Many of our clients have lost a significant portion of their net worth as the result of the negligence of their financial professional. Recently many customers of Newbridge Securities Corp. have filed Financial Industry Regulatory Authority (FINRA) arbitration claims for recovery of investment losses against it and named several of its financial advisors in their claims. 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. 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. The securities lawyers at Haselkorn & Thibaut have been investigating Newbridge Securities and the various allegations of unsuitable recommendations leveled against it such as for investments in GPB Capital Holdings, Hospitality Investors Trust REIT, and L Bonds of GWG Holdings, that have resulted in significant losses to investors. The firm was censured and fined $17,500. 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. National Investment Fraud Lawyers - No Recovery, No Fee -Call Us 1-800-856-3352, Investment Fraud Lawyers | Financial Advisor Fraud | SEC & FINRA Attorneys, Offices in Florida, New York, Arizona, Texas & North Carolina, Copyright 2023 Investment Fraud Lawyers, Haselkorn and Thibaut, InvestmentFraudLawyers.com, specialize in fighting for investors nationwide and have offices in Florida, New York, North Carolina, Arizona, and Texas. The attorneys at Gana Weinstein LLP are investigating BrokerCheck records reports that financial advisor Kerri Jamison (Jamison), currently employed by Newbridge Securities Corporation (Newbridge Securities) has been subject to at least four customer complaints during the course of her career. Former LPL Financial Advisor Bradley Gardner Barred by FINRA. Wednesday January 13, 2021 11:00 AM EST. 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. Life insurance and alternative investments are among the services provided by GWG Holdings, a financial services company with its headquarters in Dallas. Many unregulated brokers have been found to scam traders. The claim alleges former Newbridge financial advisor Lawrence Labine (Larry Labine), unsuitably invested his client in high-risk alternative investments. The foregoing information, which is all publicly available, is being provided by The White Law Group. That being said, if we are showing up at a firm asking for information on a particular registered person and coming on site to interview that person, thats a clue theyre on a high-risk broker list.. Bruce H. Jordan (CRD # Contact our office today to discuss your case. In 2010 the complaint reached a settlement of $850,000. The recent complaints/lawsuits against Newbridge are the result of GWG Holdings L Bonds, GPB Capital, and other non-traded investments. 1787 Views 0. . Newbridge Securities Corporation Recruits New York City Based Asset Management Group and Winter Park, Florida Group Advising in Excess of $400 Million in Client Assets 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. In this article you will find a running list of links to news stories about Newbridge Securities customer complaints and regulatory actions. All copies must include this copyright statement. 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. While Finra has admitted it has ranked all 634,000 of the brokers it oversees since 2015, it continues to decline to release bigger-picture complaint and disciplinary data on firms to the industry or consumer groups. Geral Cocuzzo, who pleaded guilty to his involvement in a securities fraud in 2016 around a $131 million Ponzi scheme. Attach images - Only PNG, JPG, JPEG and GIF are supported. 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. Start by filling out the form above and we will get in . FINRA investigators determined that this broker exercised discretionary trading authority on a customers account, despite that fact that he did not have the written authorization to do so. We provide full-service securities brokerage and investment banking services. Location of This Business. 41 branch offices. Prior to representing investors, he was a This refers to anything that is regularly traded. 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. Newbridge Securities Corporation Features on its Platform Don Selkin, the Creator of Fair Value numbers included in the U.S. Futures Report on CNBC for Over 35 Years, as its Chief Market Strategist For more information on The White Law Group, visit. Post comment The firm reportedly failed to adequately supervise the registered representatives who participated in the sales of unregistered securities, according to FINRA. 0. Newbridge Securities Corporation (CRD #: 104065) is a brokerage and advisory firm with headquarters in Boca Raton, Florida. NEWBRIDGE SECURITIES CORPORATION: Street Address: 1200 NORTH FEDERAL HIGHWAY: City: BOCA RATON: State: FL: Area Code: 33432: What we found is the worst brokerage firms over the past 10 years which are still in business remain the worst firms, said Craig McCann, CFA, PhD, and founder of SLCG, said in the firms white paper Rating Brokerage Firms by Their Complaint Histories Rather Than by Their Brokers Histories., The findings of SLCGs exhaustive, first-of-its-kind research are explosive and come from the Financial Industry Regulatory Authoritys own BrokerCheck data from 2007-2016, which SLCG has sliced and diced to rank the Worst Brokerage Firms.. The firm was censured and fined $17,500. Most recently, on July 18th, 2017, Newbridge Securities was hit with a $499,000 fine by the Pennsylvania Department of Banking and Securities. Cocuzzo is no longer with Newbridge. This was for their failure to buy or sell corporate bonds at a fair price. -, Thursday July 23, 2020 11:00 AM EST Unauthorized trading is a serious violation of an investors trust and can lead to major financial losses. He has 19 disclosures on his BrokerCheck record and was barred by FINRA in 2019. 