Newbridge Securities Corporation Scam Broker Review Loading. Contact us now for a free consultation! Thomas John Avery at NEWBRIDGE SECURITIES CORPORATION View Complaints, Disclosures, Scams and Audit Report (Updated 2023). 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. Registered broker-dealers are legally responsible for the actions of their investment advisors. -, Monday October 21, 2019 8:00 AM EST GWG L Bonds, as a whole, are a relatively new financial instrument that claims to provide better yields than standard publicly-traded fixed-income bonds. In 2017, Newbridge was ordered to BrokerCheck - Find a broker, investment or financial advisor Member FINRA/SIPC, Steven Perlstein Joins Newbridge Financial, Inc. as its Vice President of Business Development for Digital Products and Services, Newbridge Securities Corporation Hires Sonni Johnson to Head its Business Development/National Recruiting Initiatives, NFSG Promotes Jennifer Dorfman as CCO of its RIA, Newbridge Securities Corporation Hires Peter Czarnomski to Head Customer Service Group, Newbridge Securities Corporation Recruits Chad Champion, Managing Director, Head of Equity Capital Markets, B. Riley Financial Announces Offering of $100 Million Senior Notes Due 2028 and "BBB+" Rating from Egan-Jones. 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). All broker-dealers have a responsibility to adequately supervise its employees. registered representatives to sell two private placement offerings using Newbridge was censured and issued a fine of $138,000. While "only 2.6 percent of the brokers at firms with more than 200 brokers have customer complaints, Aegis Capital (24.49 percent) and Newbridge Securities Corp. (24.27 percent) employ bad . The rules and regulations of securities laws and FINRA policies are complex, and investment loss claims require an extensive understanding of securities arbitration to achieve the best possible results. The case pertained to the sale of complex securities, involving structured notes and inverse-leveraged and leveraged exchange-traded funds (ETFs). What are the Most Common Forms of Stockbroker Fraud? August 2019 The White Law Group filed a FINRA lawsuit against Newbridge on behalf of a Glendale, Arizona resident, requesting damages for alleged violation of common law fraud, breach of fiduciary duty, negligence, and negligent supervision. 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. At the time of filing Labine reportedly had six regulatory events, two judgement liens, one employment separation, and 23 customer complaints on his broker report. 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. Most FINRA lawyers work on a contingency fee basis, meaning that you will not be charged for their services unless they successfully collect money for you. The White Law Group is a national securities arbitration, securities fraud, and investor protection law firm with offices in Chicago, Illinois. FINRA sanctioned Newbridge Securities after allegations it failed to report 9,398 reportable order events to the order audit trail system on 147 separate business days, and additionally that the firm transmitted 1,017 reports with inaccurate, incomplete, or improperly formatted information. document.getElementById( "ak_js_2" ).setAttribute( "value", ( new Date() ).getTime() ); *Our firm, in some cases, advance costs and expenses of the case, and in that event, are recovered from the gross recovery of any settlement or verdict. The transactions in question qualified the customers for discounts and sales charge waivers, yet Newbridge Securities failed to properly identify and apply these cost savings. Thomas John Avery at NEWBRIDGE SECURITIES CORPORATION - View Complaints 0. Location of This Business. Peter Goffin has been in the securities industry since 1987 and previously worked at Wachovia Securities Financial Network, JW Charles Securities and Commvest Securities. However, as the fine is notably large, it is clear that this case involved very serious allegations of misconduct. The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm dedicated to helping investors in claims in all 50 states against their financial professional or brokerage firm. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Should I file a FINRA complaint against brokers like GABRIEL MARTIN ANTUNA? June 2016 - FINRA censured and fined the firm $115,000 after allegations that it failed to apply sales charge discounts to certain investors eligible investments in unit investment trust products (UITs). Beginning 2017, FINRA announced the prioritization of action to keep track of recidivist/ high-risk brokers. Contact :: Newbridge Securities The settlements, fines and arbitration awards put together have already cost Newbridge several million dollars. B. Riley Financial Announces Offering of $100 Million Senior Notes Due 2028 and "BBB+" Rating from Egan-Jones, Wednesday January 13, 2021 11:00 AM EST During an extreme volatility event, LJMs value dropped 80% in February 2018 causing the