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Newbridge Broker Michael Stern Faces Million Dollar Complaint

Michael SternAccording to records provided by FINRA (the Financial Industry Regulatory Authority) on February 16, 2016, former Florida-based Herbert J. Sims broker Michael Stern is currently not licensed to act as a broker or an investment adviser. The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Stern (CRD# 2273485).

Michael Stern has spent 22 years in the securities industry and was most recently registered with Herbert J. Sims & Company in Boca Raton, Florida (2013-2016). Previous registrations include Newbridge Securities Corporation in Boca Raton, Florida (2004-2013); CGF Securities in Boca Raton, Florida (2002-2004); Ladenburg Capital Management in Bethpage, New York (2002); Ladenburg Thalmann & Company in New York, New York (1998-2002); JW Charles Securities in Boca Raton, Florida (1995-1998); Dean Witter Reynolds in Purchase, New York (1993-1995); and Biltmore Securities in Ft. Lauderdale, Florida (1992-1993). Two of Mr. Stern’s former employers, Biltmore Securities and CGF Securities, have since been expelled by FINRA. He is currently not a registered broker with any state or firm.

According to his BrokerCheck report, Michael Stern is the subject of seven customer complaints and one pending customer complaint.

  • In June 2015 a customer alleged Michael Stern, while employed at Newbridge Securities and Herbert J. Sims & Company, acted negligently, breached his fiduciary duty, breached his contract, and engaged in negligent supervision. The customer is seeking $1,000,000 in damages in the pending complaint.
  • In 2014 a customer alleged Michael Stern, while employed at Newbridge Securities, breached his fiduciary duty, failed to supervise, failed to protect her assets, and made unsuitable investment recommendations. The complaint settled in February 2015 for $6,500.
  • In 2013 a customer alleged Michael Stern, while employed at Newbridge Securities, committed fraud, misrepresented material facts related to an investment, made an unsuitable recommendation, engaged in negligent supervision, and breached his fiduciary duty. The complaint settled in 2014 for $17,500.
  • In 2013 a customer alleged Michael Stern, while employed at Newbridge Securities, breached his fiduciary duty, misrepresented material facts, failed to supervise her account, misrepresented material facts related to investments, and made unsuitable recommendations. The complaint settled in February 2015 for $15,000.
  • In 2007 a customer alleged Michael Stern, while employed at Newbridge Securities, misrepresented material facts in connection to a private placement. The complaint settled for $6,000.
  • In 2007 a customer alleged Michael Stern, while employed at Newbridge Securities, misrepresented material facts regarding a private placement. The complaint settled for $6,000.
  • In 2001 a customer alleged Michael Stern, while employed at JW Genesis Securities, recommended an unsuitable investment and borrowed money. The complaint settled for $150,000, to which Michael Stern individually contributed $40,000.

If you have lost money investing with Michael Stern, you may be entitled to recover lost funds. Call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. All cases are taken on contingency: Fitapelli Kurta only gets paid if and when you recover money. Time to file your claim may be limited, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.