0. Currently, Finra only makes one broker record at a time available to customers through its BrokerCheck tool (https://brokercheck.finra.org/). Major findings include: The more heavily a firms customers are concentrated in equity products, the more likely the firms misconduct involves excessive trading in client accounts. 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. released by the Financial Industry Regulatory Authority (FINRA), in September Brokerage firms have a legal responsibility to always look out for the best interests of their clients. Buckhead Tower, Suite 400 Brokers who have lost money after working with Newbridge Securities Corporation should keep reading . Due to the firms negligence in handling some transactions, many clients did not receive the best available price on their trades, which was a clear breach of the firms fiduciary duty to its clients. Churning, failure to supervise, omissions, and misrepresentations can be possible grounds for filing a FINRA arbitration claim against the firm for recovery of losses. 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. Written by The White Law Group March 28, 2023 SLCG hopes its research will spur Finra to release its data so firms such as Lipper and Morningstar can develop methodologies for rating and ranking firms based on their customer complaint track record, McCann said. They manage to continue in the industry by jumping ship from one firm to another, often leaving a trail of arbitration claims to be faced by the old firm. NEWBRIDGE SECURITIES CORPORATION: Street Address: 1200 NORTH FEDERAL HIGHWAY: City: BOCA RATON: State: FL: Area Code: 33432: Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. memoranda that contained material omissions of facts in violation of FINRA Rule Please do not hesitate to call us today at 844-689-5754 to request a free review of your case. 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. In our broker reviews, we discuss trading products, such as stocks, commodities, ETFs, forex, options, CFDs, bonds, indices, and cryptocurrencies. Do you have a complaint about Newbridge Securities? Publishing a list with peoples names, where we havent proven any violations, there would be challenges to that, Axelrod said. Financial Industry Regulatory Authority records show that he is a broker based in Fort Lauderdale, Florida, also operating as an insurance agent with Philip Gibson Insurance. Brokers Background He entered the securities industry in 2015 and previously worked for Morgan Stanley. Censured and fined $17,500 by FINRA. GWG Holdings, Inc. voluntarily filed for Chapter 11 bankruptcy earlier this year in the U.S. Bankruptcy Court for the Southern District of Texas. If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form . 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. *by appointment only. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. The bonds were sold with varied maturity terms ranging from 2 years to 7 years, with interest rates ranging from 5.50 percent to 8.50 percent, according to a prospectus released by GWG for the issuance of $2 billion in L Bonds. Newbridge Financial, Inc. And Wholly Owned Subsidiary, Newbridge Financial Services Group, Inc. Shows 214% Growth in Assets Under Management. 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. 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. As such, we believe that part of our role as attorney is to offer a supportive environment for our clients and to provide advice and support as we attempt to recover these investment losses. NE Please. Newbridge Core Values In the period of a year, that would be a return of 250%, which is 25 times higher than the average return of the S&P 500. NFSG Promotes Jennifer Dorfman as CCO of its RIA Peter Goffin has been in the securities industry since 1987 and previously worked at Wachovia Securities Financial Network, JW Charles Securities and Commvest Securities. November 2016 Former Newbridge Securities broker Gerald Cocuzzo pleaded guilty to securities fraud for his role in an alleged $131 million market manipulation scheme. It claims that it provides services in over 80 locations countrywide. Newbridge Securities Corporation 0. Call us now for a free consultation at. Please research Thomas Averys disclosures, allegations and complaints before taking a decision, Originally reported on November 15, 2022 @ 11:41 pm. View complaint history and get your dispute resolved quickly. Customers have alleged that the true risks of the bonds were not represented and not suitable. McCann said his research on bad brokers, which dates back two decades, shows that instead of leaving the industry, bad apples are often re-employed at lower compensation and by less prestigious firms, than brokers who do not have customer complaints. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. A 22-21 vote Thursday is the third time a near-total abortion ban has failed in the Republican-led chamber since the United States [], Oregon man sues for $43.5M over paralysis caused by brain surgery, A man from La Pine is suing Bend, Oregons St. Charles Health System for $43.5 million after complications from brain surgery rendered him incapacitated. Made unsuitable investment recommendations. We fight to level the playing field between large corporations and the public investor. 