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Newbridge Broker, Brent Porges Has Complaint for ETF/ Churning

shutterstock_208157017The securities and investment fraud law firm Fitapelli Kurta is investigating allegations of account churning committed by New York-based Newbridge broker Brent Porges (CRD# 4002626).

Brent Porges has spent eleven years in the securities industry and has registered with Newbridge Securities in New York, New York since November 2015. He was previously registered with Newbridge Securities in Uniondale, New York (2015); Craig Scott Capital in Uniondale, New York (2012-2015); Brookstone Securities in Melville, New York (2010-2012); Rockwell Global Capital in Bethpage, New York (2010); Prestige Financial Center in Garden City, New York (2009-2010); Brookstone Securities in Garden City, New York (2009-2010); New Castle Financial Services in Melville, New York (2009); Pointe Capital in Bethpage, New York (2008); Joseph Gunnar & Company in New York, New York (2007-2008); Great Eastern Securities in New York, New York (2005-2006); Benson York Group in Melville, New York (2005); Gunnallen Financial in Tampa, Florida (2002-2005); First Montauk Securities in Red Bank, New Jersey (2002); Andover Brokerage in Montebello, New York (2001); and On-Site Trading in Great Neck, New York (2000). Of Mr. Porges’ former employers, four have since been expelled by the Financial Industry Regulatory Authority (FINRA): Benson York Group, New Castle Financial Services, Brookstone Securities, and Prestige Financial Group. Mr. Porges is a registered broker in California and New York.

According to his BrokerCheck report, Brent Porges is the subject of three customer complaints, one pending customer complaint, one FINRA investigation, and six judgments or liens.

In 2015 Brent Porges was named respondent in a FINRA investigation into allegations that he made false statements and/or testimony and failed to supervise account churning. The investigation remains pending.

In 2015 a customer alleged Brent Porges, while employed at Craig Scott Capital, breached contract, acted negligently, failed to supervise, and committed intentional torts. The customer is seeking $900,000 in damages in the pending complaint.

In 2013 a customer alleged Brent Porges, while employed at Brookstone Securities and Craig Scott Capital, breached his fiduciary duty, churned the account, executed unauthorized trades, and acted negligently. The complaint resulted in an award to the customer of $338,454.

In 2013 a customer alleged Brent Porges, while employed at Brookstone Securities and Craig Scott Capital, acted negligently, breached his fiduciary duty, failed to supervise, churned the account, executed unauthorized trades, and made unsuitable investment recommendations, including exchange-traded notes. The complaint settled in 2015 for $178,500.

In 2008 a customer alleged Brent Porges, while employed at Benson York Group, executed unauthorized trades on margin, committed fraud, and generated excessive commissions. The complaint settled for $9,998.

If you have lost money investing with Brent Porges or are otherwise a victim of account churning, call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 without delay. You may be entitled to recoup your losses. We accept all cases on contingency: Fitapelli Kurta only gets paid if and when you collect money. Time to file your claim may be limited, so we recommend you avoid delay. Call 877-238-4175 now to speak to an attorney for free.