Tag Archives: Newbridge Securities investigation

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

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

Felipe Arrieta-Former Revere Securities Broker-Discloses Customer Disputes-Boca Raton, FL

February 2018- Boca Raton, FL

Felipe Arrieta, a stockbroker who is currently employed by Dakota Securities International and was formerly employed by Revere Securities,  discloses 3 prior final and 1 pending customer disputes on his publicly available FINRA record.

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 5/2007 a customer of his former employer, Newbridge Securities Corporation, alleged suitability, use of margin, unauthorized trading and breach of fiduciary duty.   That case was settled for $60,000.

In  currently pending FINRA case 170866, filed in April 2017,  a customer of Revere Securities alleges breach of fiduciary duty, breach of contract and unauthorized trading and is seeking damages  of $200,00.

Arrieta has been employed by Dakota Securities International since 7/2016. He was employed by Revere Securities  from  8/2014-8/2016.  His previous employers include Westpark Capital Bolton Global Capital, Jesup & Lamont Securities, VFinance Investments, and Newbridge Securities.  

If you have questions about an account handled by Felipe Arrieta contact us 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

David G. Menashe-Former Joseph Stone Capital Broker-Sanctioned by Securities Regulator for Excessive Trading-New York

July 2017-New York

The FINRA records of  David G. Menashe ,  a  stockbroker who is currently  employed by  Newbridge Securities Corp. , disclose a  prior regulatory event.

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 April 2017 Menashe was sanctioned by the Montana Office of the Commissioner of Securities and Insurance for excessive trading and unauthorized trading. The Notice of Proposed Agency Action and Opportunity for Hearing contains various conclusions of law, including the following:

  • Respondents Joseph Stone, Spadaro, Menashe, Maggio and Barrish violated 6.10401(1)(K) when they charged total commissions of $239,260.02 out of the $877,492.99 principal originally invested by Montana clients, or 28% of their total investment. 

Menashe entered into a Consent Agreement with the Montana regulator and agreed to pay restitution of $15,000.

Menashe was employed by Joseph Stone Capital from 2/2013-1/2017. Prior to that he was employed by First Midwest Securities.

If you have questions about an account handled by David G. Menashe, call to learn about 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

Thomas P. Smith-Former Titan Securities Broker-Discloses Customer Dispute Over Alternative Investment-Arlington, TX

April 2017-Arlington, Texas

The FINRA records of  Thomas P. Smith ,  a   stockbroker who is currently registered with Center Street Securities disclose a pending customer dispute.

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 currently pending FINRA case #16-3184 a customer of his prior employers Titan Securities & Newbridge Securities alleges damages of $250,000 for negligence, violations of the Texas Securities Act and other claims related to the purchase of a non-traded alternative investment.

Alternative investments include non publicly traded real estate investment trusts (REITS) , hedge funds, real estate, commodities and derivatives contracts and, managed futures. It may also include art, wine, antiques, coins or stamps. These investments tend to be complex, illiquid, nontransparent, hard to value and expensive. Many of the alternative investments sold over recent years are not traded on any public market making them difficult to value and even more difficult to liquidate if cash is needed.

 

Smith has been employed by Center Street Securities since 5/2016. He was with Titan Securities from 8/2011-6/2016 and with Newbridge Securities 6/2010-8/2011. Smith discloses a business relationship with Bering Financial in Arlington, TX.

If you have losses in an account in an account handled by Thomas P. Smithcontact us to discuss how you may be able to recover damages for those losses.

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