fund to liquidate and close, resulting in thousands of dollars in losses for Newbridges customers. Newbridge Securities Corp. is owned by Newbridge Financial Inc. and Jerry Weigle, and it is the parent company of Ludwig Investments, Inc., Newbridge Securities Corp., and Newbridge Securities Corporation. The recent complaints/lawsuits against Newbridge are the result of GWG Holdings L Bonds, GPB Capital, and other non-traded investments. Corporation has 29 regulatory events and four arbitrations disclosed on its Post comment Scottsdale Progress: Local financial advisor under fire in lawsuit, Damian BairdSuspended from the Securities Industry, Peakstone NYSE Listing Disappoints Shareholders. The Focus Report showed that in 2018, Newbridge had almost $33 million in revenues, yet reported only . Many investors (presumably, . Fined $499K, this time by the Pennsylvania Department of Banking and Securities, for their failure in supervising a particular broker. Newbridge Securities. . Without admitting to or denying the allegations, Newbridge Securities consented to sanctions, including a $600,000 fine. Mr. Wolper has handled and tried cases involving complex financial products and strategies ranging from traditional stocks and bonds to options, margin and other securities-based lending products, closed/open-end mutual funds, structured products, hedge funds, and penny stocks. Six of Michael Greenfield's 8 customer complaints were settled in favor of investors. Newbridge Securities Corporation Complaints . Fined $138K by FINRA. For a free case consultation, you can call at1-888-614-9356 contact us via our online form. If you have conducted securities transactions through Newbridge, you would be well advised to ensure that the broker has not engaged in negligence or misconduct, especially if you have incurred losses on the investment. Newbridge Securities Corporation Announces New Global Headquarters If Finra unshackled BrokerCheck, researchers would come up with innovative ways to reach and inform unsophisticated investors about high-risk brokers and brokerage rms, McCann said in the firms white paper. Has James Ray Caused You Financial Loss? (Newbridge Securities) Newbridge Securities has over 80 locations in the US, ready to serve your financial needs, Newbridge Securities part of the Newbridge Financial Services family, Become an independent or corporate representative, Tuesday April 18, 2023 8:00 AM EST A group of control persons and promoters reportedly used accounts at the firm to execute pre-arranged in-house agency cross and wash transactions that were intended to generate volume and support or increase the price of the stock. Investments, Sterling Financial Investment Group, Inc., and Joseph Charles Many investors (presumably, like yourself) are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or . Unauthorized trading is a serious violation of an investors trust and can lead to major financial losses. Contact me online or call anytime at 844-689-5754, What current and prospective clients should know about complaints and regulatory actions against Newbridge Securities. Fagenson is no longer employed by Newbridge. [Attorney Bio], 1250 S. Pine Island Road, Suite 325 Plantation, FL 33324 Phone: 800.931.8452 / 954.406.1231, 2022 The Wolper Law Firm, P.A. The extravagant claims should be a red flag that the broker is a scam. 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. Call us now for a free consultation at. Is this happening to you frequently? Have You Suffered Losses Due to Investments with Newbridge Securities 0. Brokerage firms have a legal responsibility to always look out for the best interests of their clients. -, Tuesday May 18, 2021 11:00 AM EST The views and opinions expressed in these articles are those of the source BROKERAUDIT.COM and do not necessarily reflect the official position of AriesLawFirm.com, which shall not be held liable for any inaccuracies presented. The firm was censured and fined $17,500. Newbridge engages in a general securities business and employs approximately 175 registered representatives at 41 branch offices. Thomas John Avery at NEWBRIDGE SECURITIES CORPORATION - View Complaints, Disclosures, Scams and Audit Report (Updated 2023) April 1, 2023. outinthewind; 19 seconds ago; 0. Entering text into the input field will update the search result below. 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. The firm has 31 regulatory events and 4 arbitrations on its record, according to FINRA, the self-regulator that oversees brokers and brokerage . Gerald Cocuzzo formerly with Newbridge Securities - Law Offices of FINRA Censures and Fines Newbridge Securities Corp. March 2023 Newbridge this week agreed to sanctions involving supervisory failures and sales of a risky alternative mutual fund. Thomas John Avery at NEWBRIDGE SECURITIES CORPORATION - View Complaints, Disclosures, Scams and Audit Report (Updated 2023) Posted on April 1, 2023 April 1, 2023 Less than 0 min read Saving Bookmark this article Bookmarked. Your email address will not be published. To send us an e-mail, simply complete and submit the online form below. 