Category Archives: Newbridge Securities Corp.

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

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

May 2018- 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 3 pending and 2 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 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 17-03125. A Newbridge Securities customer alleges negligence, concentration and unsuitable investments in non-traded REITs. Damages are unspecified.
  • 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.

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 Finanical 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

CBG Financial Group, Failure to Supervise, FINTEGRA LLC, Newbridge Securities Corp., Unsuitable Investments

John E. Egan-Newbridge Securities Broker-Subject of Customer Dispute Alleging Unsuitable Investments-Boca Raton, FL

April 2018 -Boca Raton, FL

According to FINRA records, John Eugene Egan ,  a   stockbroker who is currently employed by Newbridge Securities Corp., disclose  a prior regulatory event, a pending customer dispute and two 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 pending FINRA arbitration #18-0882, a customer of Newbridge Securities alleges that Egan made unsuitable investment recommendations, breached his fiduciary duty and that Newbridge failed to properly supervise Egan. Damages are unspecified, to be proven at final hearing.

In one of the prior customer disputes disclosed by Egan, a FINRA arbitration panel awarded a customer compensatory damages of $100,000, punitive damages of $100,000, costs of $32,735 and FLA statutory interest, to resolve their claim related to the recommendation to invest in RMK Funds. FINRA Case #11-0726.

John Egan has been employed by Newbridge Securities since 8/2013.. Prior employments include CBG Financial and FINTEGRA LLC.

If you have losses  in an account handled by John E. Egan or believe that your account has been mishandled,  contact us for a no charge consultation to discuss 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 Discloses Criminal Event, Discretionary Trading, Elder Financial Abuse, Failure to Supervise, FInancial Exploitation of the Elderly, Finra Investigation of Stockbroker, Metlife Securities, Misrepresentation, Newbridge Securities Corp., Stockbroker Discharged, Stockbroker Malpractice, Theft, Unauthorized Trading, Wells Fargo

Brian Berger-Former Newbridge Securities Broker-Sentenced for Fraud-Boca Raton, FL

April 2018-Boca Raton, FL

The FINRA records of former stockbroker Brian M. Berger disclose a pending regulatory matter and two prior regulatory matters, a criminal conviction, 4 customer disputes and a termination from employment.

In 7/2015 Berger  entered into a Letter of Acceptance Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that he failed to cooperate with a FINRA investigation into allegations that he had misappropriated funds from elderly customers while registered with Wells Fargo Advisors and MetLife Securities.As a result, Berger   was  barred from the securities industry.

There is an SEC administrative proceeding pending in connection with the misappropriation of funds.

In 2/2017, in the U.S. District Court for the Southern District of Florida in Miami, Berger pleaded guilty to wire fraud and was sentenced to 18 months and ordered to pay restitution of $372,643.

Over $300,000 has been paid in settlements to former customers of Berger.

According to FINRA records, Berger was registered with Wells Fargo Advisors in Boca Raton from 7.2010-7/2014 and with MetLife Securities from 7/2014-4/2015. After that he was briefly registered with Newbridge Securities from 4/2015-6/2015.

If you have questions about an account handled by Brian Berger, call for a no charge consultation to discuss your 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

Alternative Investments, Failure to Supervise, Limited Partnerships, Newbridge Securities Corp., Private Placements, Reg D Offerings(private placements), REITs, Unsuitable Investments

Newbridge Securities Fined $499,000 For Failing to Supervise Sale of Structured Products

March 2018

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, like real estate investment trusts (REITs),  to Pennsylvania residents.

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

Newbridge Securities broker Austin Dutton Jr. was fined $200,000 by Pennsylvania securities regulators for dishonest and unethical practices in connection with the sale of REITs. Dutton currently is the subject of  $760K in customer arbitrations for losses on REITs. Follow this link for more information.

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

Alternative Investments, Center Street Securities, Concentrated Positions, Failure to Supervise, Misrepresentation, Newbridge Securities Corp., Pennsylvania Department of Banking and Securities, Reg D Offerings(private placements), REITs, Sandlapper Securities, Stockbroker Malpractice, Structured Products, Unsuitable Investments

Austin R. Dutton Jr.-Former Newbridge Securities Broker-Fined $200K-Subject of $760K in Customer Suits Over REITs-Doylestown, PA

March 2018-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, 4 pending customer disputes, 2 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 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.

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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870