Suitability Concerns with Former National Securities Corporation and First Standard Financial Company LLC Broker Jeffrey Broten
Posted on Tuesday, January 12th, 2021 at 9:03 pm
Erez Law is currently investigating former National Securities Corporation and First Standard Financial Company LLC broker Jeffrey Broten (CRD# 1006678) regarding suitability concerns. Broten has been registered with Newbridge Securities Corporation in Morristown, New Jersey from August to December 2019 and previously with First Standard Financial Company LLC in Red Bank, New Jersey from 2018 to 2019. Prior to that, Broten was registered with National Securities Corporation in Tinton Falls, New Jersey from 2009 to 2018.
In October 2020, FINRA barred Broten after he consented to the sanction and to the entry of findings that he refused to provide on-the-record testimony requested by FINRA in connection with its investigation into his potentially unsuitable and unauthorized trading while associated with a member firm.
In February 2020, the New Jersey Bureau of Securities sanctioned Broten to a $100,000 civil and administrative penalty and fine regarding allegations that “Broten made untrue statements and omitted to state material facts necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading. Broten engaged in an act, practice, or course of business which operates or would operate as a fraud or deceit upon any person. Broten engaged in dishonest or unethical practices in the securities business.”
Broten has been the subject of five customer complaints between 1991 and 2020, one of which was denied, according to his CRD report. The most recent complaint is regarding:
May 2020. “Suitability.” The case is currently pending. The complaint was regarding equity OTC and took place while Broten was registered with National Securities Corporation and First Standard Financial Company LLC.
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, National Securities Corporation and First Standard Financial Company LLC may be liable for investment or other losses suffered by Broten’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.