Tag Archives: Newbridge Securities problem

Newbridge Securities Fined $499,000 by Securities Regulator Over Structured Products-Boca Raton, FL

August 2017- Boca Raton, FL

Boca Raton, FL based brokerage firm Newbridge Securities Corp. was fined $499,000 by Pennsylvania Department of Banking and Securities for failure to supervise a broker in connection with the sale of structured products to Pennsylvania residents.

According to the Consent Agreement and Order, from January 2012-December 2016, Newbridge did not maintain a reasonable system for applying and enforcing written procedures pertaining to their sales of structured products by one agent in Pennsylvania.

This is not the first time Newbridge Securities has encountered regulatory problems. Their FINRA record discloses 28 prior regulatory events .

Newbridge Securities has over 80 locations nationwide. Recent SEC filings report total revenue in 2016 of $26 million with a net loss of $487,738.

If you have questions about losses in an account at Newbridge Securities, call to learn how you may be able to recover damages.

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.

Nationwide

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Gerald Cocuzzo-Former Newbridge Securities Broker-Sentenced to 18 Months for Securities Fraud-Boca Raton,FL

Boca Raton, FL

July 2017 UPDATEGerald Cocuzzo was sentenced to 18 months in prison after pleading guilty to securities fraud for his participation in the manipulation of Forcefield Energy, Inc. (FNRG) , a publicly traded company. Link to Department of Justice press release.

MAY 2017 UPDATEGerald Cocuzzo’s FINRA record discloses 2 pending arbitrations:

  • FINRA case # 16-01684-a customer of Newbridge Securities alleges that Cocuzzo overconcentrated their account, breached his fiduciary duty and violated California securities laws. No specific damages are stated.
  • FINRA case# 16-3501 seeks damages of $52,000 and alleges that the investment in Forcefield Energy Corp was fraudulent.

ORIGINAL POST-November 2016- 

The US Attorney’s Office announced that former Newbridge Securities stock broker Gerald Cocuzzo, pleaded guilty to securities fraud in connection with the fraudulent marketing of ForceField Energy, a publicly traded company with the symbol FNRG.

According to the release between 2009-2015, Cocuzzo and others manipulated the price of ForceField a purported worldwide distributor of LED lighting products causing losses of $131,000,000.

Cocuzzo faces up to 20 years in prison.

See this for more information on Gerald Cocuzzo. 

Cocuzzo was employed by Newbridge Securities from 12/2014-5/2016 and prior to that was employed by IAA Financial from 9/2009/1/2015.

If you suffered losses due to recommendations by Gerald Cocuzzo to purchase risky investments, including Forcefield Energy (FNRG), contact us to learn how you may be able to collect damages from the brokerage firm that employed Cocuzzo.

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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

William K. Bradley-Former Newbridge Securities Broker-Discloses Customer Dispute & Termination

August 2016- New York

The FINRA records of  William K. Bradley,  a  stock broker who is currently employed by Meyers Associates,  disclose  a currently pending customer dispute and a prior 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 currently pending FINRA arbitration 16-0441, a customer of Bradley’s former employer HFP Capital Markets, alleges damages of $30,236 for unsuitable investments.

In 12/2011, Bradley was discharged by HFP Capital Markets who made the following statement on Bradley’s FINRA record: “William Bradley was discharged due to the fact that he, by his own admission, was caught selling proprietary assets of the firm without authorization. When Mr. Bradley was approached  by the branch office manager and a second broker he admitted to selling leads to a person outside the firm.”

 

Bradley’s prior employment history includes:

  • Meyers Associates                       since 3/2016
  • Newbridge Securities                  11/2015-3/2016
  • Craig Scott Capital                       2/2012-12/2015

He also worked for Brookstone Securities and HFP Capital Markets. Both firms have been expelled by FINRA.

If you have losses in an account handled or supervised by William K. Bradley you may be able to recover damages from his former employer 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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Andrew S. Corbman-Former Kovack Securities Broker-Discloses 5 Pending Customer Disputes

UPDATE DECEMBER 2016Andrew S. Corbman was permanently barred by FINRA from acting as a broker or otherwise associating with firms that sell securities to the public. Without admitting or denying the findings, Corbman consented to sanctions and entry of findings that he refused to appear for on the record testimony as requested by FINRA in connection with his termination from employment from his firm and allegations against him regarding unsuitable and unauthorized trading. FINRA Case 2016051009001.

