January 2020 – San Diego, CA
The FINRA records of of Martin David Batstone , a suspended stockbroker who was last employed by Newbridge Securities, disclose 2 regulatory events and 6 prior customer disputes.
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 10/2019, FINRA instituted a regulatory proceeding alleging that Batstone willingly violated section 10(b) of the Securities Exchange Act of 1934 and rule 10b-5(a)-(c), and violated FINRA Rule 2010 when he transferred his member firm customers’ funds to his personal bank account and used the funds for his personal expenditures. FINRA also alleges that Batstone solicited the firm’s customer to invest a total of $75,000 in a small limited liability company purporting to provide brand management and product placement services for athletes and entertainers. In soliciting the investments, Batstone informed customers that the company would use their funds for general operating expenses, including marketing and distribution of an energy drink. Contrary to these representations, This case is pending.
In 9/2015, a customer of Independent Financial Group, filed a case in San Diego County Superior Court alleging that Batstone breached his duty by failing to affirm client’s beneficiary designations in writing resulting in the former spouse being unable to collect distributions upon client’s death, contrary to client’s instructions to registrant. The case was settled for $55,000.
In April of 2007, a customer of Ameriprise Financial Services, Inc., alleged he instructed Batstone to purchase an annuity. Client received funds from the annuity purchase, but lost interest in the year because it was not invested. The case settled for $5,400.
Batstone was employed by Newbridge Securities Corporation from 11/2018 until 5/2019, He was with Crown Capital Securities from 4/2017 until 8/2018 and with Independent Financial Group from 1/2009 until 4/2017.
If you have problems in an account handled by Martin David Batstone call for a no charge consultation .
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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