All broker-dealers have a responsibility to adequately supervise its employees. GWG L Bonds, as a whole, are a relatively new financial instrument that claims to provide better yields than standard publicly-traded fixed-income bonds. Without admitting or denying any wrongdoing in this case, the company consented to the sanctions and agreed to pay the penalty. Tracey Longo. 0. 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. The research was originally published in The Journal of Investing in June. November 2016 Former Newbridge Securities broker Gerald Cocuzzo pleaded guilty to securities fraud for his role in an alleged $131 million market manipulation scheme. In our broker reviews, we discuss trading products, such as stocks, commodities, ETFs, forex, options, CFDs, bonds, indices, and cryptocurrencies. NEWBRIDGE SECURITIES CORPORATION: Street Address: 1200 NORTH FEDERAL HIGHWAY: City: BOCA RATON: State: FL: Area Code: 33432: Newbridge Securities Corporation Complaints . 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. $25,000 after it consented to findings that it failed to establish, maintain, SLCGs ratings reveal that firms it ranked as: The worst brokerage firms over the past 10 years that are still in business remain among the worst firms. However, most of our clients were not aware their broker was problematic before they had already signed up. Fined $499K, this time by the Pennsylvania Department of Banking and Securities, for their failure in supervising a particular broker. *by appointment only. 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 The claim alleges former Newbridge financial advisor Lawrence Labine (Larry Labine), unsuitably invested his client in high risk alternative investments. -, Tuesday November 15, 2022 8:00 AM EST Newbridge Securities The recent complaints/lawsuits against Newbridge are the result of GWG Holdings L Bonds, GPB Capital, and other non-traded investments. They must ensure the necessary procedures and systems to detect misconduct. A few recent examples: FINRA fined Newbridge $600K for their failure to supervise representatives who facilitated the sale of unregistered securities. The Securities Litigation & Consulting Group (SLCG) has done what regulators have repeatedly declined to do published the worst ranked brokerage firms in the securities industry. Censured and fined $17,500 by FINRA. Wednesday January 13, 2021 11:00 AM EST. You can fight back and get your money refunded. It also incorrectly reported more than 9,300 auditable events over 147 different business days. For a copy of Bruce Jordans CRD, click https://brokercheck.finra.org/individual/summary/1223556. Disclosures can be customer complaints or arbitrations, regulatory actions, employment terminations, bankruptcy . As a result, investors ended up paying far more than was necessary or appropriate given the circumstances. 41 branch offices. needs and objectives. Brokerage firms have a legal responsibility to always look out for the best interests of their clients. Newbridge Securities Review: Lawsuits, Regulatory Issues, And Broker 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. The State of Pennsylvania sanctioned Newbridge Securities after allegations that it failed to reasonably supervise a registered representative in connection with the sales of structured products in the state. Newbridge Securities Corporation - Better Business Bureau Contact me online or call anytime at 844-689-5754, What current and prospective clients should know about complaints and regulatory actions against Newbridge Securities. Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees. pleaded guilty to securities fraud for his role in an alleged $131 million market manipulation scheme. Newbridge Securities Corporation Hires Sonni Johnson to Head its Business Development/National Recruiting Initiatives 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. released by the Financial Industry Regulatory Authority (FINRA), in September Financial advisor Peter Goffin customer complaints - Wolper 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 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. Bruce H. Jordan (CRD # The stockbroker and investment fraud lawyers at Sonn Law Group dedicate their entire practice to protecting the interests of investors who have lost money as a result of the negligent or wrongful conduct of those entrusted with protecting and growing our money. Newbridge repeortedly failed to review representatives LJM recommendations. Newbridge was censured and issued a fine of $138,000. Newbridge Securities Corporation Review - Get Refunded from Online Scams Newbridge Securities Corporation Announces New Global Headquarters Matt banks and brokerage firms in the world in securities matters. 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 . Finra did not respond to a request for comment by deadline. with clients.