Ex-Summit Broker Victor Rigoni III Suspended from the Securities Industry

FINRA Reportedly Suspends Victor Rigoni III for Allegations of Undisclosed Tax Liens

According to the Financial Industry Regulatory, on May 21, 2021, the regulator suspended financial advisor Victor Rigoni III (CRD#: 4272056) and fined him $5,000 in connection with six allegedly undisclosed and unsatisfied federal and state tax liens.

Without admitting or denying the allegations, Rigoni reportedly consented to the sanctions and to the entry of findings that he  failed to timely amend his Uniform Application for Securities Industry Registration or Transfer (Form U4) to disclose unsatisfied federal and state tax liens totaling $164,521. The findings reportedly stated that on average Rigoni disclosed his liens almost three and a half years late. FINRA found that Rigoni allegedly failed to disclose a state tax lien in the amount of $11,304 even though he purportedly knew about it when it was filed and FINRA alerted him about it.

The findings also stated that Rigoni allegedly falsely attested to his member firm on annual firm compliance questionnaires that he was in compliance with FINRA’s Form U4 disclosure requirements.

According to FINRA, the settlement reportedly includes a finding that Rigoni failed to disclose a material fact on a Form U4 and that this alleged omission makes him subject to a statutory disqualification with respect to association with a member.

According to his broker report, Rigoni “contends that he did not willfully fail to report any of the liens, that he timely and repeatedly advised the firm of the state court lien and that, to the best of his knowledge his answers to the annual firm compliance questionnaires were accurate at the time he completed them.”

Rigoni’s broker record reportedly indicates 18 disclosure events during his 19 year career in the securities industry, including 6 customer complaints, 10 judgments/liens, 1 regulatory event and one employment separation. He was reportedly affiliated with Summit Brokerage Services in Lake Forest, IL for 9 years and spent one year working at Cetera Advisor Networks before he reportedly voluntarily resigned in August 2020 due to the above allegations. The customer complaints alleged breach of fiduciary duty, unsuitable recommendations, fraud and misrepresentation, among others.

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