Summit Planning Group, Inc.

Allegations: THESE PROCEEDINGS ARISE OUT OF BREACHES OF THE FIDUCIARY DUTY OF CARE AND COMPLIANCE FAILURES BY SUMMIT, A REGISTERED INVESTMENT ADVISER, AND URCIUOLI, SUMMIT'S SOLE OWNER AND INVESTMENT PROFESSIONAL, WHO INVESTED ADVISORY CLIENT ASSETS IN A VOLATILITY LINKED EXCHANGE TRADED PRODUCT-THE IPATH SERIES B S&P 500 VIX SHORT-TERM FUTURES ETN ("VXX")-FOR EXTENDED PERIODS OF TIME WITHOUT HAVING A REASONABLE BASIS TO DO SO. OF THE 457 CLIENT ACCOUNTS THAT SUMMIT ADVISED FROM JULY 30, 2021 AND DECEMBER 1, 2021, URCIUOLI INVESTED 293 OF THOSE ACCOUNTS IN A 3% POSITION IN VXX ON JULY 30, 2021. SUMMIT SOLD APPROXIMATELY HALF OF THE VXX POSITION IN THOSE ACCOUNTS 34 TRADING DAYS LATER ON SEPTEMBER 17, 2021, AND THE REMAINING VXX POSITION IN EACH ACCOUNT 86 TRADING DAYS LATER ON DECEMBER 1, 2021. THIS CONDUCT WAS INCONSISTENT WITH VXX'S PROSPECTUS AND PRICING SUPPLEMENT, WHICH STATED THAT THE PRODUCT CARRIED UNIQUE RISKS, WAS DESIGNED TO BE HELD FOR VERY SHORT TIME PERIODS, LIKELY WOULD INCUR COSTS IF HELD FOR MORE THAN ONE TRADING SESSION, AND REQUIRED FREQUENT MONITORING. THE CLIENT ACCOUNTS HOLDING VXX COLLECTIVELY LOST OVER $443,809 FROM THOSE INVESTMENTS. SUMMIT ALSO FAILED TO ADOPT AND IMPLEMENT POLICIES AND PROCEDURES REASONABLY DESIGNED TO PREVENT VIOLATIONS OF THE ADVISERS ACT AND THE RULES ADOPTED THEREUNDER. AS SUMMIT'S SOLE OWNER AND INVESTMENT ADVISER REPRESENTATIVE, PRESIDENT, AND CHIEF COMPLIANCE OFFICER, URCIUOLI WAS RESPONSIBLE FOR SUMMIT'S FAILURES. BASED ON THIS CONDUCT, AND AS DESCRIBED IN FURTHER DETAIL BELOW, SUMMIT AND URCIUOLI WILLFULLY VIOLATED SECTION 206(2) OF THE ADVISERS ACT.1 SUMMIT ALSO WILLFULLY VIOLATED, AND URCIUOLI CAUSED SUMMIT'S VIOLATIONS OF, SECTION 206(4) OF THE ADVISERS ACT AND RULE 206(4)-7 THEREUNDER. Status: Final Sanction Detail: CEASE AND DESIST, CIVIL AND ADMINISTRATIVE PENALTY(IES)/FINE(S) MONETARY PENALTY OTHER THAN FINES DISGORGEMENT Summary: PAYMENT SHALL BE MADE IN THE FOLLOWING INSTALLMENTS: (1) $49,401.59 WITHIN 14 DAYS OF ENTRY OF THIS ORDER; (2) $20,000 WITHIN 120 DAYS OF ENTRY OF THIS ORDER; (3) $20,000 WITHIN 210 DAYS OF ENTRY OF THIS ORDER; AND (4) THE REMAINDER WITHIN 300 DAYS AFTER THE ENTRY OF THIS ORDER