Newbridge Securities Corporation financial advisor Dana Davis (CRD# 1707708) is accused of unsuitable investment recommendations and excessive trading. Davis has been registered with Newbridge Securities Corporation in New York, New York since 2006. Previously, Davis was registered with First Montauk Securities Corp. in Hauppauge, New York from 2002 to 2006, when he was terminated regarding, “alleged unauthorized trading and failure to follow firm policies and procedures.”
Davis has been the subject of eight customer complaints between 1997 and 2018, one of which was closed without action, according to his CRD report. Two recent complaints are regarding:
- September 2018. “Claimant alleges sale of unsuitable securities, use of margin, negligence and breach of fiduciary duty.” The customer is seeking $150,000 in damages and the case is currently pending.
- January 2018. “Claimant alleges among other things, misrepresentation, unsuitable and excessive trading, negligent supervision and breach of fiduciary duty.” The customer is seeking $250,000 in damages and the case is currently pending.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Newbridge Securities Corporation may be liable for investment or other losses suffered by Davis’ customers.
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