Tag Archives: newbridge securities complaints

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

Walter Priebe-Former Investacorp Broker – Sanctioned by Securities Regulator-Ft. Lauderdale

August19, 2015,

Walter Paul Priebe , entered into a Letter of Acceptance, Waiver and Consent (AWC)  with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that he acted in a fiduciary capacity for various trusts without providing notice to his member firm and without obtaining approval.

According to the AWC, between 2001-2012, while registered with Investacorp in Ft. Lauderdale, FL, , Priebe engaged in outside business activities by serving as trustee for several trusts with clients of the firm. He failed to provide notice to Investacorp of his fiduciary roles and raise to obtain approval in violation of firm policies and in violation of NASD and FINRA rules.

AWC  No. 2014041781901

Priebe was suspended for 6 months and assessed a fine of $25,000. According to FINRA records, Priebe  was registered with Investacorp from 3/1989-7/2014 when he left to join Newbridge Securities Corporation.

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

Evan Kochav-Former World Equity Group Broker-Indicted

March 24, 2015-Trenton, New Jersey

NJ.Com reports that Evan Kochav, 33, of Jersey City has been indicted and charged with stealing over $561K from clients of his investment firm and then spending the money on poker and personal expenses.

Kochav, a reputed professional poker player, is alleged to have used his Red Bank-based firm , White Cedar Group, as a front for his scheme.

According to FINRA records, Kochav was permanently barred in August 2013 when he failed to respond to requests for information regarding his control of his customer’s brokerage account checkbook and his termination from his member firm.

In October 2014, the New Jersey Bureau of Securities revoked Kochav’s license and fined him $2,000,000 for fraud in connection with the sale of private placements.

FINRA records indicate Kochav was previously registered as follows:

  • World Equity Group                     10/2012-6/2013
  • Newbridge Securities                     9/2009-10/2012
  • J.P. Turner & Co.                                3/2007-8/2009
  • Reuven Enterprises Sec                 12/2006-3/2007
  • Kovack Securities                              7/2004-1/2005

In February 2015 World Equity Group was censured and fined $225,000 by FINRA for numerous violations, including inadequate procedures related to the sale of private placement investments. See this for more on that.

If you suffered losses in an account handled by Kochav or as a result of purchasing private placements from World Equity Group, call 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

Newbridge Securities Agrees to Pay $850,000 in Inflated Postage Charge Class Action

February 27, 2015- Ft. Lauderdale, FL

The InvestmentNews reports that Newbridge Securities Corp. , which is headquartered in Ft. Lauderdale, Florida, has agreed to pay $850,000 to resolve a class action lawsuit alleging that Newbridge overcharged clients for postage and handling of their securities transactions. The case Remington , et al v Newbridge Securities Corp. , which was pending in U.S. District Court for the Southern District of Florida, includes clients who had accounts with Newbridge from June 2008-January 2013.

In December 2014, Newbridge was fined $138,000 by FINRA for allegedly failing to buy and sell bonds at a fair price for their customers. FINRA Case #2009019877901 .

Newbridge Securities‘ firm summary on the FINRA website, which can be viewed here,  lists 22 regulatory events and 6 arbitrations.

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

Newbridge Securities Sanctioned by Securities Regulators Over Bond Transactions

December 1, 2014- Boca Raton, FL

Newbridge Securities Corporation entered into an agreement with the Financial Industry Regulatory Authority (FINRA) to resolve multiple compliance matters related to corporate bond transactions and customer trading activity. Case 20090198779-01.

As is typically the case, Newbridge neither admits or denies the facts and agreed to the following:

  • Censure
  • A fine of $138,000
  • An undertaking to revise the firm’s written supervisory procedures

FINRA found that Newbridge had violated various rules in connection with numerous transactions, including the following:

  • In 31 transactions in 2009,  the firm bought and sold corporate bonds to and from customers at a price that was not fair.
  • The firm’s supervisory system did not provide for supervision reasonably designed to achieve compliance with applicable securities laws and regulations, concerning bond transactions with customers.
  • In 50 instances in 2010, Newbridge failed to execute orders fully and promptly and in 18 of those transactions Newbridge failed to use reasonable diligence to obtain the best price for the customer.
  • Newbridge , on 63 occasions, provided written information to customers that failed to disclose information or disclosed inaccurate information.

Newbridge Securities Corporation is based in Ft. Lauderdale , FL and  according to the firm website, has branch offices located in:

  • Scottsdale, AZ
  • Boca Raton, FL
  • Coral Springs, FL
  • Chicago, Illinois
  • Matawan, NJ
  • Woodbury, NJ
  • New York City

If you have an account with Newbridge Securities that has suffered losses that you believe are the result of negligence or fraud , contact us to learn about your options.

Rex Securities Law , located in Boca Raton, FL, 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.

Rex Securities Law

561 391 1900