ORIGINAL POST-July 2016- South Florida

The FINRA records of Andrew S. Corbman disclose 1 final regulatory matter, 5 pending customer disputes, 7 prior final customer disputes, 1 termination from employment , a pending personal bankruptcy and 2 Federal tax liens.

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.

The currently pending customer disputes include:

  • FINRA case 16-1671- a customer while Corbman was employed by Kovack Securities alleges damages of $700,000 for violations of the Virginia Securities Act, common law fraud, breach of fiduciary duty and other claims.
  • FINRA Case 16-0498-a customer while Corbman was employed by Kovack Securities alleges damages of $1.3 million for unauthorized and unsuitable trading and failure to supervise.

Earlier in 2016 Corbman was sanctioned and suspended  by FINRA to resolve allegations that while he was employed by FSC Securities, he made unsuitable recommendations to three customers that were inconsistent with their investment objectives and risk tolerance.

FINRA records indicate that Corbman was registered with Newbridge Securities from 11/2015-3/2016. He was registered with Kovack Securities from 1/2011-11/2015. Prior to that he was registered with FSC Securities from 2/2008-1/2011. He is not currently registered.

Corbman was discharged by FSC Securities in 2011 , who made the following statement on Corbman’s official FINRA record:

“The registered representative violated firm policies, including the use of unapproved advertising, failure to utilize required firm sale practice forms and was found to have utilized an unapproved email address.”

If you have losses in an account handled by Andrew Corbman, you may be able to collect damages from his former employer.

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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Michael Stern-Former HJ Sims/Newbridge Securities Broker-Discloses Customer Disputes-Boca Raton, FL

JUNE 2017- Boca Raton, FL

A review of FINRA records reveals that Michael B. Stern,  is not currently licensed to act as a broker or as an investment adviser according to FINRA records as of this date. 

According to FINRA records  Stern has been named in  9 customer disputes that have been resolved and one that is pending . The complaints alleged fraud, negligence, misrepresentation, failure to supervise and unsuitable investments.

Stern was registered with Herbert J. Sims & Co. from 8/2013-1/2016. Prior to that he was registered with Newbridge Securities from 2/2004-8/2013.

If you have information you think would be helpful to our investigation of Mr. Stern, we would like to hear from you. If you have losses in an account handled by  Michael Stern contact us to discuss how you may be able to recover damages from his employer for those losses.

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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Andrew Corbman-Former FSC Securities Broker Sanctioned by FINRA- Lansdowne, VA

UPDATE April 2016-Corbman named in arbitration by customer seeking $1.3M in losses while Corbman was employed by Kovack Securities. See this link for more.

February 1, 2016- Lansdowne, VA

Andrew S. Corbman entered into a Letter of Acceptance Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that  he made unsuitable recommendations to three customers that were inconsistent with the customer’s investment objectives and risk tolerances and resulted in over-concentration of their liquid net worth in these investments.

According to FINRA, Corbman, while working for FSC Securities, improperly recommended to a married couple with growth objectives and moderate risk tolerances , to purchase unsuitable highly risky leveraged, inverse Exchange Traded Funds (ETFs).

He also recommended to an elderly customer with a conservative risk tolerance and an investment objective of income to purchase an unsuitable and risky mutual fund with no operational history. The investments were unsuitable as they were over-concentrated and exposed each customer to a risk of loss that exceeded each customer’s risk tolerance and investment objectives.

AWC No.  20100246200302df

Corbman was suspended from association with any FINRA member for 1 month.

FINRA records indicate that Corbman has been registered with Newbridge Securities since 11/2015. He was registered with Kovack Securities from 1/2011-11/2015. Prior to that he was registered with FSC Securities from 2/2008-1/2011. 

Corbman has been the subject of 7 customer disputes that have been resolved and there is currently one customer dispute pending.

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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870