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 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. Post comment 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. $20,000 after it consented to findings that it negligently permitted its The White Law Group is investigating potential securities claims involving Newbridge Securities Corp. (CRD#: 104065, Boca Raton, FL). Michael R. Greenfield is a Financial Advisor at Newbridge Securities Corporation in Boca Raton, FL. There have been several cases in which advisors employed by Newbridge Securities engaged in fraudulent or negligent industry practices. Please. 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. -, Friday November 11, 2022 2:00 PM EST contingency fee basis. The claim alleges former Newbridge financial advisor Lawrence Labine (Larry Labine), unsuitably invested his client in high risk alternative investments. Newbridge Securities Corp. Regulatory Actions. Save my name, email, and website in this browser for the next time I comment. Newbridge representatives sold approximately $323,000 in LJM to customers. The firm has 31 regulatory events and 4 arbitrations on its record, according to FINRA, the self-regulator that oversees brokers and brokerage firms. Fined $115K, and censured, by FINRA for their failure to apply sales discounts for investors of Unit Investment Trusts (UITs) who qualified for them. The firm reportedly failed to adequately supervise the registered representatives who participated in the sales of unregistered securities, according to FINRA. The firm has 31 regulatory events and 4 arbitrations on its record, according to, Broker Misconduct and Customer Complaints. The extravagant claims should be a red flag that the broker is a scam. memoranda that contained material omissions of facts in violation of FINRA Rule This type of misconduct can damage market integrity and innocent harm investors. 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. The firm was ordered to pay a fine of $499,000. 41 branch offices. Although our offices are in Seattle, Washington and Chicago, Illinois, the firm reviews securities fraud cases throughout the country. 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. You can fight back and get your money refunded. partner with a national law firm, where he represented some of the largest 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. Thomas John Avery at NEWBRIDGE SECURITIES CORPORATION View Complaints, Disclosures, Scams and Audit Report (Updated 2023). Newbridge Securities Corp. ("Newbridge" or "Respondent"), pursuant to Rule 240(a) of . 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 the complex securities. 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 && ! For a copy of Bruce Jordans CRD, click https://brokercheck.finra.org/individual/summary/1223556. Since the firm launched in 2010, it has handled over 700 FINRA arbitration cases. investments that are appropriate for their clients Brokers and financial advisors may commit investment or securities fraud in an effort to control the market, gain business, or maximize commissions. Dedicated to the representation of investors in claims against their financial professional or brokerage firm, The White Law Group has the expertise to help investors defrauded in securities, investment and financial business transactions. The worst firms appear to adhere to a high-risk business model, resulting in high continuing investor harm. 0. Questions? Buckhead Tower, Suite 400 Newbridge was censured and issued a fine of $138,000. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. "-Sonn Law Group Client. Newbridge Securities Corporation in Financial Trouble 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. View complaint history and get your dispute resolved quickly. Newbridge Core Values Investment Losses? 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. Newbridge Securities Reviews: What Is It Like to Work At Newbridge There have been several cases of registered representatives employed by Newbridge who were involved in broker misconduct and fraudulent activities. According to the Financial Industry Regulatory Authority, James Williams holds 34 years of securities industry experience. 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. Wednesday January 13, 2021 11:00 AM EST. Michael Greenfield has been in the securities industry since 2008 and previously worked at The GMS Group, LLC, Morgan Stanley and Oppenheimer & Co. pleaded guilty to securities fraud for his role in an alleged $131 million market manipulation scheme. Six of Michael Greenfield's 8 customer complaints were settled in favor of investors. Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. Newbridge Securities Financial Advisor, Peter Goffin, Has Nine Customer Complaints Newbridge Securities Corporation Financial Advisor, Michael Greenfield, Has Six Customer Complaints Newbridge Securities Broker, David Fagenson, Has Twelve Customer Complaints Reported On His Disclosure Report Newbridge Financial Advisor, Dana Davis, Has Eight Customer Complaints, Including Two Pending Complaints Wolper Law Firm Is Investigating Claims Against Financial Advisor, Xavier Patino Newbridge Securities Corp. Financial Advisor, Dana Davis, Has 7 Customer Complaints, Including One Pending Complaint Alleging Fraud And Breach Of Fiduciary Duty Can I Sue Newbridge Securities Corporation Or Salomon Whitney Financial To Recover Investment Losses Caused By Dennis Hayes. securities business and employs approximately 175 registered representatives at Made unsuitable investment recommendations. For more information on The White Law Group, visit. 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. 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. obligation to supervise the Financial Advisors sales practices and dealings All copies must include this copyright statement. Required fields are marked *. Newbridge Financial, Inc. And Wholly Owned Subsidiary, Newbridge Financial Services Group, Inc. Shows 214% Growth in Assets Under Management. Thomas John Avery at NEWBRIDGE SECURITIES CORPORATION - View Complaints 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. The lawsuit alleges medical malpractice and also [], The New Mexico governor signs a medical malpractice bill, Gov. Your email address will not be published. Financial advisors have a legal and For a free case consultation, you can call at1-888-614-9356 contact us via our online form. 