According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) former Newbridge Securities Corporation (Newbridge Securities) broker Edward Klug (Klug) left the securities industry in May 2018 after disclosing several large tax liens in the prior years. Klug has made seven financial related disclosures and lists four customer complaints. The customer complaints against Klug allege churning or excessive trading.
In March 2018 Klug disclosed a $141,711 tax lien against him. In May 2017, Klug disclosed a $482,714 tax lien against him. Prior to that, in April 2016 Klug disclosed a $44,229 tax lien against him. Such disclosures on a broker’s record can reveal a financial incentive for the broker to recommend high commission products or services. FINRA discloses information concerning a broker’s financial condition because a broker’s inability to handle their own personal finances has also been found to be material information in helping investors determine if they should allow the broker to handle their finances.