However, the announcement of GWGs bankruptcy shows that the principal of L Bond investors is really at risk, and GWG investors are certain to sustain significant losses. A Scottsdale financial advisor with a questionable history is the subject of a lawsuit alleging he breached his fiduciary duty when he made (312) 238-9650 | Fax (312) 238-8950 | (888) 637-5510 | 125 S. Wacker Drive, Suite 300, Chicago, Illinois 60606The information you obtain at this site is not, nor is it intended to be, legal advice. . Matt Wolper is a trial lawyer who focuses exclusively on securities litigation and arbitration. The White Law Group is a national securities fraud, securities arbitration, investor protection and securities regulatory/compliance law firm with offices in Chicago, Illinois and Vero Beach, Florida. It also does business under the name Ludwig Investments. The firm allegedly permitted control persons to sell unregistered securities through firm accounts, and the sales were not made in compliance with any applicable exemption from registration. August 2010 FINRA censured and fined Newbridge $600,000 after allegations that it facilitated the manipulative trading of the stock of a company created as the result of a reverse merger. Mr. Wolper has handled hundreds of securities matters nationwide before the Financial Industry Regulatory Authority (FINRA), American Arbitration Association (AAA), JAMS, and in state and federal court. In his career, Lawrence Labine has been the subject of 28 customer complaints that we know about, 2 of those complaints were filed in the last year to recover investment losses. pleaded guilty to securities fraud for his role in an alleged $131 million market manipulation scheme. It also has the unfortunate distinction of a large number of regulatory cases filed against it. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. Brokerage Firm Regulated by FINRA (Florida district office) MAIN ADDRESS. SALES OF STRUCTURED PRODUCTS IN PENNSYLVANIA, In 2016, Newbridge was fined $25,000 for November 2016 Former Newbridge Securities broker Gerald Cocuzzo pleaded guilty to securities fraud for his role in an alleged $131 million market manipulation scheme. There are disclosures, allegations, or complaints filed against Thomas John Avery. In 2017, Newbridge was ordered to Total. Although our offices are in Seattle, Washington and Chicago, Illinois, the firm reviews securities fraud cases throughout the country. The complaint alleged that Cocuzzo engaged in a scheme to defraud investors and potential investors by receiving cash kickbacks to recommend and induce customers to purchase ForceField stock without disclosing those kickbacks to his customers. The Philadelphia Inquirer reports that on Tuesday, January 23, 2018, a jury for the Delaware County Court of Common Pleas determined that the young girl had received substandard care from Dr. Steven [], Effective new obesity drug poised to revolutionize weight loss treatment, As an increasing number of obese Americans seek Ozempic and Wegovy drugs promoted by celebrities and on TikTok as weight-loss aids a more potent obesity drug is poised to revolutionize treatment. In September 2011, Newbridge was fined NEWBRIDGE SECURITIES CORPORATION: Street Address: 1200 NORTH FEDERAL HIGHWAY: City: BOCA RATON: State: FL: Area Code: 33432: But regardless of whether an arbitration award was entered, a settlement occurred, or the customer complaint is still pending, the allegations made by customers are red flags which should put all current and former customers of Dean Nowak at Newbridge Securities Corp. and Taylor Capital Management on alert to review carefully the activity and . Specifically, these allegations involved the buying and selling of corporate bonds. Yet, unfortunately, Newbridge Securities has not always lived up to this duty. SLCGs founder says the secrecy surrounding Finra data and the amount of data that Finra expunges on firms and brokers disciplinary history made this research a Herculean effort., We have moved significantly closer to a first-best ranking by using information on BrokerCheck reports which identifies the employing firm where the complaint about conduct occurred. The office of Governor Lujan Grisham stated that she signed the bill on Wednesday and appreciated the Legislatures action during the recent special session on redistricting [], A jury awards $26 million in a negligence case, a Nebraska record, A Douglas County jury has awarded $26.1 million to a family from Sarpy County who sued Childrens Hospital and Medical Center in Omaha after their child was sent home after an accidental fall and then suffered seizures that left her permanently disabled; however, this amount could be drastically reduced due to a state cap on [], Utah judge to rule on state abortion clinic moratorium next week, The Planned Parenthood Association of Utah argued in court on Friday that a ban on abortion clinics would functionally eliminate abortion access if implemented as scheduled next week. I use this blog to bring attention to regulatory filings involving financial advisors, current events in securities and cases in the financial services industry, and to help investors understand their rights and options for financial recovery. The recent complaints/lawsuits against Newbridge are the result of GWG Holdings L Bonds, GPB Capital, and other non-traded investments. private offerings sold to its customers, and failed to conduct adequate due Can an SEC Lawyer Help Me Recover Investment Losses? Brokers Background He entered the securities industry in 1999 and previously worked for Intercarolina Financial Services, Inc.; Principal Securities, Inc.; WR Rice Financial Services, Inc.; GWN Securities, Inc.; Lincoln Investment; Waddell & Reed, Inc.; and Dean Witter Reynolds, Inc. Current And [], Miche Jean (CRD#: 5918186) is a previously registered Broker and Investment Adviser. investments that are appropriate for their clients document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); gform.initializeOnLoaded( function() {gformInitSpinner( 1, 'https://8zle54.p3cdn1.secureserver.net/wp-content/plugins/gravityforms/images/spinner.svg', true );jQuery('#gform_ajax_frame_1').on('load',function(){var contents = jQuery(this).contents().find('*').html();var is_postback = contents.indexOf('GF_AJAX_POSTBACK') >= 0;if(!is_postback){return;}var form_content = jQuery(this).contents().find('#gform_wrapper_1');var is_confirmation = jQuery(this).contents().find('#gform_confirmation_wrapper_1').length > 0;var is_redirect = contents.indexOf('gformRedirect(){') >= 0;var is_form = form_content.length > 0 && ! 