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Broker Complaints: Newbridge Securities Corporation (CRD# 104065)

Newbridge Securities Corporation has a long history of customer and regulatory complaints. Newbridge Securities Corporation is a licensed broker-dealer registered with FINRA, or the Financial Industry Regulatory Authority. It has been a FINRA member since July 2000 and maintains its principal place of business in Fort Lauderdale, Florida with dozens of branch offices throughout the United States.

Complaints against Newbridge Securities Corporation are governed by FINRA. As a FINRA member, Newbridge Securities Corporation must arbitrate all customer complaints before FINRA. Our law firm exclusively handles FINRA arbitrations on behalf of investors. We are investigating complaints against Newbridge Securities Corporation and are interested in speaking to investors who have complaints against the firm.

In 2011, Newbridge Securities Corporation was the subject of a FINRA complaint in connection with its sale of interests in DBSI TICs, which turned out to be part of one of the largest real estate Ponzi schemes in US history. According to some reports, the DBSI Ponzi scheme was a $600 million scam at its peak and Newbridge Securities Corporation was one of the distributors of interests in the Ponzi scheme. In 2008, the DBSI Ponzi scheme was revealed when the firm filed for chapter 11 bankruptcy protection. Since then, three top DBSI executives were criminally charged for their involvement.

Newbridge Securities Corporation has been fined over $1 million from FINRA since 2003 for various violations of FINRA and Securities and Exchange Commission rules. In addition, its individual brokers have been fined, banned and sanction for a variety of conduct. This conduct includes forging account forms, making trades without customer’s approval, making unsuitable recommendations and churning customer accounts.

Specifically, Newbridge Securities Corporation or its brokers were fined for the following complaints:

  • On February 18, 2014, Newbridge Securities broker, Daniel Pikula, was fined by FINRA for trading in a customer’s account without their authorization. The complaint was resolved with Mr. Pikula, who consented to a suspension and fine.

  • On October 7, 2013, Newbridge was fined $32,500 for complaints related to their failure to maintain adequate supervisory procedures.

  • On February 12. 2013, the State of Florida fined Newbridge Securities $40,000 for violating various Florida securities law. According to the Florida complaint, the firm, among other things, failed to properly supervise its personnel.

  • On January 22, 2013, FINRA fined Newbridge Securities $50,000 for customer complaints related to the improper changing of handling fees.

  • On May 11, 2011, Newbridge Securities broker, Dane Henry, was suspended and fined for complaints related to his modifying previously executed private placement memorandum questionnaires.

  • On March 1, 2011, FINRA fined Newbridge Securities $25,000 for complaints related to its inadequate supervisory system.
  • On November 10, 2011, the banking commissioner of the State of Connecticut fined Newbridge Securities $10,000 for charging improper handling fees.

  • On April 13, 2010, Newbridge Securities broker, Jerry Pearlman, was barred by FINRA for churning customer accounts.

  • On March 6, 2009, Newbridge Securities was fine $80,000 and ordered to disgorge approximately $200,000 by the Securities and Exchange Commission for facilitating manipulative trading of securities and elated complaints.

  • On January 25, 2008, FINRA fined Newbridge Securities $5,000 for charging excessive markups/markdowns and other improper fees to customers.

  • On August 23, 2010, Newbridge Securities was fined $600,000 by FINRA for a complaint related to facilitating the manipulative trading of stock.

  • On November 4, 2009, FINRA fined Newbridge Securities $37,500 for buying and selling corporate bonds to customers at unfair prices.

  • On March 14, 2008, Newbridge Securities was fined $177,500 by FINRA for complaints related to excessive fees and supervisory failures.

  • On October 21, 2008, FINRA fined Newbridge Securities $27,500 for failing to use reasonable diligence to ascertain the most favorable price possible for customers who were buying securities from other Newbridge customers.

  • On April 10, 2007, Newbridge Securities was fined $70,000 by FINRA for complaints related to trade reporting violations and supervisory violations.

  • On October 7, 2003, Newbridge Securities was fined $60,000 by FINRA for complaints related to its failure to supervise its brokers.

If you or someone you know has a complaint against Newbridge Securities Corporation, contact the stock fraud attorneys at Fitapelli today for a free consultation. The law limits the time you have to recovery your investment losses and it is important that you act immediately.