Securities Lawyers Blog
The securities lawyers at Gana Weinstein LLP represent investors who have been mistreated by their brokers and suffered investment losses. Our firm is experienced in bringing claims against brokerage firms, such as Newedge Securities, LLC, to hold Wall Street responsible for their misconduct. When a client contacts our firm they can expect that our attorneys will have the knowledge and ability to evaluate the potential claims and analyze their trading activity for red flags of misconduct. Our consultations are designed to help provide clients with all available options.
Newedge Securities is a FINRA registered broker-dealer that provides securities brokerage services. The firm was organized in Pennsylvania in 1981.
Newedge Securities, LLC – By the Numbers:
- CRD #: 10674
- Regulatory Events: 9
- Arbitration Events: 3
- Broker Employees: 394
Newedge Securities, LLC – In the News:
FINRA v. Newedge Securities, LLC (Case #2021069344801) – FINRA’s Trade Reporting and Compliance Engine (TRACE) facilitates the mandatory reporting of certain securities transactions and provides increased price transparency to market participants and investors. From August 2013 to September 2021, NewEdge failed to report to TRACE approximately 19,160 transactions between itself and another member firm (Firm A). Further, from August 2013 to May 2021, NewEdge inaccurately reported to TRACE the capacity for approximately 2,690 transactions involving a different member firm (Firm B) and that member firm’s successor (Firm C). NewEdge thus violated FINRA Rules 6730 and 2010. From August 2013 to at least September 2021, NewEdge also failed to reasonably supervise the firm’s compliance with TRACE reporting rules, in violation of NASD Rule 3010 and FINRA Rules 3110 and 2010. NewEdge is censured and fined $125,000.
FINRA v. Newedge Securities, LLC (Case #2019063566201) – Between January 2018 and May 2022, NewEdge violated MSRB Rules G-11 and G-17 by submitting orders for new issue municipal bonds without disclosing that the bonds were for the firm’s dealer account. NewEdge additionally violated MSRB Rule G-14 by failing to report dealer transactions to the MSRB’s Real Time Transaction Reporting System (RTRS). Between at least January 2018 and May 2022, NewEdge violated MSRB Rule G-27 by failing to establish, maintain, and enforce a supervisory system, including written supervisory procedures (WSPs), reasonably designed to ensure compliance with MSRB Rules G-11 and G-14, and by failing to reasonably respond to red flags indicating it was obtaining improper allocations of new issue municipal bonds. Between April 2015 and April 2023, NewEdge violated MSRB Rules G-9(b) and G-27(e) by failing to preserve and review approximately 30,000 Bloomberg instant messages. For these violations, NewEdge is censured, fined $275,000, and ordered to pay disgorgement of $750,746 plus interest.
FINRA v. Newedge Securities, LLC (Case #2021070609301) – Between June 2020 and March 2023, NewEdge violated FINRA Rules 2121 and 2010 and MSRB Rules G-30 and G-17 by charging unfair prices in 62 corporate bond transactions and six municipal bond transactions. In addition, the firm failed to establish and maintain a supervisory system, including written supervisory procedures (WSPs), reasonably designed to achieve compliance with its fair pricing obligations in violation of FINRA Rules 3110 and 2010 and MSRB Rule G-27.
FINRA v. Newedge Securities, LLC (Case #2013039024401) – From approximately September 2011 to January 2013, Mid Atlantic failed to adequately supervise the private securities transactions of two registered representatives, TD and WG. As a result, Mid Atlantic violated NASD Rules 3040 and 3010 and FINRA Rule 2010.
Gana Weinstein LLP has successfully litigated broker disputes through verdict or settlement. We represent both individuals and institutions throughout the country in FINRA arbitration, as well as commercial litigation in state and federal courts. Our consultations are both free and thorough and our securities litigation attorneys can help you uncover wrongful activity in your account.