Contact :: Newbridge Securities CERTAIN CUSTOMERS ELIGIBLE PURCHASES OF UNIT INVESTMENT TRUSTS (UITS).. As a result, investors ended up paying far more than was necessary or appropriate given the circumstances. According to publicly available records Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. We want to hear it. We pride ourselves on providing quality legal services to our clients and handle securities fraud cases throughout the country. with clients. Your email address will not be published. , and unauthorized trading, among many others. The worst of these firms are truly extraordinary, McCann said. -, Monday January 25, 2021 11:00 AM EST 35% of employees would recommend working at Newbridge Securities to a friend and 27% have a positive outlook for the business. pay $499,000 for FAILING TO REASONABLY SUPERVISE ONE AGENT IN CONNECTION WITH The firm was censured and fined $17,500. September 2019 The Financial Industry Regulatory Authority Inc. reportedly censured Newbridge Securities and fined the firm $225,000 for having failed to adequately supervise the sale of complex securities such as structured notes and leveraged, inverse and inverse-leveraged exchange-traded funds. The recent complaints/lawsuits against Newbridge are the result of GWG Holdings L Bonds, GPB Capital, and other non-traded investments. represents investors nationwide in securities litigation and arbitration on a If you have traded with Newbridge Securities Corporation and believe you have been scammed by them you have a chance to get your money back. partner with a national law firm, where he represented some of the largest The White Law Group is a national securities fraud, securities arbitration, investor protection and securities regulatory/compliance law firm with offices in Chicago, Illinois and Vero Beach, Florida. While "only 2.6 percent of the brokers at firms with more than 200 brokers have customer complaints, Aegis Capital (24.49 percent) and Newbridge Securities Corp. (24.27 percent) employ bad . Numerous customer complaints, including those involving three retired Philadelphia police officers and a firefighter, were reportedly filed against Newbridge alleging that their financial advisor. One of John Demeo's 3 customers' complaints was denied and the customers did not take any further action. NEWBRIDGE SECURITIES CORPORATION: Street Address: 1200 NORTH FEDERAL HIGHWAY: City: BOCA RATON: State: FL: Area Code: 33432: 2015 by The White Law Group, LLC All rights reserved. . FINRA further imposed a fine of $5,000 on the firms director of investment banking, and reportedly suspended him for two months for his failure to properly supervise the sale of complex securities. Mr. Wolper has handled and tried cases involving complex financial products and strategies ranging from traditional stocks and bonds to options, margin and other securities-based lending products, closed/open-end mutual funds, structured products, hedge funds, and penny stocks. Newbridge Securities Corporation Review - Scam Search Between July 2013 and July 2016, Newbridge allegedly failed to establish and maintain a supervisory system, and failed to establish, maintain and enforce written supervisory procedures, concerning the sale of complex securities, according to a Letter of Acceptance, Waiver and Consent. The information provided within this article is for general informational purposes only. SLCGs ratings reveal that firms it ranked as: The worst brokerage firms over the past 10 years that are still in business remain among the worst firms. Newbridge Securities Corp.,a mid-sized broker-dealer based in Boca Raton, FL with 35 regulatory event disclosures, has a history of compliance problems, according to an article in Investment News. Newbridge Securities Corporation Review - Get Refunded from Online Scams Thomas John Avery at NEWBRIDGE SECURITIES CORPORATION - View Complaints While the industry itself may concur with the secrecy, consumer groups and some securities experts do not. Newbridge Securities Corp. Fraud and/or Investment Loss - Wolper Newbridge Securities Corporation - Better Business Bureau Start by filling out the form above and we will get in . Newbridge Securities Corporation financial advisor Philip Gibson (CRD# 2905474) allegedly committed fraud, according to a pending investor complaint against him. 0. -, Thursday July 23, 2020 11:00 AM EST If you have conducted securities transactions through Newbridge, you would be well advised to ensure that the broker has not engaged in negligence or misconduct, especially if you have incurred losses on the investment. While only 2.6 percent of the brokers at firms with more than 200 brokers have customer complaints, Aegis Capital (24.49 percent) and Newbridge Securities Corp. (24.27 percent) employ bad brokers (with complaints) at nearly 10 times that rate (see Table 1 below), McCann said. investment losses. losing money due to securities broker fraud, https://www.brokeraudit.com/thomas-john-avery-newbridge-securities-corporation/, $40 million awarded to Delco child with a spinal injury in a medical malpractice suit, The 6-year-old daughter of a Pennsylvania state representative has been awarded more than $40 million in compensation for a birth-related spinal cord injury. Atlanta, GA 30326 The firm was censured and fined $17,500. *by appointment only. 3:09 am November 2017 Numerous customer complaints, including those involving three retired Philadelphia police officers and a firefighter, were reportedly filed against Newbridge alleging that their financial advisor, Austin Dutton, did not properly warn them of the risks involved with the recommended investments. For a free case consultation, you can call at1-888-614-9356 contact us via our online form. Newbridge Securities Corp. ("Newbridge" or "Respondent"), pursuant to Rule 240(a) of . Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body. , did not properly warn them of the risks involved with the recommended investments. Reason to suspect a scam broker is in action: You noticed the broker took money out from your bank account without your permission. In 2010 the complaint reached a settlement of $850,000. B. Riley Financial Announces Offering of $100 Million Senior Notes Due 2028 and "BBB+" Rating from Egan-Jones, Wednesday January 13, 2021 11:00 AM EST I'm Jeff Sonn, an attorney concentrating on securities fraud and consumer class actions. . The transactions in question qualified the customers for discounts and sales charge waivers, yet Newbridge Securities failed to properly identify and apply these cost savings. Newbridge Securities: History of Complaints Sonn Law Group Wednesday January 13, 2021 11:00 AM EST. Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees. A number of investors who bought GWG L Bonds through the brokerage Newbridge Securities are represented by . Most recently, on July 18th, 2017, Newbridge Securities was hit with a $499,000 fine by the Pennsylvania Department of Banking and Securities. Newbridge Securities Corporation Scam Broker Reviews 11-04-2019 - Newbridge Securities Corporation Recruits New York City Based Asset Management Group and Winter Park, Florida Group Advising in Excess of $400 Million in Client Assets. Thomas John Avery at NEWBRIDGE SECURITIES CORPORATION - View Complaints, Disclosures, Scams and Audit Report (Updated 2023) By The Dirt April 1, 2023 4 Mins Read. If you are considering becoming a client of Newbridge Securities or you are currently a client its important that you know about the customer complaints and regulatory actions against the firm. There have been several cases in which advisors employed by Newbridge Securities engaged in fraudulent or negligent industry practices. Newbridge Securities Corporation Broker Misconduct. Attach images - Only PNG, JPG, JPEG and GIF are supported. This refers to anything that is regularly traded. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. You may reproduce materials available at this site for your own personal use and for non-commercial distribution. When brokers violate securities laws, such as making unsuitable investments, the brokerage firm they are working with may be liable for investment losses through. Potential Lawsuits to Recover Financial Losses. Many of our clients have lost a significant portion of their net worth as the result of the negligence of their financial professional. Peter Goffin is a Financial Advisor at Newbridge Securities Corporation in Boca Raton, FL. Please disable your ad-blocker and refresh. However, as the fine is notably large, it is clear that this case involved very serious allegations of misconduct. The firm has 31 regulatory events and 4 arbitrations on its record, according to, Broker Misconduct and Customer Complaints. The White Law Group is a national securities arbitration, securities fraud, and investor protection law firm with offices in Chicago, Illinois. August 2010 FINRA censured and fined Newbridge $600,000 after allegations that it facilitated the manipulative trading of the stock of a company created as the result of a reverse merger. Lawrence Labine of Newbridge Securities Corporation Beginning 2017, FINRA announced the prioritization of action to keep track of recidivist/ high-risk brokers. Newbridge Securities Corp., a mid-sized broker-dealer based in Boca Raton, FL with 33 regulatory event disclosures, has a history of compliance problems. Due to the firms negligence in handling some transactions, many clients did not receive the best available price on their trades, which was a clear breach of the firms fiduciary duty to its clients. The Financial Industry Regulatory Authority Inc. His demeanor was professional and pleasant and I would not hesitate to use him in future matters. Newbridge Securities Please do not hesitate to call us today at 844-689-5754 to request a free review of your case. Dedicated to the representation of investors in claims against their financial professional or brokerage firm, The White Law Group has the expertise to help investors defrauded in securities, investment and financial business transactions. What are the Most Common Forms of Stockbroker Fraud? Without admitting to or denying the allegations, Newbridge Securities consented to sanctions, including a $600,000 fine. Newbridge Securities Corp. is owned by Newbridge Financial Inc. and Jerry Weigle, and it is the parent company of Ludwig Investments, Inc., Newbridge Securities Corp., and Newbridge Securities Corporation. FINRA sanctioned Newbridge Securities after allegations it failed to report 9,398 reportable order events to the order audit trail system on 147 separate business days, and additionally that the firm transmitted 1,017 reports with inaccurate, incomplete, or improperly formatted information. Newbridge representatives sold approximately $323,000 in LJM to customers. We fight to level the playing field between large corporations and the public investor. The firm was ordered to pay a fine of $499,000. The securities lawyers at Haselkorn & Thibaut have been investigating Newbridge Securities and the various allegations of unsuitable recommendations leveled against it such as for investments in GPB Capital Holdings, Hospitality Investors Trust REIT, and L Bonds of GWG Holdings, that have resulted in significant losses to investors. Michael Greenfield of Newbridge Securities Corporation 1787 Views 0. . Newbridge Securities Corporation The order released did not specify the name of the broker who committed the wrongdoing, or the total amount of damage that was done to investors. BBB File Opened: 11/6/2000. The firm was ordered to pay a fine of $499,000. July 2017 The State of Pennsylvania sanctioned Newbridge Securities after allegations that it failed to reasonably supervise a registered representative in connection with the sales of structured products in the state. Financial Industry Regulatory Authority records show that he is a broker based in Fort Lauderdale, Florida, also operating as an insurance agent with Philip Gibson Insurance. While Finra has admitted it has ranked all 634,000 of the brokers it oversees since 2015, it continues to decline to release bigger-picture complaint and disciplinary data on firms to the industry or consumer groups. FINRA investigators determined that this broker exercised discretionary trading authority on a customers account, despite that fact that he did not have the written authorization to do so. According to publicly available records released by the Financial Industry . Newbridge allegedly allowed the sale of LJM on its platform without conducting reasonable due diligence and without a sufficient understanding of its risks and features, including the fact that the fund pursued a risky strategy that relied on purchasing uncovered options.
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