Investigation of Former Destin, FL Broker C. Ronald Patton for Possible Unsuitable Recommendations
The Pensacola, Florida based law firm Levin Papantonio Rafferty is investigating possible claims involving a formerly registered broker C. Ronald Patton (a/k/a Clarence Ronald Patton or Ron Patton), who was previously registered with Alexander Capital, L.P., Cetera Advisor Networks LLC, and Summit Brokerage Services, Inc.
Mr. Patton is no longer a FINRA or SEC registered broker or investment adviser. Investors who suffered losses due to negligent advice, misrepresentations, or unsuitable recommendations may have a right to recover their losses. Levin Papantonio Rafferty handles securities and investment fraud claims on a contingency fee basis, meaning there are no upfront costs and no fees are due unless we first make a recovery for you.
Ron Patton’s FINRA broker and SEC Investment Adviser registration abruptly ended in February 2022. Mr. Patton has been the subject of numerous prior customer disputes or complaints as reported by FINRA’s BrokerCheck system.
Mr. Patton’s record reveals at least five prior customer disputes, some of which were settled or closed with no action. At least one customer dispute asserted damages of $2,400,000. The complaints alleged various claims such as unsuitability, violation of fiduciary obligation, common law fraud, violation of the securities acts, churning, and misrepresentations.
If you suffered losses to Ron Patton’s recommendations at any time since the beginning of 2010, you may have a legal claim and be entitled to recover your investment losses. The S&P 500, for comparison, is up approximately 360% or more from January 2010 to early May 2022, according to DQYDJ’s calculations with dividends reinvested.
In particular, if you were recommended to engage in any options trading, covered calls, naked puts, or any speculative trading strategies, you may have a legal claim to recover any losses you may have experienced. FINRA recently warned in Regulatory Notice 22-08, that “trading in options may pose risks if investors do not have the financial experience to understand options and options trading strategies.” FINRA notes that it has sanctioned brokers who recommended unsuitable options strategies.
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