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. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. Bruce H. Jordan (CRD # Reproductions and distribution of this news story are strictly prohibited. -, Tuesday May 18, 2021 11:00 AM EST Newbridge Securities What current and prospective clients should know about complaints and regulatory actions against Newbridge Securities. . 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. document.getElementById( "ak_js_2" ).setAttribute( "value", ( new Date() ).getTime() ); *Our firm, in some cases, advance costs and expenses of the case, and in that event, are recovered from the gross recovery of any settlement or verdict. Specifically, FINRA enforcement staff found that representatives of Newbridge Securities were engaged in a complex scheme that was designed to increase the volume of trades on a particular stock. Michael Greenfield has been in the securities industry since 2008 and previously worked at The GMS Group, LLC, Morgan Stanley and Oppenheimer & Co. It also incorrectly reported more than 9,300 auditable events over 147 different business days. Although our offices are in Seattle, Washington and Chicago, Illinois, the firm reviews securities fraud cases throughout the country. Between October 25, 2016, and February 8, 2018, Newbridge reportedly failed to reasonably supervise representatives recommendations of the LJM Preservation & Growth Fund. For a copy of Newbridge Securities 0. B . View complaint history and get your dispute resolved quickly. 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. 3399 Peachtree Rd. Member FINRA/SIPC, Steven Perlstein Joins Newbridge Financial, Inc. as its Vice President of Business Development for Digital Products and Services, Newbridge Securities Corporation Hires Sonni Johnson to Head its Business Development/National Recruiting Initiatives, NFSG Promotes Jennifer Dorfman as CCO of its RIA, Newbridge Securities Corporation Hires Peter Czarnomski to Head Customer Service Group, Newbridge Securities Corporation Recruits Chad Champion, Managing Director, Head of Equity Capital Markets, B. Riley Financial Announces Offering of $100 Million Senior Notes Due 2028 and "BBB+" Rating from Egan-Jones. trial lawyer who has handled hundreds of securities cases during his career Fined $499K, this time by the Pennsylvania Department of Banking and Securities, for their failure in supervising a particular broker. 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. Newbridge Securities Corp. Complaints Rise Due to GWG L Bonds "-Sonn Law Group Client. One aspect of this obligation is that brokers must ensure that customers always get the best available price. Thomas John Avery at NEWBRIDGE SECURITIES CORPORATION - View Complaints, Disclosures, Scams and Audit Report (Updated 2023) April 1, 2023. Our firm represents investors in all types of securities related claims, including claims involving stock fraud, broker misrepresentation. During an extreme volatility event, LJMs value dropped 80% in February 2018 causing the fund to liquidate and close, resulting in thousands of dollars in losses for Newbridges customers. Fined $115K, and censured, by FINRA for their failure to apply sales discounts for investors of Unit Investment Trusts (UITs) who qualified for them. Newbridge Securities Corporation Review - Scam Search March 2017 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. -, 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, 10-12-2019 - Newbridge Securities Corporation Enters into 5-Year Clearing Agreement with Axos Clearing LLC, 2023 Newbridge Securities All Rights Reserved. Firm Does What Finra Won't: Rates 30 Worst Brokerage Firms Current And Past Allegations Of Conduct Leading To Investment Loss According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in March 2023, there is [], Margin Calls and Securities Based Lending, SECURITIES EMPLOYMENT & INDUSTRY DISPUTES. This was, allegedly, for the purpose of manipulating trading in a stock that resulted from a reverse merger. According to FINRA, the firm failed to get investors a fair market price on certain trades. Don't give up. The stockbroker and investment fraud lawyers at Sonn Law Group dedicate their entire practice to protecting the interests of investors who have lost money as a result of the negligent or wrongful conduct of those entrusted with protecting and growing our money. Newbridge investors that are concerned about their investment losses can call 1-888-614-9356 for a free consultation on investment loss recovery options from one our experienced investment attorneys. -, Friday November 11, 2022 2:00 PM EST Peter Goffin has been in the securities industry since 1987 and previously worked at Wachovia Securities Financial Network, JW Charles Securities and Commvest Securities. 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. Disclosures can be customer complaints or arbitrations, regulatory actions, employment terminations, bankruptcy . 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. Your email address will not be published. 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. Please disable your ad-blocker and refresh. Many investors (presumably, . Customers have alleged that the true risks of the bonds were not represented and not suitable. Is this happening to you frequently? Required fields are marked *. $20,000 after it consented to findings that it negligently permitted its Newbridge Securities Financial Advisor Kerri Jamison Has Multiple 0. Michelle Lujan Grisham has signed emergency legislation to amend New Mexicos new medical malpractice statute in order to prevent a potential loss of insurance coverage for certain healthcareproviders. In our broker reviews, we discuss trading products, such as stocks, commodities, ETFs, forex, options, CFDs, bonds, indices, and cryptocurrencies. Newbridge Securities Corp., a mid-sized broker-dealer based in Boca Raton, FL with 33 regulatory event disclosures, has a history of compliance problems. The claim alleges former Newbridge financial advisor Lawrence Labine (Larry Labine), unsuitably invested his client in high-risk alternative investments. During an extreme volatility event, LJMs value dropped 80% in February 2018 causing the fund to liquidate and close, resulting in thousands of dollars in losses for Newbridges customers. 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 . The Bulletin reported that Jackie Dale Yeley filed the lawsuit on Thursday in Deschutes County Circuit Court through attorneys from the Barton Law Group. Life insurance and alternative investments are among the services provided by GWG Holdings, a financial services company with its headquarters in Dallas. 2010., In March 2011, Newbridge was fined Censured and fined $17,500 by FINRA. GABRIEL MARTIN ANTUNA at NEWBRIDGE SECURITIES CORPORATION - View Complaints, Disclosures, Scams and Audit Report (Updated 2023) April 8, 2023. 10-12-2019 - Newbridge Securities Corporation Enters into 5-Year Clearing Agreement with Axos Clearing LLC. August 2019 The White Law Group filed a FINRA lawsuit against Newbridge on behalf of a Glendale, Arizona resident, requesting damages for alleged violation of common law fraud, breach of fiduciary duty, negligence, and negligent supervision. The firm was reportedly ranked number two on the list of the worst ranked brokerage firms in the securities industry from 2007-2016, according to a report by the Securities Litigation & Consulting Group (SLCG). In September 2011, Newbridge was fined Pick all the topics you are interested in to fill your homepage with stories you'll love. The worst firms in the industry have concentrated their customers accounts in a tiny sliver of available investments. against Newbridge on behalf of a Glendale, Arizona resident, requesting damages for alleged violation of common law fraud, breach of fiduciary duty, negligence, and negligent supervision. Newbridge Securities Corporation Scam Broker Reviews The Financial Industry Regulatory Authority Inc. The case pertained to the sale of complex securities, involving structured notes and inverse-leveraged and leveraged exchange-traded funds (ETFs). 0. Newbridge Financial, Inc. And Wholly Owned Subsidiary, Newbridge Securities Corporation, Celebrate Their 20th Anniversary Former LPL Financial Advisor Bradley Gardner Barred by FINRA. The claim alleges former Newbridge financial advisor.
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