On September 21, 2012, U.S. District Judge William S. Duffey Jr. appointed Robert D. Terry as Receiver over Summit Wealth Management, Inc. and related entities. Through this website, the Receiver will keep interested persons apprised of his progress toward the goals of the receivership, including gathering assets, receiving and verifying claims, and, if possible, proposing a plan to distribute assets to approved claimants.
Mr. Terry will use this website to post updates on his progress and to upload copies of the Interim Reports he will be filing with the Court.
Claims packages are being sent out to former clients of Summit Wealth Management to submit to the Receiver for any claims they might have against Summit and the other Receivership defendants. Claim forms will be sent to known trade creditors and other potential claimants shortly. The claim forms may also be accessed by clicking the link below. Please note that the forms must be submitted to the Receiver by April 30, 2013. There is also a link to a document containing answers to questions that potential claimants may have.
In addition, accessible by the file below is the modified Receivership Order entered by Judge Duffey on November 21, 2012.
The Receiver has substantially completed shutting down the business operations of Summit, and continues to seek information about the use and disposition of investor funds. An interim report providing additional information will be filed with the Court and posted here shortly.
You have heard or read about important developments involving Summit
Wealth Management. The Securities and Exchange Commission recently
filed a civil lawsuit against Summit Wealth Management, Inc., its former
President Angelo Alleca, and certain private funds with which Mr.
Alleca was associated. As part of the lawsuit, the Court ordered
that Mr. Alleca could no longer have any control over Summit's business
and appointed me as Receiver to operate that business.
The allegations in that lawsuit do not relate to other investments such
as exchange-listed securities, mutual funds, bonds, or ETFs, all of
which remain secure subject only to market conditions.However,
we have received information that certain other investments sold by
Summit, notes issued in the name of Detroit Memorial Partners, LLC, are
either in default or have an uncertain status. We are investigating the
facts and circumstances surrounding these investments.
My first priority as Receiver is to restore your confidence in Summit
and your Financial Adviser. That is why I immediately took steps to
re-establish relationships with one of our brokerage partners so that
your Financial Adviser can continue to service your account via TD
Ameritrade's brokerage platform.
I have reviewed Summit's business and have spoken with most of the
Financial Advisers who service your accounts. In most instances these
Advisers have worked hard to get to know you as clients and have
performed excellent service for you in meeting your needs. In some cases
your relationship with your current Summit Adviser goes back several
years. I am confident that your Financial Adviser will continue to serve
your accounts as effectively as before.