1787 Views 0. . The bonds are intended to assist in financing the purchase of the policies, but they come with a high level of risk for the investors. Wednesday January 20, 2021 7:48 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. This article is syndicated automatically through a third-party agency from BROKERAUDIT.COM. $20,000 after it consented to findings that it negligently permitted its There is currently one pending customer complaint filed against Newbridge Securities Corp. for investment losses caused by John Demeo's alleged misconduct. The firm has 31 regulatory events and 4 arbitrations on its record, according to FINRA, the self-regulator that oversees brokers and brokerage firms. 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. Newbridge appears to have developed a reputation for providing shelter to rogue brokers. Wolper, the Managing Principal of the Wolper Law Firm, is a A number of investors who bought GWG L Bonds through the brokerage Newbridge Securities are represented by . Newbridge investors that are concerned about their investment losses can call 1-888-614-9356 for a free consultation on investment loss recovery options from one our experienced investment attorneys. Our firm represents investors in all types of securities related claims, including claims involving stock fraud, broker misrepresentation. losing money due to securities broker fraud, https://www.brokeraudit.com/thomas-john-avery-newbridge-securities-corporation/, $40 million awarded to Delco child with a spinal injury in a medical malpractice suit, The 6-year-old daughter of a Pennsylvania state representative has been awarded more than $40 million in compensation for a birth-related spinal cord injury. Between October 25, 2016, and February 8, 2018, Newbridge reportedly failed to reasonably supervise representatives recommendations of the, Newbridge representatives sold approximately $323,000 in LJM to customers. The higher the concentration in illiquid securities, the more likely the firms clients have suffered from breach of fiduciary duty, misrepresentation or fraud. There have been several cases in which advisors employed by Newbridge Securities engaged in fraudulent or negligent industry practices. 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. Between July 2013 and July 2016, Newbridge allegedly failed to establish and maintain a supervisory system, and failed to establish, maintain and enforce written supervisory procedures, concerning the sale of complex securities, according to a Letter of Acceptance, Waiver and Consent. In this article you will find a running list of links to news stories about Newbridge Securities customer complaints and regulatory actions. banks and brokerage firms in the world in securities matters. Newbridge Securities Corp. ("Newbridge" or "Respondent"), pursuant to Rule 240(a) of . -, Wednesday December 11, 2019 8:00 AM EST November 2016 Former Newbridge Securities broker Gerald Cocuzzo pleaded guilty to securities fraud for his role in an alleged $131 million market manipulation scheme. 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. 100% online. securities business and employs approximately 175 registered representatives at 76 percent of the customer complaints still pending against Newbridge Securities LLC came from equities, SLCG found. 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 . NEWBRIDGE SECURITIES CORPORATION: Street Address: 1200 NORTH FEDERAL HIGHWAY: City: BOCA RATON: State: FL: Area Code: 33432: March 2017 - FINRA sanctioned Newbridge Securities after allegations it failed to report 9,398 reportable order events to the order audit trail system on 147 separate business days, and . 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. You can reach us by phone at 844-689-5754 or via e-mail. A number of investors who bought GWG L Bonds through the brokerage Newbridge Securities are represented by Haselkorn & Thibaut. If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form . Matt 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. However, most of our clients were not aware their broker was problematic before they had already signed up. -, Tuesday November 15, 2022 8:00 AM EST Cocuzzo is no longer with Newbridge. They must ensure the necessary procedures and systems to detect misconduct. "We do not believe the Puerto Rico complaints represent an accurate measure of SSLLCs sales or supervisory practices.". 