Former Newbridge Securities Corporation Broker Craig Sherrer REIT Losses
Posted on Tuesday, October 8th, 2019 at 7:32 am
Did you suffer investment losses due to recommendations by former Newbridge Securities Corporation broker Craig Sherrer (CRD# 5972142)? Sherrer has been registered with Janney Montgomery Scott LLC in Garden City, New York since April 2018. Previously, Sherrer was registered with Newbridge Securities Corporation in New York, New York from 2012 to 2018.
Sherrer has been the subject of one customer complaint, according to his CRD report:
April 2019. “Claimant alleges breach of fiduciary duty, breach of contract and negligence.” The customer is seeking $1.5 million in damages and the case is currently pending.
This case is regarding common and preferred stocks and non-traded real estate investment trusts (REITs).
A REIT is a company, modeled after mutual funds, that owns or finances income-producing real estate and provide investors of all types regular income streams, diversification and long-term capital appreciation. Unlike other real estate investments, REITs are often entirely illiquid. Non-traded REITs hold additional risks for investors because they often feature limited redemption programs, high fees and commissions, and internal conflicts of interest. Unlike stocks on the New York Stock Exchange, REITs are not publicly traded and cannot be sold through an exchange, only through secondary market auctions.
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 Sherrer’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If and have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.