$115,000 for allegedly failing to IDENTIFY AND APPLY SALES CHARGE DISCOUNTS TO Newbridge Securities Corporation Hires Peter Czarnomski to Head Customer Service Group According to the agreement, which was released by the Commonwealth of Pennsylvania, Newbridge Securities failed to properly supervise one of its brokers who was selling structured products to Pennsylvania residents. We want to hear it. One of John Demeo's 3 customers' complaints was denied and the customers did not take any further action. involving a wide range of products, strategies and securities. 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. Matt Wolper is a trial lawyer who focuses exclusively on securities litigation and arbitration. November 2016 Former Newbridge Securities broker Gerald Cocuzzo pleaded guilty to securities fraud for his role in an alleged $131 million market manipulation scheme. 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. The bonds are intended to assist in financing the purchase of the policies, but they come with a high level of risk for the investors. Mr. Wolper has handled hundreds of securities matters nationwide before the Financial Industry Regulatory Authority (FINRA), American Arbitration Association (AAA), JAMS, and in state and federal court. Life insurance and alternative investments are among the services provided by GWG Holdings, a financial services company with its headquarters in Dallas. Arbitration panels have wiped these cases off brokers CRDs and BrokerCheck reports because they found that these firms not the broker were solely responsible, yet they vanish from the public record.. Newbridge Securities Corporation (CRD#: 104065) is a registered broker-dealer headquartered in Boca Raton, Florida. They talked a big game and claimed to trade $4.8 billion on behalf of 100,000 investors and promised gains of 1 percent a day. 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. Roanoke consented to all non-monetary relief sought in the complaint and the court entered a final judgment of permanent injunction on September 27, 2006. His demeanor was professional and pleasant and I would not hesitate to use him in future matters. Matt Six of Michael Greenfield's 8 customer complaints were settled in favor of investors. Without admitting or denying any wrongdoing in this case, the company consented to the sanctions and agreed to pay the penalty. -, Wednesday January 20, 2021 7:48 AM EST Contact our office today to discuss your case. Questions? 1787 Views 0. . pleaded guilty to securities fraud for his role in an alleged $131 million market manipulation scheme. . Complaint History & Business Rating for Newbridge Securities Corporation 1451 West Cypress Creek Blvd. 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. Nearly 95 percent of the 146 customer complaints pending against Santander Securities in 2016 involved the sale of illiquid securities, SLCG found. Between October 25, 2016, and February 8, 2018, Newbridge reportedly failed to reasonably supervise representatives recommendations of the LJM Preservation & Growth Fund. FINRA Censures and Fines Newbridge Securities Corp. March 2023 Newbridge this week agreed to sanctions involving supervisory failures and sales of a risky alternative mutual fund. Corporation has 29 regulatory events and four arbitrations disclosed on its Recently many customers of Newbridge Securities Corp. have filed Financial Industry Regulatory Authority (FINRA) arbitration claims for recovery of investment losses against it and named several of its financial advisors in their claims. 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. Newbridge Securities Corp. ("Newbridge" or "Respondent"), pursuant to Rule 240(a) of . Michael R. Greenfield is a Financial Advisor at Newbridge Securities Corporation in Boca Raton, FL. Newbridge Securities Corp. Regulatory Actions. 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 engages in a general securities business and employs approximately 175 registered representatives at 41 branch offices. Northstar Financial Services (Bermuda), Ltd. https://brokercheck.finra.org/firm/summary/104065#disclosuresSection, https://brokercheck.finra.org/individual/summary/1223556, Newbridge Securities Financial Advisor, Peter Goffin, Has Nine Customer Complaints, Newbridge Securities Corporation Financial Advisor, Michael Greenfield, Has Six Customer Complaints, Newbridge Securities Broker, David Fagenson, Has Twelve Customer Complaints Reported On His Disclosure Report, Newbridge Financial Advisor, Dana Davis, Has Eight Customer Complaints, Including Two Pending Complaints, Wolper Law Firm Is Investigating Claims Against Financial Advisor, Xavier Patino, Newbridge Securities Corp. Financial Advisor, Dana Davis, Has 7 Customer Complaints, Including One Pending Complaint Alleging Fraud And Breach Of Fiduciary Duty, Can I Sue Newbridge Securities Corporation Or Salomon Whitney