{"id":10268,"date":"2021-11-09T16:12:45","date_gmt":"2021-11-09T21:12:45","guid":{"rendered":"https:\/\/www.silverlaw.com\/blog\/?p=10268"},"modified":"2026-03-25T16:33:21","modified_gmt":"2026-03-25T20:33:21","slug":"finra-suspends-broker-for-acting-as-clients-trustee","status":"publish","type":"post","link":"https:\/\/www.silverlaw.com\/blog\/finra-suspends-broker-for-acting-as-clients-trustee\/","title":{"rendered":"FINRA Suspends Broker For Acting As Client\u2019s Trustee"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"alignleft wp-image-9940 size-medium\" src=\"https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2021\/04\/FiverrRecovery2-300x200.jpg\" alt=\"Jimmie Summers (Jimmie Darrel Summers CRD#: 1467286, aka, Jim Summers, Jimmy Daryl Summers, Jimmy Summers) is a former registered broker and investment advisor. His last known employer was Waddell &amp; Reed (CRD#:866) of Tulsa, OK. Previous employers include Cetera Investment Services LLC (CRD#:15340), also of Tulsa, Bok Financial Securities, Inc. (CRD#:17530) of Sand Springs, OK, and Invest Financial Corporation (CRD#:12984) of Appleton, WI.\u00a0 He has been in the industry since 1986. FINRA began an investigation after it received a telephone call to its Securities Helpline for Seniors. While employed with Cetera Investment Services, Summers accepted \u201cmultiple appointments and designations from one of the firm\u2019s elderly clients.\u201d The client, age 82, made Summers a: Successor trustee of his living trust, allowing Summers to receive 90% of the assets upon this customer\u2019s death Personal representative of the customer\u2019s estate in the will Sole beneficiary for an annuity Agent with power of attorney and medical power of attorney (Summers never used these POAs, and is no longer an agent)\" width=\"300\" height=\"200\" srcset=\"https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2021\/04\/FiverrRecovery2-300x200.jpg 300w, https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2021\/04\/FiverrRecovery2-1024x683.jpg 1024w, https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2021\/04\/FiverrRecovery2-768x512.jpg 768w, https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2021\/04\/FiverrRecovery2-1536x1024.jpg 1536w, https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2021\/04\/FiverrRecovery2-2048x1365.jpg 2048w, https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2021\/04\/FiverrRecovery2-1000x667.jpg 1000w, https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2021\/04\/FiverrRecovery2-180x120.jpg 180w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/>A broker and former investment advisor who worked for Waddell &amp; Reed and Cetera Investment Services was suspended for acting as a client&#8217;s trustee. FINRA began an investigation after it received a telephone call to its <a href=\"https:\/\/www.finra.org\/investors\/have-a-problem\/helpline-seniors\" target=\"_blank\">Securities Helpline for Seniors<\/a>.\u00a0 <a href=\"https:\/\/www.silverlaw.com\/blog\/finra-suspends-broker-for-acting-as-clients-trustee\/#more-10268\" class=\"more-link\">Continue reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A broker and former investment advisor who worked for Waddell &amp; Reed and Cetera Investment Services was suspended for acting as a client&#8217;s trustee. FINRA began an investigation after it received a telephone call to its Securities Helpline for Seniors.\u00a0 Continue reading \u203a<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[580],"tags":[],"class_list":["post-10268","post","type-post","status-publish","format-standard","hentry","category-stockbroker-misconduct"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>FINRA Suspends Broker For Acting As Client\u2019s Trustee<\/title>\n<meta name=\"description\" content=\"A broker and former investment advisor who worked for Waddell &amp; Reed and Cetera Investment Services was suspended for acting as a client&#039;s trustee.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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