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Newbridge Securities: 4 Customer Complaints, 28 Regulatory Actions

Newbridge Securities CorporationPublicly available records published by the Financial Industry Regulatory Authority (FINRA) and accessed on June 13, 2019 indicate that Florida-based brokerage firm Newbridge Securities Corporation has received customer complaints and regulatory sanctions in connection to alleged rule violations. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Newbridge Securities Corporation (CRD# 104065).

Established in Virginia in 1997, Newbridge Securities is headquartered in Boca Raton, Florida and registered wth 52 US states and territories. According to the firm’s BrokerCheck report, Newbridge Securities has received 28 regulatory sanctions and four customer complaints.

In 2017 the State of Pennsylvania sanctioned Newbridge Securities in connection to allegations it failed to reasonably supervise an agent in connection to that agent’s sales of structured products in the state. In connection with these findings, the firm was ordered to pay a fine of $499,000.

In 2017 FINRA sanctioned Newbridge Securities in connection to 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. In connection with these findings, the firm was censured and issued a fine of $17,500.

In 2016 the Massachusetts Securities Division sanctioned the firm in connection to allegations it made submissions of “unauthorized proxy votes” on its clients’ behalf. The firm was censured and issued a fine of $25,000.

In 2016 FINRA sanctioned the firm in connection to allegations it failed to apply sales charge discounts to certain investors’ eligible investments in unit investment trust products. The firm was censured and issued a fine of $115,000.

In 2014 FINRA sanctioned the firm in connection to allegations 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. In connection with these findings, the firm was censured and issued a fine of $138,000.

In 2010 FINRA sanctioned the firm in connection to allegations it “facilitated the manipulative trading of the stock” of a company formed in a reverse merger, with firm accounts used by control persons and promoters “to execute pre-arranged in-house agency cross and wash transactions” with the intention of inflating the stock price or creating volume and support. In connection with these findings, the firm was censured and issued a fine of $600,000.

In 2010 a customer alleged the firm breached its fiduciary duty, misrepresented material acts, omitted material facts, breached contract, failed in its supervisory duties, made margin calls, and acted negligently in connection to investments in common stock and mutual funds. In 2011 the complaint resulted in an award to the customer of more than $116,900.

In 2006 a customer alleged the firm breached its fiduciary duty in connection to common stock investments. The complaint resulted in an award to the customer of more than $3,900.

If you or someone you know has a complaint regarding Newbridge Securities, call Fitapelli Kurta at 877-238-4175 for a free consultation. You may be able to recover lost funds. Fitapelli Kurta accepts all cases on contingency: we only get paid if and when you collect money. You may have a limited window to file your complaint, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.