SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K ~~CURRENT REPORT~~

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report: ~~July~~October 323, 2003

SUMMIT SECURITIES, INC.

(Exact name of registrant as specified in its charter)


Idaho	1-16177	82-0438135

(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification Number)

601 W. 1st Avenue, Spokane, Washington 99201

(Address of Principal Executive Offices) (Zip Code)

Registrant’s telephone number, including area code: (509) 838-3111

None

(Former name or former address, if change since last report)

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	Item 5. Other Events.
SIGNATURES

Item 5. Other Events.

The Registrant’s wholly owned subsidiary, Metropolitan Investment Securities, Inc. (“MIS”), a National Association of Securities Dealers, Inc. member firm, has ~~received~~entered ainto, ~~“Wells”~~and ~~letter~~on ~~from~~October 23, 2003 the NASD ~~stating~~accepted, ~~that the staff~~a Letter of ~~the~~Acceptance, ~~NASD~~Waiver ~~has~~and ~~made~~Consent a(“AWC”) ~~preliminary determination~~ to ~~recommend~~settle ~~that~~alleged aviolations ~~disciplinary~~of ~~action~~the beNASD’s ~~brought~~rules ~~against~~by MIS. Under the ~~Wells~~AWC, ~~process~~MIS ~~adopted~~has ~~by the~~been ~~NASD~~censured and fined $500,000. MIS, ~~has~~in ~~been~~addition ~~provided~~to another ~~opportunity~~undertakings, has agreed to ~~respond~~make restitution ~~before~~to ~~the~~certain ~~NASD~~investors, ~~staff makes~~establish a ~~formal~~special ~~recommendation~~escrow toaccount for the benefit ~~NASD~~of ~~regarding~~additional ~~any~~investors ~~such~~and ~~action.~~agreed ~~MIS intends~~not to ~~respond~~sell ~~promptly~~securities toof ~~the~~its affiliates ~~notice~~until it has revised its systems, supervision, training and iswritten procedures ~~cooperating~~with respect to those sales. If MIS fails to comply with the ~~NASD~~AWC, toit could have an adverse ~~resolve~~impact ~~this~~on ~~matter~~MIS’s ability to continue to sell securities.

The Registrant is unable to determine at this time the impact on the Registrant of the ultimate resolution of the pending matters. The ultimate resolution of the pending matters could have an adverse affect on MIS’s ability to continue selling the Registrant’s securities. If MIS is unable to continue selling the Registrant’s securities, it could have an adverse affect on the Registrant.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	SUMMIT SECURITIES, INC.
Date: July 7, 2003	By:	/s/ Tom Turner Tom Turner, President
Date: October 27, 2003	By:	/s/ William A. Smith William A. Smith, Principal Financial Officer

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