customers.
How to Recover Financial Losses or Obtain a Free Consultation
Securities arbitration is a unique and complex practice area. Investors should seek out experienced counsel who understands the FINRA forum and can navigate the arbitration process to effectively advocate on their behalf.
If you or a loved one were a customer of Victor Rigoni and either sustained financial losses or suspect inappropriate activity in your investment or retirement accounts, contact New York securities arbitration attorney August Iorio of Iorio Altamirano LLP. August Iorio can be reached at august@ia-law.com or toll-free at (855) 430-4010 for a free and confidential evaluation of your account.
Iorio Altamirano LLP is a securities arbitration law firm based in New York, NY. Iorio Altamirano LLP pursues FINRA arbitration claims nationwide on behalf of investors to recover financial losses arising out of wrongful conduct by stockbrokers and brokerage firms.