2015 by The White Law Group, LLC All rights reserved. Brokers Background He entered the securities industry in 2015 and previously worked for Morgan Stanley. Life insurance and alternative investments are among the services provided by GWG Holdings, a financial services company with its headquarters in Dallas. One of John Demeo's 3 customers' complaints was denied and the customers did not take any further action. David Fagenson, who was hired by Newbridge after he had been fired by UBS Financial Services for violation of their trading policies, despite being under heightened supervision at the time. Michael R. Greenfield is a Financial Advisor at Newbridge Securities Corporation in Boca Raton, FL. Some brokers may offer a wide selection of trading products, whereas others may focus on one area . The State of Pennsylvania sanctioned Newbridge Securities after allegations that it failed to reasonably supervise a registered representative in connection with the sales of structured products in the state. To the extent any of these 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. If you have questions about Newbridge Securities, IAA Financial, and/or Gerald Cocuzzo and the management or performance of your accounts, please contact Attorney Pearce for a free initial consultation via email or Toll Free at 1-800-732-2889. While only 2.6 percent of the brokers at firms with more than 200 brokers have customer complaints, Aegis Capital (24.49 percent) and Newbridge Securities Corp. (24.27 percent) employ bad brokers (with complaints) at nearly 10 times that rate (see Table 1 below), McCann said. This was, allegedly, for the purpose of manipulating trading in a stock that resulted from a reverse merger. Brief and amiable onboarding is the first thing a new user sees in the theme. If you have questions about Newbridge Securities Corp., Newbridge Financial Services Group, Raymond James & Associates, and/or James Ray and the management or performance of your accounts, please contact Attorney Pearce for a free initial consultation via email or Toll Free at 1-800-732-2889. 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. Substantial doubt and ongoing concern was expressed by Liggett & Webb, the firm that audited its accounts, about its ability to stay in business. 0. The Wolper Law Firm Newbridge repeortedly failed to review representatives LJM recommendations. -, Monday April 26, 2021 11:00 AM EST Arbitration panels have wiped these cases off brokers CRDs and BrokerCheck reports because they found that these firms not the broker were solely responsible, yet they vanish from the public record.. He was direct and asked all the questions that were relevant and provided me with very thoughtful feedback and some useful contacts. Churning, failure to supervise, omissions, and misrepresentations can be possible grounds for filing a FINRA arbitration claim against the firm for recovery of losses. Your email address will not be published. Newbridge Securities Corporation Scam Broker Reviews "I spoke to Mr Sonn on a complex legal matter. 1200 NORTH FEDERAL HIGHWAY SUITE 400 . You should consult an attorney for individual advice regarding your own situation. Thomas John Avery at NEWBRIDGE SECURITIES CORPORATION - View Complaints Shares. Santander Securities LLC said the firm works hard to resolve complaints and has enhanced its compliance, risk management, legal and control functions over the past several years. Newbridge Securities Corp Financial Advisor, Kerri Jamison, faces a series of complaints from customers who accused her of making unsuitable investment recommendations.Jamison has been in the securities industry since 2001, having worked at Dewaay Financial Network before joining Newbridge Securities.. Jamison is among several brokers at Newbridge Securities Corp that have been flagged for . For a copy of Bruce Jordans CRD, click https://brokercheck.finra.org/individual/summary/1223556. Michael Greenfield of Newbridge Securities Corporation 35% of employees would recommend working at Newbridge Securities to a friend and 27% have a positive outlook for the business. The Securities Litigation & Consulting Group (SLCG) has done what regulators have repeatedly declined to do published the worst ranked brokerage firms in the securities industry. Between October 25, 2016, and February 8, 2018, Newbridge reportedly failed to reasonably supervise representatives recommendations of the LJM Preservation & Growth Fund. Newbridge engages in a general 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. Instead, the regulator has created a special exam unit targeting high-risk brokers, said Susan Axelrod, Finras executive vice president for regulatory operations at the National Society of Compliance Professionals Conference in Washington, D.C., last week. A large number of customer complaints at Newbridge Securities Corporation also raises questions about . The claim alleges former Newbridge financial advisor Lawrence Labine (Larry Labine), unsuitably invested his client in high-risk alternative investments. Brokers who have lost money after working with Newbridge Securities Corporation should keep reading . March 2017 FINRA sanctioned Newbridge Securities after allegations it failed to report 9,398 reportable order events to the order audit trail system on 147 separate business days, and additionally that the firm transmitted 1,017 reports with inaccurate, incomplete, or improperly formatted information.
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