July 2016-Boston, MA
The FINRA records of Rushton L. Ardrey, III , a former stock broker employed by Newport Coast Securities , disclose 3 prior final regulatory events, a prior customer dispute, 3 currently pending customer disputes and a termination from employment.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
In September 2015, without admitting or denying the findings, Ardrey entered into an agreement with FINRA to resolve allegations that he sent a wire of $33,000 from his personal bank account to that of a customer in order to reimburse the customer for losses sustained in her account without prior written authorization from his then member firm, Wells Fargo Advisors. Ardrey was suspended for 10 days.
Ardrey’s FINRA disclosure reports that in FINRA Case 12-4352, a customer while Ardrey was employed by UBS Financial Services and Wells Fargo Advisors alleged damages in excess of $1 million for unsuitable and excessive trading. That case was settled for $455,000.
In the three pending cases customers allege unsuitable, unauthorized and excessive trading. No damages are specified.
Ardrey was employed by Newport Coast Securities from 10/2014-8/2015. Prior to that he was with White, Weld & Co. from 12/2013-10/2014, Coastal Equities from 12/2013-12/2013 and with Wells Fargo Advisors from 9/2009-11/2013.
Ardrey was discharged by Wells Fargo Advisors in 11/2013. Wells Fargo Advisors alleged that Ardrey “admitted to making a payment to a client to compensate for account losses’, in connection with the discharge.
Investors who suffered losses in an account handled by Rushton L. Ardrey, III, may be entitled to recover damages through FINRA arbitration.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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