A National Securities Arbitration & Investment Fraud Law Firm
Headquartered in Fort Lauderdale, Florida, Newbridge Securities Corporation (NSC) promotes itself as a full service securities and investment bank providing services to individual and corporate clients. NSC began operations in 2000 and has branch offices in Southern Florida, New York, New Jersey, Chicago, Illinois and Scottsdale, Arizona.
Regulatory ViolationsNational Securities Corporation has been the subject of many regulatory investigations, some which resulted in disciplinary actions by regulators.
Handling Fees Charged to Customers Not Fully DisclosedIn January 2013, FINRA censured and fined NSC $50,000 for failing to fully and accurately disclose transaction fees, commissions or markup/markdown charges to customers. NSC has referred to charges as handling fees on customer confirmations; however a portion of these fees was actually additional revenue to the firm. NSC understated the amount of total commission by the firm and misstated the purpose of the handling fee. This was a material misstatement and/or omission of fact. In November 2011, the Connecticut Department of Banking and NSC entered into a Consent Order for reimbursement of handling fees to Connecticut customers affected. In February 2013, the New Jersey Bureau of Securities and NSC entered into a Consent Order to return handling fees to New Jersey customers affected and pay a penalty and in April 2013, the Arkansas Securities Department and NSC entered into a Consent Order for return of handling fees to Arkansas investors.
Failure to SuperviseThe Florida Office of Financial Regulation found that NSC failed to establish and maintain a system to supervise its registered representatives and charged excessive commissions to clients, among other violations of Florida Statutes. NSC was fined $40,000 by the State of Florida.
FINRA Fines and Sanctions – Newbridge Securities CorporationNewbridge Securities Corporation (CRD #104065, Ft. Lauderdale, Florida) submitted a Letter of Acceptance, Waiver and Consent in which the firm was censured and fined $138,000 for failing to buy and sell bonds to customers at the most favorable price possible and that the firm’s supervisory system is not provide for supervision reasonably designed to comply with applicable securities laws and regulations concerning best execution in corporate bonds transactions. NSC has a history of FINRA reviews for its corporate bond transactions. (FINRA Case #2009019877901)
Newbridge Securities Corporation (CRD #104065, Ft. Lauderdale, Florida) submitted a Letter of Acceptance, Waiver and Consent in which the firm was censured and fined $32,500 for failing to establish, maintain and enforce adequate written supervisory procedures related to review and approval of outgoing wires transfers of funds or securities to customers. Because of this failure, a registered representative was able to convert over $160,000 from two customers’ accounts by wiring the funds from their accounts to bank accounts he opened in their names. (FINRA Case #2013035775601)
Silver Law GroupSilver Law Group is a nationally recognized securities and investment fraud law firm with Martindale-Hubbell® Peer Review Ratings™ “AV” rated lawyers that handle all securities arbitration matters on a contingency fee basis. The Law Firm, at no cost to investors will review account activity and account statements to determine whether there was any misconduct, whether there are damages and the legal causes of action. We investigate all sales practice violations, while taking into consideration the investor’s age, investment background, and the relationship between the investor and the brokerage firm and its financial advisor. According to securities industry rules and regulations, unsuitable investment advice, securities concentration, fraudulent misrepresentations and omissions of material facts, breach of fiduciary duty, conflicts of interest, variable annuity switching are among the causes of action that may be available to investors in claims for damages against brokerage firms and their financial advisors in a securities arbitration claim filed with the Financial Industry Regulatory Authority (FINRA). We represent investors in FINRA arbitration claims on a contingency fee basis.
To learn more call us at (954) 755-4799 or Toll Free at (800) 975-4345