• January 13, 2019
• Summit Brokerage Services

The Wolper Law Firm, P.A. is currently investigating claims against Victor Rigoni III, a Financial Adviser at Summit Brokerage Services in Lake Forrest, Illinois.  Victor Rigoni III has been in the securities industry since 2000 and previously worked at Cambridge Investment Research.   

According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), Victor Rigoni III is currently the subject of a customer complaint in which the customer alleges “breach of contract, fraud, misrepresentation, breach of fiduciary duty and violation of FINRA rules.”  The alleged damages are $125,000 and the matter remains pending. 

Victor Rigoni III has had two other customer complaints filed against him during his career:

• September 2010:  CLIENTS ALLEGE: 1) PRIOR TO TRANSFER TO NEW FIRM, RR LIQUIDATED HOLDINGS WITH THE PURPOSE OF GENERATING NEW COMMISSIONS WITH NEW FIRM, 2) RR GENERATED EXCESSIVE COMMISSIONS, 3) INVESTMENTS WERE NOT SUITABLE, 4) RR ENGAGED IN UMAUTHORIZED TRADING, AND 5) RR MADE POOR RECOMMENDATIONS.  The matter was settled for $63,742.
• February 2008—”THE CLIENT STATES THAT ON 4/17/07 A CHECK IN THE AMOUNT OF $258,000 WAS GIVEN TO THE FA FOR DEPOSIT. THE CLIENT CLAIMS ON 4/23/07, ACCORDING TO STATEMENTS, MUTUAL FUNDS IN THE AMOUNT OF $257,000 WERE PURCHASED IN THE ACCOUNT AND ON 4/27/07 THE FUNDS WERE SOLD AT A LOSS OF $6,183. THE CLIENT CLAIMS THE FA CONTACTED HER AFTER THE FACT AND LIQUIDATED THE POSITION AND WAS GOING TO PUT THE MONEY INTO MONEY MARKET. THE CLIENT STATES THAT THE LOSSES WERE DUE TO INAPPROPRIATE TRADING AND IS DEMANDING THE RETURN OF LOST FUNDS. CLAIMED LOSSES EXCEED $5,000.” 

In addition to the customer complaints, Victor Rigoni III has six reported tax liens reflected on his CRD, which may be an indication of financial irresponsibility. 

For a full copy of Victor Rigoni III’s CRD and disclosure history, click https://brokercheck.finra.org/individual/summary/4272056#disclosuresSection.

Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. 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.  

The Wolper Law Firm, P.A. is interested in speaking with clients of Victor Rigoni III as part of its investigation.  We can be reached at 800.931.8452 or by email at mwolper@wolperlawfirm.com.  The Wolper Law Firm, P.A. represents investors nationwide in securities litigation and arbitration on a contingency fee basis.  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.