1200 N Federal Hwy #400, Boca Raton, FL 33432. The problem is by not disclosing the bigger picture to investors, or allowing anyone in the industry to do the analysis, Finra is protecting not only firms but predators and I think someone ought to call them out on it, a securities analyst who asked to remain anonymous told Financial Advisor magazine. December 2014 FINRA sanctioned the firm after allegations that it engaged in corporate bond transactions in which it failed to buy or sell the bonds at a fair price taking into consideration all applicable circumstances. By virtue of the foregoing, Newbridge violated FINRA Rule 3110 and FINRA Rule 2010. The firm was reportedly ranked number two on the list of the worst ranked brokerage firms in the securities industry from 2007-2016, according to a report by the Securities Litigation & Consulting Group (SLCG). As a result, investors ended up paying far more than was necessary or appropriate given the circumstances. released by the Financial Industry Regulatory Authority (FINRA), in September Kindly add a comment, or contact us directly if you have any query, or want to be contacted by a FINRA lawyer today! If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form . Peter Goffin has been in the securities industry since 1987 and previously worked at Wachovia Securities Financial Network, JW Charles Securities and Commvest Securities. According to the agreement, which was released by the Commonwealth of Pennsylvania, Newbridge Securities failed to properly supervise one of its brokers who was selling structured products to Pennsylvania residents. The firm was ordered to pay a fine of $499,000. This was, allegedly, for the purpose of manipulating trading in a stock that resulted from a reverse merger. 0. September 2019 The Financial Industry Regulatory Authority Inc. reportedly censured Newbridge Securities and fined the firm $225,000 for having failed to adequately supervise the sale of complex securities such as structured notes and leveraged, inverse and inverse-leveraged exchange-traded funds. Many investors (presumably, like yourself) are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or Attach images - Only PNG, JPG, JPEG and GIF are supported. Should I file a FINRA complaint against brokers like Thomas John Avery? obligation to supervise the Financial Advisors sales practices and dealings The stockbroker and investment fraud lawyers at Sonn Law Group dedicate their entire practice to protecting the interests of investors who have lost money as a result of the negligent or wrongful conduct of those entrusted with protecting and growing our money. -, Thursday August 27, 2020 9:00 AM EST November 2017 Numerous customer complaints, including those involving three retired Philadelphia police officers and a firefighter, were reportedly filed against Newbridge alleging that their financial advisor, Austin Dutton, did not properly warn them of the risks involved with the recommended investments. Newbridge agreed to be censured and fined $115,000 after allegations that it failed to apply sales charge discounts to certain investors eligible investments in unit investment trust products (UITs). Complaint against Newbridge Securities Corporation? and enforce supervisory systems and written supervisory procedures related to diligence for 15 different unregistered offering in violation of NASD Rules According to FINRA, the firm failed to get investors a fair market price on certain trades. When brokers violate securities laws, such as making unsuitable investments, the brokerage firm they are working with may be liable for investment losses through FINRA Arbitration. His demeanor was professional and pleasant and I would not hesitate to use him in future matters. with clients. 9. Wednesday January 13, 2021 11:00 AM EST. The worst 12 firms down through Bethel Fisher (Table 1 below) have five times that complaint level of the industry average of 2.6 percent, he added. What are the Most Common Forms of Stockbroker Fraud? Newbridge Financial, Inc. And Wholly Owned Subsidiary, Newbridge Financial Services Group, Inc. Shows 214% Growth in Assets Under Management. Rather than weeding bad brokers out of the industry, the regulatory environment and labor market sifts bad brokers down the quality ladder over time into brokerage firms with loose hiring practices and law compliance ethics and these bad brokerage firms specialize in preying on unsophisticated investors, McCann added. Based in Boca Raton, Florida, he has been a broker with Newbridge Securities Corporation since 2010. The firm was censured and fined $17,500. They talked a big game and claimed to trade $4.8 billion on behalf of 100,000 investors and promised gains of 1 percent a day. We provide full-service securities brokerage and investment banking services. In June of 2016, FINRA fined Newbridge Securities $115,000 and ordered the firm to pay $188,803.99 in restitution to affected customers for failing to apply sales charge waivers to client accounts. 1787 Views 0. . Here, our experienced securities fraud attorneys highlight some notable allegations of misconduct that have been brought against this firm. -, Tuesday November 15, 2022 8:00 AM EST Brokerage firms have a legal responsibility to always look out for the best interests of their clients. Blog, Current Investigations. To the extent any of these SLCGs ratings reveal that firms it ranked as: The worst brokerage firms over the past 10 years that are still in business remain among the worst firms. The firm allegedly permitted control persons to sell unregistered securities through firm accounts, and the sales were not made in compliance with any applicable exemption from registration. what badge are football pundits wearing today 2021,

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