• August 22, 2018
• Misrepresentation
• Summit Brokerage Services
• Unsuitability
• Unsuitable

The Wolper Law Firm, P.A. 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, P.A. at 800.931.8452 or by email at mwolper@wolperlawfirm.com to discuss your specific situation and the legal options available.  The Wolper Law Firm, P.A. represents investors nationwide in securities litigation and arbitration.

Matt Wolper, the Managing Principal of the Wolper Law Firm, P.A., 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.