Austin Dutton Investigation
November 2021–Doylestown, PA
The FINRA records of Austin R. Dutton, Jr. , a stock broker who was previously employed by Newbridge Securities and who is currently employed by American Trust Investment Services , disclose a recent regulatory event, 23 prior customer disputes, a pending regulatory investigation 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 July 2017 Pennsylvania securities regulators fined Dutton $200,000 to resolve allegations that, while employed by Newbridge Securities, he recommended the purchase of a security without reasonable grounds to believe the transaction was suitable and that he engage in dishonest and unethical practices in the securities business. Dutton was ordered to pay the $200,000 fine over a 24 month period commencing August 2017.
In 3/2021 FINRA instituted an investigation after making a preliminary determination to recommend that disciplinary action be brought against Dutton for violations of FINRA rules, including Rules 4511 and 2010.
A total of about $650,000 has been paid to settle 22 individual cases brought by customers of Newbridge Securities. Allegations of wrongdoing by Dutton include:
- Negligence and misrepresentation related to alternative investments
- Negligence and misrepresentation related to structured products, including REITs
- Sale of unsuitable securities
- Breach of fiduciary duty
- Omission of material fact concerning risks of non-traded REITs
Austin Dutton was employed by Newbridge Securities 8/2007-8/2017. Since leaving Newbridge he was with Center Street Securities for a short period of time, 7/2017-9/2017 and was registered with Sandlapper Securities from 9/2017-5/2019. He was with PRIMEX from 5/2019-4/2020 and has been with his current employer American Trust Investment Services since 6/2020.
Dutton discloses business affiliations with Bridge Valley Financial Services and Tax Mitigation LLC.
Newbridge Securities
Newbridge Securities, which is based in Boca Raton, FL, discloses 28 regulatory issues on their FINRA BrokerCheck report. Most recently, Newbridge was fined $499,000 in July 2017 by Pennsylvania securities regulators for failing to supervise an agent in connection with sales of structured products.
Losses with Austin Dutton ?
If you have losses on non-traded REITs or other structured products purchased on the recommendation of Austin Dutton, call for a no charge consultation to learn about your options for recovery.
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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