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Newbridge Securities Corp. Fined $499,000 For Failure to Supervise a Broker

Posted on Saturday, October 7th, 2017 at 9:33 am    

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Erez Law is currently investigating Newbridge Securities Corp. (CRD# 104065) financial advisors across the country. The Boca Raton-based firm has 28 prior regulatory events on their CRD report.

In July 2017, Newbridge Securities Corp. was fined $499,000 by Pennsylvania Department of Banking and Securities for failure to supervise an agent in connection with sales of structured products in Pennsylvania.

According to the Consent Agreement and Order, between January 2012 and December 2016, Newbridge Securities Corp. “did not maintain a reasonable system for applying and enforcing written procedures pertaining to their sales of structured products by one agent in Pennsylvania to certain of his clients who were residents of Pennsylvania.”

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 Corp. may be liable for investment or other losses suffered by its customers.

Erez Law represents investors in the United States for claims against Newbridge Securities Corp. regarding failure to supervise its brokers. If you were a client of Newbridge Securities Corp. or another firm, 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.