Summit Wealth Management Receivership

Robert D. Terry, Receiver

Parker Macintyre

2987 Clairmont Road

Suite 200

Atlanta, GA 30327

Telephone: 404-490-4060

Email: Bterry@parkmac.com

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.

Please read the Receiver's answers to frequently asked questions (FAQs).

UPDATE FROM RECEIVER- September 30, 2014

On September 30, 2014, the Receiver filed his Sixth Interim Report with the Federal District Court.  Click below to read the report.

Sixth_Report.pdf
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UPDATE FROM RECEIVER - June 13, 2014


On May 6, 2014 a class action lawsuit was filed by several Summit claimants acting as named plaintiffs against TD Ameritrade and Charles Schwab. This suit relates to the roles of TD Ameritrade and Schwab as custodians of Summit-related fund investments. A copy of the complaint is available here. 

1-main.pdf
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Questions about the lawsuit should be directed to:

Badge Humphries, Esq.

MOTLEY RICE LLC

28 Bridgeside Boulevard

Mt. Pleasant, South Carolina 29464

843-216-9000



UPDATE FROM RECEIVER- March 14, 2014


On March 14, 2014, the Receiver filed his Fifth Interim Report with the Federal District Court.  Click below to read the report.

Fifth_Report_Final.pdf
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UPDATE FROM RECEIVER- January 31, 2014


On November 22, 2013, The Court entered an order appointing a receiver in the Detroit Memorial Partners case. Click below to read the order.

Order_Appointing_Receiver.pdf
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UPDATE FROM RECEIVER - November 12, 2013

On November 12, 2013, the Receiver filed his Fourth Interim Report with the Federal District Court.  Click below to read the report.

Receiver_s_Fourth_Interim_Report.pdf
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Receivership_Costs_Response_1730.pdf
172.3 KB

UPDATE FROM RECEIVER - July 29, 2013

On July 26, 2013, the Receiver filed his Third Interim Report with the Federal District Court. Click the link below to read the report.

-70__Receiver_s_Third_Interim_Report__7-26-13.pdf
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UPDATE FROM RECEIVER - March 28, 2013

On March 28, 2013, the Receiver filed his Second Interim Report with the Federal District Court. Click the link below to read the report.

Receiver_s_Second_Interim_Report__3-28-13.pdf
1.8 MB

UPDATE FROM RECEIVER - January 29, 2013

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.

Claim_Forms.pdf
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Questions_and_Answers.pdf
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Modified_Order.pdf
1.5 MB


UPDATE FROM RECEIVER - October 23, 2012

On October 22, 2012, the Receiver filed his First Interim Report with the Federal District Court. Click the link below to read the report.

  Receiver's First Interim Report.pdf
123.7 KB
UPDATE FROM RECEIVER - October 5, 2012

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.

Please stay tuned for further updates.

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