Publicly available records published by the Financial Industry Regulatory Authority (FINRA) and accessed on August 10, 2017 indicate that former Connecticut-based Source Capital Group broker Russell Newton was recently sanctioned by FINRA and barred from acting as a broker or otherwise associating with firms that sell securities to the public. 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; and Glen Rauch Securities in New York, New York. He has passed five securities industry examinations: Series 63 (Uniform Securities Agent State Law Examination); Series 7 (General Securities Representative Examination); Series 24 (General Securities Principal Examination); Series 27 (Financial and Operations Principal Examination); and Series 53 (Municipal Securities Principal Examination). He is currently not registered with any state or firm.
According to his BrokerCheck report, he has received five regulatory sanctions, three customer complaints, and one pending customer complaint.
In July 2017 FINRA sanctioned him following allegations he “refused to provide on-the-record testimony in connection with an investigation into potential securities law violations during the time Newton was associated with his member firm.”
In 2014 FINRA sanctioned him following allegations that “Newton’s member firm, through its branch office manager, sold or caused the sale of investments of an entity without adequately disclosing material information to investors” and that Newton failed in his supervisory duties as designated supervisory of the branch office and the branch office manager. He was issued a 20-day suspension from acting in any principal capacity and was issued a fine of $10,000.
In 2014 a customer alleged Russell Newton, while employed at Source Capital Group, failed in his supervisory duties. The complaint settled for $40,000.
If you or someone you know has complaints regarding Russell Newton, call Fitapelli Kurta at 877-238-4175 for a free consultation. You may be entitled to recover lost funds. All cases are taken on contingency: we only receive payment if and when you collect money. Time to file your claim may be limited, so we suggest you avoid delay. Call 877-238-4175 now to speak to an attorney for free.