Financial To Recover Investment Losses Caused By Dennis Hayes, Financial Adviser Duane Pellman was Permitted to Resign from Excel Wealth Management, Financial Advisor Miche Jean Disclosed Two Month Suspension by FINRA. The bonds were sold with varied maturity terms ranging from 2 years to 7 years, with interest rates ranging from 5.50 percent to 8.50 percent, according to a prospectus released by GWG for the issuance of $2 billion in L Bonds. Potential Lawsuits to Recover Financial Losses. Newbridge Core Values 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. The truth is that investors who lost money in this fashion may actually be entitled to damages. How to Sue a Financial Advisor or Stockbroker Over Investment Losses, How to File a Complaint Against Your Financial Advisor or Stockbroker, Security Exchange Commission Complaint: How to Report Your Brokerage Firm or Advisor to the SEC. SALES OF STRUCTURED PRODUCTS IN PENNSYLVANIA, In 2016, Newbridge was fined $25,000 for Newbridge appears to have developed a reputation for providing shelter to rogue brokers. Newbridge Securities Corporation Enters into 5-Year Clearing Agreement with Axos Clearing LLC -, Tuesday May 18, 2021 11:00 AM EST Update 2022.11.15If you have suffered investment losses that may have been caused by Thomas John Averys negligence or fraud, contact a FINRA lawyer today. December 2014 FINRA sanctioned the firm after allegations that it engaged in corporate bond transactions in which it failed to buy or sell the bonds at a fair price taking into consideration all applicable circumstances. -, Tuesday November 15, 2022 8:00 AM EST Should I file a FINRA complaint against brokers like Thomas John Avery? To send us an e-mail, simply complete and submit the online form below. Tracey Longo. , did not properly warn them of the risks involved with the recommended investments. You may suffer significant losses at the hands of your financial advisors misconduct, such as if they misrepresented or failed to disclose the risks associated with a particular investment, recommended frequent trades for the sole purpose of generating commissions, or used high-pressure tactics to make a sale. If Finra unshackled BrokerCheck, researchers would come up with innovative ways to reach and inform unsophisticated investors about high-risk brokers and brokerage rms, McCann said in the firms white paper. What are the Most Common Forms of Stockbroker Fraud? 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. June 2016 - FINRA censured and fined the firm $115,000 after allegations that it failed to apply sales charge discounts to certain investors eligible investments in unit investment trust products (UITs). Registered broker-dealers are legally responsible for the actions of their investment advisors. Newbridge Securities Financial Advisor, Peter Goffin, Has Nine Customer Complaints Newbridge Securities Corporation Financial Advisor, Michael Greenfield, Has Six Customer Complaints Newbridge Securities Broker, David Fagenson, Has Twelve Customer Complaints Reported On His Disclosure Report Newbridge Financial Advisor, Dana Davis, Has Eight Customer Complaints, Including Two Pending Complaints Wolper Law Firm Is Investigating Claims Against Financial Advisor, Xavier Patino Newbridge Securities Corp. Financial Advisor, Dana Davis, Has 7 Customer Complaints, Including One Pending Complaint Alleging Fraud And Breach Of Fiduciary Duty Can I Sue Newbridge Securities Corporation Or Salomon Whitney Financial To Recover Investment Losses Caused By Dennis Hayes. The firm was ordered to pay a fine of $499,000. A few recent examples: FINRA fined Newbridge $600K for their failure to supervise representatives who facilitated the sale of unregistered securities. The worst firms are more than five times as likely to have customer complaints over illiquid investments (30 percent) as all firms (1.16 percent), despite illiquid securities such as variable and indexed annuities, non-traded REITs, oil and gas products, equipment leasing, direct participation products (DPP) and other private placements. Newbridge repeortedly failed to review representatives LJM recommendations. 10-12-2019 - Newbridge Securities Corporation Enters into 5-Year Clearing Agreement with Axos Clearing LLC. The worst 12 firms down through Bethel Fisher (Table 1 below) have five times that complaint level of the industry average of 2.6 percent, he added. a copy of the FINRA sanction, click here: Copy of FINRA Sanction. Our review of Vito Glazers is based on his attempt to hide critical reviews and information from the internet by intentionally forging a court order, impersonating a judge, doctoring his signature, and submitting a fake court order to Google. December 2014 FINRA sanctioned the firm after allegations that it engaged in corporate bond transactions in which it failed to buy or sell the bonds at a fair price taking into consideration all