The claim alleges former Newbridge financial advisor Lawrence Labine (Larry Labine), unsuitably invested his client in high-risk alternative investments. This article is syndicated automatically through a third-party agency from BROKERAUDIT.COM. Newbridge Securities Corporation Hires Sonni Johnson to Head its Business Development/National Recruiting Initiatives Financial Industry Regulatory Authority records show that he is a broker based in Fort Lauderdale, Florida, also operating as an insurance agent with Philip Gibson Insurance. Newbridge Securities Corporation Complaints . 1223556) has served as Newbridges Director of Investment Banking since 2015. Newbridge Financial, Inc. And Wholly Owned Subsidiary, Newbridge Financial Services Group, Inc. Shows 214% Growth in Assets Under Management. The firm was ordered to pay a fine of $499,000. Between October 25, 2016, and February 8, 2018, Newbridge reportedly failed to reasonably supervise representatives recommendations of the LJM Preservation & Growth Fund. 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. The auditor noted Newbridge having made a provision of only $625 million against unresolved claims that added up to over $4.5 million at that time, leaving a huge gap in the event it was called upon to pay out the entire amount. The firm is headquartered in Boca Raton, Florida, and it was established in 2001. -, Wednesday December 11, 2019 8:00 AM EST -, Wednesday January 20, 2021 7:48 AM EST The problem is by not disclosing the bigger picture to investors, or allowing anyone in the industry to do the analysis, Finra is protecting not only firms but predators and I think someone ought to call them out on it, a securities analyst who asked to remain anonymous told Financial Advisor magazine. Most recently, on July 18th, 2017, Newbridge Securities was hit with a $499,000 fine by the Pennsylvania Department of Banking and Securities. Contact us now for a free consultation! According to the agreement, which was released by the Commonwealth of Pennsylvania, Newbridge Securities failed to properly supervise one of its brokers who was selling structured products to Pennsylvania residents. The worst firms are more than five times as likely to have customer complaints over illiquid investments (30 percent) as all firms (1.16 percent), despite illiquid securities such as variable and indexed annuities, non-traded REITs, oil and gas products, equipment leasing, direct participation products (DPP) and other private placements. Brokers Background He entered the securities industry in 2015 and previously worked for Morgan Stanley. Between October 25, 2016, and February 8, 2018, Newbridge reportedly failed to reasonably supervise representatives recommendations of the, Newbridge representatives sold approximately $323,000 in LJM to customers. Between July 2013 and July 2016, Newbridge allegedly failed to establish and maintain a supervisory system, and failed to establish, maintain and enforce written supervisory procedures, concerning the sale of complex securities, according to a Letter of Acceptance, Waiver and Consent. 1200 NORTH FEDERAL HIGHWAY, BOCA RATON, FL, 33432, Visit https://brokercheck.finra.org/firm/summary/104065 to read a detailed report for NEWBRIDGE SECURITIES CORPORATION, Were not sure. 0 . Thomas John Avery at NEWBRIDGE SECURITIES CORPORATION - View Complaints, Disclosures, Scams and Audit Report (Updated 2023) April 1, 2023. outinthewind; 19 seconds ago; 0. Without admitting or denying any wrongdoing in this case, the company consented to the sanctions and agreed to pay the penalty. These bonds differ from conventional corporate bonds and other risk-averse investments in that they carry substantial risk. You may reproduce materials available at this site for your own personal use and for non-commercial distribution. involving a wide range of products, strategies and securities. Santander Securities LLC said the firm works hard to resolve complaints and has enhanced its compliance, risk management, legal and control functions over the past several years. His demeanor was professional and pleasant and I would not hesitate to use him in future matters. GABRIEL MARTIN ANTUNA at NEWBRIDGE SECURITIES CORPORATION - View The recent complaints/lawsuits against Newbridge are the result of GWG Holdings L Bonds, GPB Capital, and other non-traded investments. -, Monday April 26, 2021 11:00 AM EST

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