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. Newbridge Securities Corporation (CRD # 104065) has been a FINRA member since 2000 and is headquartered in Boca Raton, Florida. Update 2022.11.15If you have suffered investment losses that may have been caused by Thomas John Averys negligence or fraud, contact a FINRA lawyer today. 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. 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. Reason to suspect a scam broker is in action: You noticed the broker took money out from your bank account without your permission. At the Sonn Law Group, we have helped many investors recover compensation for the full extent of their losses. The White Law Group is a national securities arbitration, securities fraud, and investor protection law firm with offices in Chicago, Illinois. $25,000 after it consented to findings that it failed to establish, maintain, Six of Michael Greenfield's 8 customer complaints were settled in favor of investors. Bruce Jordan has been in the securities industry 0. SLCG also correlated the products brokers are selling to the types of customer abuses and complaints their firm received, including breach of fiduciary duty, misrepresentation, fraud, churning and unauthorized data. 100% online. $115,000 for allegedly failing to IDENTIFY AND APPLY SALES CHARGE DISCOUNTS TO The issue pertained to the sale of structured products. Newbridge engages in a general Newbridge repeortedly failed to review representatives LJM recommendations. Newbridge was censured and issued a fine of $138,000. July 2017 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. Complaint History & Business Rating for Newbridge Securities Corporation 1451 West Cypress Creek Blvd. Suite 204, Fort Lauderdale, Florida, 33309, United States. 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 . $20,000 after it consented to findings that it negligently permitted its 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. FINRA further imposed a fine of $5,000 on the firms director of investment banking, and reportedly suspended him for two months for his failure to properly supervise the sale of complex securities. Monday January 25, 2021 11:00 AM EST. Potential Lawsuits to Recover Financial Losses. Newbridge Securities Corporation celebrates its Chief Market Strategist Don Selkin 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 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. Brief and amiable onboarding is the first thing a new user sees in the theme. The firm has 31 regulatory events and 4 arbitrations on its record, according to, Broker Misconduct and Customer Complaints. From our primary office in South Florida, we protect investors nationwide. investments that are appropriate for their clients For a copy of Newbridge Securities The Focus Report showed that in 2018, Newbridge had almost $33 million in revenues, yet reported only . 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. 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. Specifically, these allegations involved the buying and selling of corporate bonds. Your email address will not be published. Newbridge Securities Corporation Broker Misconduct. July 2017 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. a copy of the FINRA sanction, click here: Copy of FINRA Sanction. Disclosures can be customer complaints or arbitrations, regulatory actions, employment terminations, bankruptcy . The research was originally published in The Journal of Investing in June. Newbridge Securities Corporation Broker Misconduct. Since the firm launched in 2010, it has handled over 700 FINRA arbitration cases. 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. 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. 3010 and 2110, and FINRA Rule 2010., In total, Newbridge Securities 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. There have been several cases in which advisors employed by Newbridge Securities engaged in fraudulent or negligent industry practices. The case pertained to the sale of complex securities, involving structured notes and inverse-leveraged and leveraged exchange-traded funds (ETFs). Newbridge Securities has an overall rating of 3.0 out of 5, based on over 23 reviews left anonymously by employees. . The firm has 31 regulatory events and 4 arbitrations on its record, according to FINRA, the self-regulator that oversees brokers and brokerage . Based in Boca Raton, Florida, he has been a broker with Newbridge Securities Corporation since 2010. Newbridge Financial, Inc. And Wholly Owned Subsidiary, Newbridge Financial Services Group, Inc. Shows 214% Growth in Assets Under Management. Without admitting or denying any wrongdoing in this case, the company consented to the sanctions and agreed to pay the penalty. 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. One of John Demeo's 3 customers' complaints was denied and the customers did not take any further action. -, Tuesday May 18, 2021 11:00 AM EST There is currently one pending customer complaint filed against Newbridge Securities Corp. for investment losses caused by John Demeo's alleged misconduct. 0. 0 . involving a wide range of products, strategies and securities. Yet, unfortunately, Newbridge Securities has not always lived up to this duty. 165 Broadway 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. -, 11-04-2019 - Newbridge Securities Corporation Recruits New York City Based Asset Management Group and Winter Park, Florida Group Advising in Excess of $400 Million in Client Assets, 10-12-2019 - Newbridge Securities Corporation Enters into 5-Year Clearing Agreement with Axos Clearing LLC, 2023 Newbridge Securities All Rights Reserved. securities business and employs approximately 175 registered representatives at