Matthew Summe: Why Did LPL Fire Stratos Advisor?

Former Elmhurst, Illinois financial advisor Matthew Summe (CRD# 6528204) was fired by his former member firm in connection with alleged rule violations. Financial Industry Regulatory Authority records show that he was previously registered as a broker with LPL Financial and an investment advisor with Stratos Wealth Partners.

Mr. Summe’s BrokerCheck report discloses his termination from LPL Financial. Filed in May 2026, the disclosure states that the firm fired him in connection with allegations that he “Failed to disclose and obtain prior approval for a personal financial arrangement with client; and used unapproved electronic communications platform.”

Investors should be aware that FINRA Rule 3240 prohibits brokers like Mr. Summe from participating in borrowing or lending arrangements with clients except under certain circumstances. Even when those circumstances are met, the rule provides that representatives must “notify the member in writing and obtain the member’s approval in writing of such arrangements” prior to to entering into the arrangement. “The registered person shall also, prior to the modification of such arrangements, notify the member in writing and obtain the member’s approval in writing of any modifications to such arrangements, including any extension of the duration of such arrangements,” the rule adds. Brokers who violate this rule may be subject to disciplinary action.

According to the Financial Industry Regulatory Authority, Matthew Summe holds seven years of securities industry experience. Most recently based in Elmhurst, Illinois, he was last registered as a broker with LPL Financial and an investment advisor with Stratos Wealth Partners. His credentials include the passage of three securities industry qualifying exams: the Securities Industry Essentials Examination, or SIE; the Uniform Combined State Law Examination, or Series 66; and the General Securities Representative Examination, or Series 7. He is not currently registered as a broker or an investment advisor. (Information current as of June 14, 2026.)

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