Category Archives: Newbridge Securities Corp.

Ameriprise Financial, Crown Capital Securities, Newbridge Securities Corp., StockBroker Misconduct

Martin D. Batstone-Former Newbridge Securities Broker- Discloses 2 Regulatory Events and 6 Customer Disputes-San Diego, CA

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.

International Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Churning, Failure to Supervise, First Midwest Securities, Legend Securities, Newbridge Securities Corp., Salomon Whitney (SW Financial), Unsuitable Investments, Worden Capital Management

Stephen Sullivan-Former Newbridge Securities Broker-Subject of $500K Customer Suit-Melville, NY

August 2018-Melville, New York

According to FINRA records,  Stephen J. Sullivan,   a stockbroker who currently works for SW Financial (formerly Salomon Whitney Financial) ,   discloses  a prior regulatory event, a pending customer dispute, a prior customer dispute and 3 currently pending judgment/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.

In February 2016, without admitting or denying the findings, Sullivan consented to sanctions and entry of findings that while employed by First Midwest Securities, he exercised discretion in the accounts of two customers without obtaining their prior written approval. He was suspended for 10 business days and fined $5,000.

In currently pending FINRA Case 18-01444 a customer of one of his prior employers, Newbridge Securities, alleges that Sullivan made unsuitable recommendations and traded the account excessively. The customer is seeking damages of $540,618.

According to his FINRA record, sInce obtaining his Series 7 broker’s license in 1998, Sullivan has been employed by  14 different brokerage firms. His current employment with  SW Financial began in 5/2018.

Sullivan’s recent prior employment includes Worden Capital Management, Newbridge Securities and Legend Securities. 

If you have losses in an account handled  Stephen Sullivan, call for a no charge consultation to learn about your legal options.

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

Broker Disclosing Outstanding Liens/Judgments, InvestaCorp Inc, Newbridge Securities Corp., SII Investments Inc.

Edward A. Klug-Concierge Wealth Management-Discloses Numerous Tax Liens-Appleton, WI

August 2018-Appleton, WI

The FINRA records of  Edward A. Klug,  a  former stock broker who was last employed by Newbridge Securities ,  disclose 4 prior customer disputes, and 5 currently outstanding judgment/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.

Klug discloses the following outstanding tax liens:

  • Wisconsin Department of Revenue-$141,711
  • IRS-$482,714
  • IRS-$44,229
  • IRS-$6,695
  • IRS-$44,636

Klug was employed by Newbridge Securities from 5/2016-5/2018. Prior employments include Investacorp and SII Investments. He does business as Concierge Wealth Management in Appleton, WI.

If you have losses in an account handled by Edward Klug call for a no charge consultation to discuss your legal 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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Failure to Supervise, Misrepresentation, Newbridge Securities Corp., Outside Business Activities, REITs, Salomon Whitney (SW Financial), Stockbroker Malpractice, Unauthorized Trading, Unsuitable Investments

Dennis Hayes-Former Newbridge Securities Broker-Discloses Numerous Customer Suits-Charlotte, N. Carolina

March 2019- Charlotte, N. Carolina

According to FINRA records,  Dennis Allen Hayes ,  a stock broker who  is not currently registered and who formerly worked for Newbridge Securities Corp. , discloses a pending regulatory investigaton, 2 pending and 4 prior final 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 1/2019 FINRA initiated a regulatory investigation in which the regulator alleges that Hayes recommended that customers of Newbridge Securities purchase securities from privately held companies without notice to his firm. The complaint alleges that the principal of the companies was a friend of Hayes’ family and that Hayes received a payment of $130,000.

In recently resolved FINRA Case 17-3125, a customer of Newbridge Securities alleged that they were sold unsuitable securities. That case was settled in 10/2018 for $760,000.

In FINRA Case 16-02002, a customer of Newbridge Securities alleged that they were sold unregistered securities. That case was settled in 8/2017 for $120,000.

In FINRA Case 16-0899 a customer of Newbridge Securities alleged fraud, misrepresentation and violations of the N. Carolina Securities Act. The case was settled in 7/2016 for $12,500.

The pending cases include:

  • FINRA Case 17-2853. A Newbridge Securities customer seeks damages of $650,000 and alleges that Hayes recommended unsuitable investments in promissory notes and private placements. The customer also alleges that Hayes engaged in unauthorized transactions.
  • A pending customer complaint involving a promissory note which seeks damages of $66,246.

Hayes was employed by Newbridge Securities from 2/2010-9/2016. In 9/2016  he was “permitted to resign” from Newbridge who made the following allegation on Hayes’ FINRA record: “He was permitted to resign based on two issues, first the firm has an open internal review regarding a customer complaint that evolved into an arbitration for possible selling away and private securities transactions. Second, had little or no production in the last 12 months.”

Hayes discloses business affiliations with Dennis A Hayes, CPA, and Dennis A. Hayes Financial Services in Charlotte. He was employed briefly by Salomon Whitney Financial during 4/2017.

If you have questions about losses  an account handled  by Dennis A. Hayes , call for a no charge consultation to learn how you may be able 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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870