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. 3010 and 2110, and FINRA Rule 2010., In total, Newbridge Securities Currently, Finra only makes one broker record at a time available to customers through its BrokerCheck tool (https://brokercheck.finra.org/). Fagenson is no longer employed by Newbridge. The Bulletin reported that Jackie Dale Yeley filed the lawsuit on Thursday in Deschutes County Circuit Court through attorneys from the Barton Law Group. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. This copy is for your personal, non-commercial use only. Tirzepatide, an Eli Lilly and Co. drug approved to treat type 2 diabetes under the brand name Mounjaro, helped people with the [], Vito Glazers Perjury and Fraud Investigation 2023. The worst firms are more than five times as likely to have customer complaints over illiquid investments (30 percent) as all firms (1.16 percent), despite illiquid securities such as variable and indexed annuities, non-traded REITs, oil and gas products, equipment leasing, direct participation products (DPP) and other private placements. 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. Potential Lawsuits to Recover Financial Losses. 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 . Churning, failure to supervise, omissions, and misrepresentations can be possible grounds for filing a FINRA arbitration claim against the firm for recovery of losses. 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. , did not properly warn them of the risks involved with the recommended investments. Newbridge Financial, Inc. And Wholly Owned Subsidiary, Newbridge Securities Corporation, Celebrate Their 20th Anniversary Newbridge Securities Corporation celebrates its Chief Market Strategist Don Selkin Newbridge Securities Corporation Announces New Global Headquarters, 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, 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, Newbridge Securities Corporation Enters into 5-Year Clearing Agreement with Axos Clearing LLC. 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. 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. 76 percent of the customer complaints still pending against Newbridge Securities LLC came from equities, SLCG found. -, Tuesday November 15, 2022 8:00 AM EST At the Sonn Law Group, we have helped many investors recover compensation for the full extent of their losses. You can reach us by phone at 844-689-5754 or via e-mail. diligence for 15 different unregistered offering in violation of NASD Rules The research was originally published in The Journal of Investing in June. You may suffer significant losses at the hands of your financial advisors misconduct, such as if they misrepresented or failed to disclose the risks associated with a particular investment, recommended frequent trades for the sole purpose of generating commissions, or used high-pressure tactics to make a sale. 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. Newbridge Securities Corporation financial advisor Philip Gibson (CRD# 2905474) allegedly committed fraud, according to a pending investor complaint against him. All broker-dealers have a responsibility to adequately supervise its employees. 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 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). 1787 Views 0. . The foregoing information, which is all publicly available, is being provided by The White Law Group. 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. Brokers who have lost money after working with Newbridge Securities Corporation should keep reading . registered representatives to sell two private placement offerings using For example, in 2014, Daniel Pikula (CRD#: 2563165), a Newbridge Securities broker based in an office in West Palm Beach, Florida, was suspended and fined for engaging in unauthorized trading. 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. -, Thursday July 23, 2020 11:00 AM EST CERTAIN CUSTOMERS ELIGIBLE PURCHASES OF UNIT INVESTMENT TRUSTS (UITS).. 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. Here, our experienced securities fraud attorneys highlight some notable allegations of misconduct that have been brought against this firm. Many investors (presumably, like yourself) are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. Between October 25, 2016, and February 8, 2018, Newbridge reportedly failed to reasonably supervise representatives recommendations of the LJM Preservation & Growth Fund. "The vast majority of complaints referenced in this study are related to Puerto Rico, which has experienced an historic economic downturn," a company statement said. Scottsdale Progress: Local financial advisor under fire in lawsuit, Damian BairdSuspended from the Securities Industry, Peakstone NYSE Listing Disappoints Shareholders. 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. 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. Many investors (presumably, like yourself) are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or Based in Boca Raton, Florida, he has been a broker with Newbridge Securities Corporation since 2010. Matt Wolper is a trial lawyer who focuses exclusively on securities litigation and arbitration. Newbridge Securities Corp. Fraud and/or Investment Loss - Wolper Reason to suspect a scam broker is in action: You noticed the broker took money out from your bank account without your permission. 2010., In March 2011, Newbridge was fined 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. and enforce supervisory systems and written supervisory procedures related to private offerings sold to its customers, and failed to conduct adequate due GABRIEL MARTIN ANTUNA at NEWBRIDGE SECURITIES CORPORATION - View Numerous customer complaints, including those involving three retired Philadelphia police officers and a firefighter, were reportedly filed against Newbridge alleging that their financial advisor. a copy of the FINRA sanction, click here: Copy of FINRA Sanction. 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. 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. Atlanta, GA 30326 Kindly add a comment, or contact us directly if you have any query, or want to be contacted by a FINRA lawyer today! 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. This rating has been stable over the past 12 months. Many investors (presumably, . Should I file a FINRA complaint against brokers like Thomas John Avery?
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