Summit Brokerage Services Financial Advisor, Joel Kamphuis, Has Pending Customer Complaint For Allegedly Recommending Unsuitable Investments
The Wolper Law Firm is currently investigating claims against Joel Kamphuis, a Financial Advisor at Summit Brokerage Services in Fort Lauderdale, FL. Joel Kamphuis has been in the securities industry since 1987 and previously worked at J.P. Turner & Co.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on June 14, 2018, a customer filed a complaint against Joel Kamphuis, alleging unsuitable investment recommendations, negligence and breach of fiduciary duty. The alleged damages are unspecified and the matter remains pending.
James Geake has a history of additional customer complaints, including the following:
- June 2014—“Client alleges, misrepresentation, negligence…” The matter was settled for $45,000.
- June 1999—Client alleged “excessive trading” and “unsuitability.” The matter was settled for $42,500.
In addition, since 2011, Joel Kamphuis has filed 6 financial disclosures for judgments/liens, which may be an indication of financial irresponsibility.
To review a full copy of Joel Kamphuis’s FINRA disclosure report, click https://brokercheck.finra.org/individual/summary/1730775#disclosuresSection
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Trading long-term investment vehicles in short duration is per se improper as it presents very little benefit to the customer and only benefits the Financial Advisor, who earns commissions. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.
If you or someone you know was a customer of Joel Kamphuis and you experienced investment losses, please contact the Wolper Law Firm at 800.931.8452 or by email at firstname.lastname@example.org to discuss your specific situation and the legal options available. The Wolper Law Firm represents investors nationwide in securities litigation and arbitration.
Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters.
- Recovery Options For Investors Who Suffered Losses In Auto-Callable Structured Notes
- Pruco Securities Financial Advisor, Christopher Shaw, Has Three Pending Customer Complaint Disclosures, Alleging Sales Practice Misconduct
- Newbridge Securities Financial Advisor, Kerri Jamison, Has Four Customer Complaint Disclosures, Alleging Sales Practice Misconduct
- The State of Massachusetts Securities Division Has Filed An Enforcement Action Against GPB Capital Holdings, LLC, Alleging, Fraud And Undisclosed Conflicts Of Interest
- Insight Securities Broker, Carlos Legacy, Has Four Pending Customer Complaints, Involving The Sale Of Worthless Securities
- Former BMA Securities Broker, Martin Noonan, Barred By FINRA After Failing To Cooperate In An Investigation Regarding Excessive Trading
- Merrill Lynch Broker, Christopher Roumayeh, Suspended By FINRA For 21 Months For Engaging In Unapproved Outside Business Activities
- Former Aegis Capital And Joseph Stone Capital Broker, Steven Luftschein, Has 17 Disclosed Customer Complaints And A Pending FINRA Enforcement Action
- Pruco Securities Financial Advisor, Christopher Shaw, Has Three Customer Complaints, Allegding Damages Of More Than $1 Million
- FINRA Files Enforcement Action Against Former Maloney Securities Broker, Joseph John Weinrich, For Non-Disclosure Of Items On His CRD And Making False Statements To His Employer