applicable circumstances. -, Wednesday December 11, 2019 8:00 AM EST New York City NY, 10006 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. at mwolper@wolperlawfirm.com. The firm has 31 regulatory events and 4 arbitrations on its record, according to FINRA, the self-regulator that oversees brokers and brokerage firms. A number of investors who bought GWG L Bonds through the brokerage Newbridge Securities are represented by . -, Thursday July 23, 2020 11:00 AM EST According to publicly available records significant cases involving Newbridge Securities broker misconduct, Emerson Equity and Newbridge Securities Face Customer Complaints Over GWG L Bonds, Michael Robert Greenfield, Broker with Newbridge Securities, Named in Multiple Customer Disputes Alleging Negligence, Marshall Isaacson, Formerly of Newbridge Securities, Barred by FINRA After Refusing to Provide Documents and Information, Kerri Jamison, Broker with Newbridge Securities, Named in Customer Disputes Seeking Almost $400k, Travis Lippmann, Formerly of Newbridge Securities, Accused of Unsuitable Investment Recommendations, Martin Batstone, Formerly of Newbridge Securities, Barred by FINRA Following Allegations of Converting Funds, Tariq Sales, Formerly of Newbridge Securities, Facing Allegations of Negligence, Newbridge Securities Customer Files FINRA Arbitration Claim Over GPB Capital Losses, Broker Investigation: Dennis Allen Hayes Disciplined for Undisclosed Business Activity. From our primary office in South Florida, we protect investors nationwide. The Financial Industry Regulatory Authority Inc. B. Riley Financial Announces Offering of $100 Million Senior Notes Due 2028 and "BBB+" Rating from Egan-Jones. For more information about The White Law Group call our Chicago office at 312-238-9650 or visit us on the web at http://www.whitesecuritieslaw.com. The firm has 31 regulatory events and 4 arbitrations on its record, according to FINRA, the self-regulator that oversees brokers and brokerage . Newbridge Securities Corporation Hires Sonni Johnson to Head its Business Development/National Recruiting Initiatives Since GWG has been the subject of more and more bad news, L Bond investors have been unsure about their investments. Newbridge Securities Financial Advisor, Peter Goffin, Has Nine Customer Complaints. registered representatives to sell two private placement offerings using Publishing a list with peoples names, where we havent proven any violations, there would be challenges to that, Axelrod said. . LUDWIG INVESTMENTS, INC., NEWBRIDGE SECURITIES CORPORATION, NEWBRIDGE SECURITIES CORP. CRD#: 104065 /SEC#: 8-52538. Customers have alleged that the true risks of the bonds were not represented and not suitable. The firm was censured and fined $17,500. Wednesday January 20, 2021 7:48 AM EST. 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. The case pertained to the sale of complex securities, involving structured notes and inverse-leveraged and leveraged exchange-traded funds (ETFs). 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. Based in Boca Raton, Florida, he has been a broker with Newbridge Securities Corporation since 2010. -, 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. The firm was censured and fined $17,500. Since the firm launched in 2010, it has handled over 700 FINRA arbitration cases. 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 . "We do not believe the Puerto Rico complaints represent an accurate measure of SSLLCs sales or supervisory practices.". Total. Your email address will not be published. March 2023 Newbridge this week agreed to sanctions involving supervisory failures and sales of a risky alternative mutual fund. SLCG hopes its research will spur Finra to release its data so firms such as Lipper and Morningstar can develop methodologies for rating and ranking firms based on their customer complaint track record, McCann said. Wednesday January 13, 2021 11:00 AM EST. Newbridge was censured and issued a fine of $138,000. 0. You should consult an attorney for individual advice regarding your own situation. memoranda that contained material omissions of facts in violation of FINRA Rule Newbridge Securities Corporation (CRD #: 104065) is a brokerage and advisory firm with headquarters in Boca Raton, Florida. We pride ourselves on providing quality legal services to our clients and handle securities fraud cases throughout the country. The Securities Litigation & Consulting Group (SLCG) has done what regulators have repeatedly declined to do published the worst ranked brokerage firms in the securities industry. The auditor noted Newbridge having made a provision of only $625 million against unresolved claims that added up to over $4.5 million at that time, leaving a huge gap in the event it was called upon to pay out the entire amount. 