March 2019-Doylestown, PA
The FINRA records of Austin R. Dutton, Jr. , a stock broker who was formerly employed by Boca Raton-based Newbridge Securities, disclose a recent regulatory event, 15 pending customer disputes, 4 prior 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 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 pending FINRA Case 18-4210 filed by a customer of Newbridge Securities alleges that he was sold unsuitable alternative investments and seeks damages of $140,000.
In pending FINRA Case 18-3557 filed by a customer of Newbridge Securities alleges that he was sold unsuitable structured products and seeks damages of $250,000.
In pending FINRA Case 17-03229 filed by a customer of Newbridge Securities alleges that he was sold unsuitable non-traded real estate trusts (REITs) and structured products and seeks damages of $230,000.
In pending FINRA Case 17-03240, filed by a customer of Newbridge Securities, alleges that he was sold unsuitable non-traded real estate trusts (REITs) and seeks damages of $150,000.
In pending FINRA Case 17-02871, filed by a customer of Newbridge Securities, alleges that he was sold unsuitable non-traded real estate trusts (REITs) and seeks damages of $350,000. The claim alleges violations of Federal and Pennsylvania Securities laws, common law fraud and failure to supervise.
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 is now registered with Sandlapper Securities since 9/2017.
Dutton discloses business affiliations with Bridge Valley Financial Services in Furlong, PA and WFC Marketing.
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.
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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