Articles Tagged with Newbridge Securities

shutterstock_1081038-300x200The attorneys at Gana Weinstein LLP are investigating BrokerCheck records reports that former broker Martin Batstone (Batstone), barred from acting as a broker from FINRA, has been subject to at least six customer complaints and two regulatory actions during the course of his career. Batstone was most recently associated with Newbridge Securities Corporation (Newbridge). According to records kept by The Financial Industry Regulatory Authority (FINRA), Batstone’s customer complaints alleges that Batstone recommended unsuitable investments in various investments including allegations involving private securities, annuities, mutual funds, and REITs, among other allegations of misconduct relating to the handling of their accounts.

In October 2019, FINRA filed a regulatory action finding that Batstone consented to sanctions. Batstone was a respondent in a FINRA complaint. The complaint alleged that Batstone willfully violated Section 10(b) of the Securities Exchange act of 1934, and Rule 10b-5(a)-(c), and FINRA Rule 2010, by transferring client funds into his personal bank accounts. FINRA has barred Batstone from acting as a broker or otherwise being associated with a broker-dealer firm, starting February 2020.

In October 2017, a customer complained that Batstone violated the securities laws by alleging that Batstone engaged in unsuitable investment advice, due to the purchase of two annuities unsuitable for the client based on her risk tolerance.  The claim settled in the amount of $5,000.

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shutterstock_19864066-209x300Advisor Marshall Isaacson (Isaacson), formally employed by brokerage firms National Securities Corporation (National Securities) and Newbridge Securities Corporation (Newbridge) has been subject to at least six customer complaints, one regulatory sanction, and three tax liens or judgements during the course of his career.  According to a BrokerCheck report the customer complaints concerns alternative investments such as direct participation products (DPPs) like business development companies (BDCs), non-traded real estate investment trusts (REITs), oil & gas programs, annuities, and private placements.  The attorneys at Gana Weinstein LLP have represented hundreds of investors who suffered losses caused by these types of high risk, low reward products.

One of the products referenced in the disclosures is GPB Capital. On February 4, 2021 the U.S. Securities and Exchange Commission (SEC), the U.S. Attorney’s Office for the Eastern District of New York (DOJ), and seven states filed separate simultaneous actions against GPB Capital and other defendants connected to the firm accusing it of being a Ponzi-like scheme.  In a press release the SEC stated that it “charged three individuals and their affiliated entities with running a Ponzi-like scheme that raised over $1.7 billion…”

As reported by Bloomberg “If proved, [GPB] would be one of the largest such schemes to target individual investors since the massive frauds of Bernard Madoff and Robert Allen Stanford came to light.”  The DOJ indicted David Gentile, the founder of GPB, Jeffry Schneider, the owner and CEO of Ascendant Capital LLC, and Jeffrey Lash, a former managing partner of GPB relating to the fraud.  If convicted, the defendants each face up to 20 years’ imprisonment.[1]

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shutterstock_54642700-300x200The 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.  According to records kept by The Financial Industry Regulatory Authority (FINRA), Jamison’s customer complaints alleges that Jamison recommended unsuitable investments in various investments including allegations involving energy securities and alternative investments among other allegations of misconduct relating to the handling of their accounts.  Jamison also hold herself out as an estate planning attorney and real estate agent.

In April 2020 a customer complained that Jamison violated the securities laws by alleging that Jamison engaged in negligent investment advice, breach of fiduciary duty, and breach of contract.  The claim alleges $99,0000 in damages and is currently pending.

In February 2020 a customer complained that Jamison violated the securities laws by alleging that Jamison engaged in unsuitable investment advice, breach of fiduciary duty, and material misrepresentations.  The claim alleges $200,000 in damages and is currently pending.

In January 2020 a customer complained that Jamison violated the securities laws by alleging that Jamison engaged in negligent investment advice, breach of fiduciary duty, and breach of contract.  The claim alleges $99,000 in damages and is currently pending.

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shutterstock_132317306-300x200Advisor Dustin Shafer (Shafer), currently employed by Newbridge Securities Corporation (Newbridge Securities), has been subject to at least seven customer complaints and two tax liens or judgement during the course of his career.  According to a BrokerCheck report one of the customer complaints concern alternative investments such as direct participation products (DPPs) like business development companies (BDCs), non-traded real estate investment trusts (REITs), oil & gas programs, annuities, and private placements.  The attorneys at Gana Weinstein LLP have represented hundreds of investors who suffered losses caused by these types of high risk, low reward products.

In January 2020 a customer complained that Shafer violated the securities laws by alleging that Shafer engaged in sales practice violations related to recommending an investment that was not explained and that was guaranteed a montly dividend.  The claim alleges $175,000 and is currently pending.

In January 2020 a customer complained that Shafer violated the securities laws by alleging that Shafer engaged in sales practice violations related to recommending alternatives investment beginning in 2013 that were misrepresented.  The claim alleges violations of Illinois securities laws, breach of fiduciary duty, negligence, and violation of FINRA rules.  The claim alleges $454,000 in damages and is currently pending.

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shutterstock_88744093-297x300The securities lawyers of Gana Weinstein LLP are currently investigating customer complaints against broker John Boatright (Boatright), formerly associated with Newbridge Securities Corporation (Newbridge Securities) out of Duluth, Georgia.  According to a BrokerCheck report, Boatright has been subject to at least three customer disputes and one large tax lien during his career.  According to records kept by The Financial Industry Regulatory Authority (FINRA), Boatright’s recent customer complaints concern allegations of unsuitable investment recommendations.