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 Corporation (CRD # 104065) has been a FINRA member since 2000 and is headquartered in Boca Raton, Florida. Save my name, email, and website in this browser for the next time I comment. The lawsuit alleges medical malpractice and also [], The New Mexico governor signs a medical malpractice bill, Gov. Suite 204, Fort Lauderdale, Florida, 33309, United States. 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. Customers have alleged that the true risks of the bonds were not represented and not suitable. The information provided within this article is for general informational purposes only. Their employing brokerage firm has a legal and regulatory After hearing arguments from attorneys representing Utah and abortion providers, state court judge Andrew Stone stated that he would rule on Planned Parenthoods motion to defer the [], Experimenting with radiation to treat irregular heartbeat, ALLY INVEST SECURITIES LLC (CRD#: 136131) :: 11/29/2017 3/18/2019 :: FORT LAUDERDALE, FL, AXA ADVISORS, LLC (CRD#: 6627) :: 8/20/2012 10/30/2017 :: FT. LAUDERDALE, FL, INVESTACORP, INC. (CRD#: 7684) :: 3/30/2006 11/12/2009 :: MIAMI, FL, NATIONAL FINANCIAL SERVICES LLC (CRD#: 13041) :: 7/12/2005 3/8/2006 :: BOSTON, MA, E*TRADE PROFESSIONAL TRADING, LLC (CRD#: 39293) :: 5/25/2004 5/25/2005 :: NEW YORK, NY, CHASE INVESTMENT SERVICES CORP. (CRD#: 25574) :: 1/7/2004 1/13/2004 :: CHICAGO, IL, JEMMINI SECURITIES, LLC (CRD#: 119665) :: 9/23/2003 12/2/2003 :: NEW YORK, NY, AXA ADVISORS, LLC (CRD#: 6627) :: 10/16/1998 11/22/2002 :: NEW YORK, NY, THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES (CRD#: 4039) :: 10/16/1998 1/5/2000 :: NEW YORK, NY, WALL STREET EQUITIES INCORPORATED (CRD#: 18432) :: 10/25/1995 8/25/1998 :: NEW YORK, NY, WALL STREET INVESTOR SERVICES (CRD#: 10012) :: 5/12/1995 7/18/1995 :: NEW YORK, NY, INVESTEX SECURITIES GROUP, INC. (CRD#: 30094) :: 2/6/1995 6/5/1995 :: NEW YORK, NY, NATIONAL DISCOUNT BROKERS (CRD#: 27501) :: 10/3/1994 12/8/1994 :: OMAHA, NE, CHARLES SCHWAB & CO., INC. (CRD#: 5393) :: 3/13/1992 9/30/1994 :: SAN FRANCISCO, CA, WATERHOUSE SECURITIES, INC. (CRD#: 7870) :: 3/14/1989 5/29/1991 :: OMAHA, NE, OMNI MUTUAL, INC. (CRD#: 10243) :: 12/16/1987 4/14/1988, AUSTIN SECURITIES, INC. (CRD#: 17094) :: 9/18/1987 11/16/1987, WALL STREET DISCOUNT CORPORATION (THE) (CRD#: 11069) :: 3/5/1987 9/17/1987, BROOKS WEINGER ROBBINS & LEEDS INC. (CRD#: 14156) :: 9/24/1986 3/12/1987, VENUS INTERNATIONAL GROUP, LTD. (CRD#: 16722) :: 8/13/1986 9/24/1986, BROOKS WEINGER ROBBINS & LEEDS INC. (CRD#: 14156) :: 12/17/1985 5/20/1986. NEWBRIDGE SECURITIES CORPORATION: Street Address: 1200 NORTH FEDERAL HIGHWAY: City: BOCA RATON: State: FL: Area Code: 33432: A number of investors who bought GWG L Bonds through the brokerage Newbridge Securities are represented by Haselkorn & Thibaut. The White Law Group is a national securities arbitration, securities fraud, and investor protection law firm with offices in Chicago, Illinois. Reproductions and distribution of this news story are strictly prohibited. Specifically, these allegations involved the buying and selling of corporate bonds. Pick all the topics you are interested in to fill your homepage with stories you'll love. The views and opinions expressed in these articles are those of the source BROKERAUDIT.COM and do not necessarily reflect the official position of AriesLawFirm.com, which shall not be held liable for any inaccuracies presented. The Wolper Law Firm 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. The Bulletin reported that Jackie Dale Yeley filed the lawsuit on Thursday in Deschutes County Circuit Court through attorneys from the Barton Law Group. Its a significant improvement over the firms previous rankings, but our current measure still misses cases which have been expunged, McCann says. 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). complaints/lawsuits against Newbridge are the result of GWG Holdings L Bonds, GWG Holdings, Inc. submits a bankruptcy petition, Newbridge Securities appears to be a haven for rogue brokers. SLCG also correlated the products brokers are selling to the types of customer abuses and complaints their firm received, including breach of fiduciary duty, misrepresentation, fraud, churning and unauthorized data. Should I file a FINRA complaint against brokers like GABRIEL MARTIN ANTUNA? The extravagant claims should be a red flag that the broker is a scam. 1787 Views 0. . 0 . October 24, 2017 I'm Jeff Sonn, an attorney concentrating on securities fraud and consumer class actions. Your email address will not be published. The foregoing information, which is all publicly available, is being provided by The White Law Group. 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. 0. 3:09 am Contact us now for a free consultation! Depending on the amount of experience people have with brokers, it may be easy to tell what is legitimate and off-base before the problem starts.
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