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Russell Newton Received Four Regulatory Sanctions

Russell NewtonPublic records provided by the Financial Industry Regulatory Authority (FINRA) on November 25, 2016 indicate that former Connecticut-based Source Capital Group broker Russell Newton is currently not affiliated with any broker-dealer firm. The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Newton (CRD# 1033369).

Russell Newton has spent 33 years in the securities industry and was most recently registered with Source Capital Group in Westport, Connecticut (2001-2016). Previous registrations include Merit Capital Associates in Westport, Connecticut; Pendrick Reeves Associates; Glen Rauch Securities in New York, New York; Prescott Ball & Turben; LF Rothschild Undterburg Towbin; and Gabriele Hueglin & Cashman. He is currently not registered with any state or firm.

According to his BrokerCheck report, Russell Newton has received four regulatory sanctions, three customer complaints, and one pending customer complaint. He is also the subject of a pending FINRA investigation.

In September 2016 FINRA launched an investigation into allegations that Russell Newton violated FINRA Rules 3010 and 2010. For context, FINRA Rule 2010 stipulates that FINRA members must “observe high standards of commercial honor and just and equitable principles of trade.” Rule 3010 states, among other things: “Each member shall establish and maintain a system to supervise the activities of each registered representative, registered principal, and other associated person that is reasonably designed to achieve compliance with applicable securities laws and regulations, and with applicable NASD Rules. Final responsibility for proper supervision shall rest with the member.” The investigation remains pending.

In 2014 a customer alleged Russell Newton, while employed at Source Capital Group, failed to supervise. The complaint settled for $40,000.

In 2014 a customer alleged Russell Newton, while employed at Source Capital Group, failed to supervise. The complaint settled for $13,500.

In 2014 a customer alleged Russell Newton, while employed at Source Capital Group, failed to supervise. The complaint settled for $13,500.

In 2008 a customer alleged he, while employed at Merit Capital Associates, participated in unjust trade practices, breached contract, engaged in unjust enrichment, breached his fiduciary duty, acted negligently, intentionally inflicted emotional distress, and fraudulently misrepresented material facts. The customer is seeking unspecified damages in the pending complaint.

If you or someone you know has a complaint regarding Russell Newton, call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. You may be eligible to recoup losses. Fitapelli Kurta accepts every case on contingency: we only get 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.