In May 2018 a customer alleged that Boatright made unsuitable recommendations and provided negligent investment advice.  The customer requested $46,000 in damages.  This dispute is still pending.

In May 2018 Boatright disclosed a $22,813 tax lien against him.  Large tax liens on a broker’s CRD can be a red flag that the broker may be influenced to engage in high commission activity in order to satisfy personal debts.  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.

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shutterstock_177792281-300x198The securities lawyers of Gana Weinstein LLP are investigating broker Stephen Sullivan (Sullivan), currently associated with SW Financial out of Melville, New York.  According to a BrokerCheck report, Sullivan has been subject to at least two customer disputes, one regulatory action, one financial disclosure, and three civil judgements during his career.  According to records kept by The Financial Industry Regulatory Authority (FINRA), the customer complaints against Sullivan concern allegations of excessive trading also referred to as churning.

In May 2018 a customer filed a complaint against Sullivan alleging unsuitable transactions, excessive trading, and failure to supervise.  The customer requested $540,618 in damages.  This dispute is still pending.

In February 2016 FINRA found that Sullivan violated NASD Rules 2510(b) and 2010 by exercising discretion in customers’ accounts without obtaining authorization from the customers or approval by his member firm.  Without admitting or denying the allegations, Sullivan consented to the described sanctions and to the entry of the findings.  Sullivan was fined $5,000 and suspended for 10 business days.

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shutterstock_187083428-300x198Advisor Craig Sherrer (Sherrer), currently employed by Janney Montgomery Scott LLC (Janney Montgomery) and formerly with Newbridge Securities Corporation (Newbridge Securities) has been subject to at least one customer complaint during the course of his career.  According to a BrokerCheck report the customer complaint concerns alternative investments such as direct participation products (DPPs) like non-traded real estate investment trusts (REITs), oil & gas programs, annuities, and equipment leasing programs.  The attorneys at Gana Weinstein LLP have extensive experience handling investor losses caused by these types of products.

In April 2019 a customer complained that Sherrer violated the securities laws by alleging that the financial advisor breached their fiduciary duty, negligence, and breach of contract among other allegations associated non-traded REITs causing $1,500,000 in damages. The claim is currently pending.

Our firm often handles cases involving annuities and direct participation products, Non-Traded REITs, oil and gas offerings, equipement leasing products, and other alternative investments.  These products are almost always unsuitable for investors.  In addition, the brokers who sell them are paid additional commission in order to hype inferior quality investments which provides a perverse incentives by brokers to create an artificial market for products that no honest advisor would sell.

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shutterstock_102242143-300x169According to BrokerCheck records financial advisor John Forrester (Forrester), currently employed by Newbridge Securities Corporation (Newbridge Securities) has been subject to at least four customer complaints, one regulatory action, and has two bankruptcy disclosures during the course of his career.  According to records kept by The Financial Industry Regulatory Authority (FINRA), Forrester’s customer complaints allege that Forrester recommended unsuitable securities recommendations in a variety of products including alternative investments among other allegations of misconduct in the handling of customer accounts.

In April 2019 a customer filed a complaint alleging that Forrester violated the securities laws by, among other things, that Forrester breached his fiduciary duty and was negligent in the sale of alternative investments causing $55,000 in damages.  The claim is currently pending.

In June 2017 Forrester declared bankruptcy.  This information has been found to be material for investors to have because an advisor who cannot manage his own finances is a relevant factor for investors to consider.  In addition, a broker in financial distress may be influenced to recommend high commission products or strategies.

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shutterstock_113632177-300x249According to BrokerCheck records financial advisor Peter Goffin (Goffin), currently employed by Newbridge Securities Corporation (Newbridge Securities) has been subject to at least nine customer complaints and one regulatory action during the course of his career.  According to records kept by The Financial Industry Regulatory Authority (FINRA), Goffin’s customer complaints allege that Goffin recommended unsuitable securities recommendations in a variety of products including alternative investments among other allegations of misconduct in the handling of customer accounts.

In March 2019 a customer filed a complaint alleging that Goffin violated the securities laws by, among other things, that Goffin breached his fiduciary duty and was negligent in the sale of alternative investments causing $150,000 in damages.  The claim is currently pending.

In January 2012 a customer filed a complaint alleging that Goffin violated the securities laws by, among other things, that Goffin made unsuitable investments in a variable annuity causing $30,000 in damages.  The claim was denied.

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shutterstock_85873471-300x200According to BrokerCheck records financial advisor Michael Greenfield (Greenfield), currently employed by Newbridge Securities Corporation (Newbridge Securities) has been subject to at least six customer complaints and one bankruptcy cause during the course of his career.  According to records kept by The Financial Industry Regulatory Authority (FINRA), Greenfield’s customer complaints allege that Greenfield recommended unsuitable securities recommendations in a variety of products including master limited partnerships (MLPs), municipal and corporate bonds, and other securities among other allegations of misconduct in the handling of customer accounts.

In January 2019 a customer filed a complaint alleging that Greenfield violated the securities laws by, among other things, that Greenfield was negligent and breached his fiduciary duty with respect to the purchase of MLPs.  MLPs are speculative oil and gas related investments that are linked to the oil markets.  The alleged damages are $200,000 and the claim is currently pending.

In July 2015 Greenfield declared bankruptcy.  Large tax liens or bankruptcy filings on a broker’s CRD can be a red flag that the broker may be influenced to engage in high commission activity in order to satisfy personal debts.  In addition, a broker’s inability to manage their own finances is relevant in a customer’s decision to use their services.

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