FINRA has censured Newbridge Securities and fined the firm $225,000 for failing to adequately supervise the sale of complex securities.
The Sonn Law Group is investigating allegations that Newbridge Securities failed to adequately supervise its agents. Under FINRA Rules, brokerage firms are liable for their brokers’ misconduct or negligence and investors may be able to their investment through FINRA arbitration. Contact Sonn Law Group today or call us at 866–827–3202 for a free consultation.
Bruce Jordan (CRD#:1223556), Newbridge Securities director of investment banking, was fined $5,000 and suspended for two months for his failure to properly supervise the sale of complex securities. This was in addition to the $225,000 fine imposed against the firm itself.
FINRA alleged that between July 2013 and July 2016, Newbridge failed to establish and maintain a supervisory system, and failed to establish, maintain, and enforce written supervisory procedures concerning the sale of complex securities.
Additionally, FINRA alleged that between November 2015 and March 2016, Newbridge failed to have a reasonable basis to recommend the sale of the private placement offering because it failed to conduct reasonable due diligence on the offering. Specifically, FINRA’s finings stated that Newbridge and Jordan failed to, “reasonably supervise the offering because they allowed the firm to rely primarily on due diligence conducted by the issuer of the offering.”
Newbridge has other regulatory disclosures on its record. In 2017, the Pennsylvania Department of Banking and Securities fined the firm $499,000 for failing to supervise a broker in connection with the sales of structured products to its clients in the state. In March 2011, Newbridge was fined $25,000 after it consented to findings that it “failed to establish, maintain, and enforce supervisory systems and written supervisory procedures related to private offerings sold to its customers, and failed to conduct adequate due diligence for 15 different unregistered offerings.
Bruce Jordan has been in the securities industry since 1983 and previously worked at a number of brokerage firms, including:
- Bedminster Financial Group, Ltd.,
- Midtown Partners & Co., LLC,
- VFinance Investments,
- Sterling Financial Investment Group, Inc., and
- Joseph Charles & Assoc., Inc.
Jeffrey R. Sonn is an experienced investor losses attorney. If you suffered losses because a financial professional committed acts in violation of FINRA Rules, Mr. Sonn will protect your rights and interests. Please do not hesitate to contact the Sonn Law Group today for a free review of your claim.