Newbridge Securities

Broker Brian Roth Has Alternative Investment Customer Complaints

October 10, 2022 | by Staff Attorney

Advisor Brian Roth (Roth), currently employed by brokerage firm Newbridge Securities Corporation (Newbridge Securities) has been subject to at least nine disclosures including four customer complaints, one regulatory action, and four judgement or liens. According to a BrokerCheck report some of the customer complaints concern alternative investments such as direct participation products (DPPs) like business development companies (BDCs), non-traded real estate investment trusts (REITs), oil & gas programs, annuities, and private placements. The attorneys at Gana Weinstein LLP have represented hundreds of investors who suffered losses caused by these types of high risk, low reward products and have recovered in excess of $50 million in investor losses.

In June 2022 a customer complained that Roth violated the securities laws by alleging that Roth made recommendations that violated rules such as suitability, negligence, fraud, failure to supervise, violation FINRA rule 2010, and breach of contract. The claim is currently pending and the investor seeks $1,500,000 in damages.

In April 2020 a customer complained that Roth violated the securities laws by alleging that Roth made recommendations that violated rules such as breach of fiduciary duty, negligence, failure to supervise, violation FINRA rules, and breach of contract. The claim is currently settled for $100,000.

Newbridge Advisor Dean Norwalk Subject to Customer Disputes

September 25, 2022 | by Staff Attorney

The attorneys at Gana Weinstein LLP are investigating BrokerCheck records reports that Dean Robert Nowak (Nowak), currently employed by Newbridge Securities Corporation (Newbridge), has been subject to at least three customer complaints in his career. According to records kept by the Financial Industry Regulatory Authority (FINRA), Nowak’s customer complaint alleges that Nowak made misrepresentations with respect to securities transactions to customers.

In April 2020, a customer complained that Nowak violated the securities laws by alleging that Nowak engaged in unsuitable investment practices and made misrepresentations and omissions regarding the features and risks of a fixed annuity and a real estate trust, including restrictions on liquidity and the applicable time horizon. The claim alleges $100,000 in damages and is currently pending.

Advisor Marshall Isaacson Barred By Regulator After Suitability Investigation

April 11, 2021 | by Staff Attorney

Advisor Marshall Isaacson (Isaacson), formally employed by brokerage firms National Securities Corporation (National Securities) and Newbridge Securities Corporation (Newbridge) has been subject to at least six customer complaints, one regulatory sanction, and three tax liens or judgements during the course of his career. According to a BrokerCheck report the customer complaints concerns alternative investments such as direct participation products (DPPs) like business development companies (BDCs), non-traded real estate investment trusts (REITs), oil & gas programs, annuities, and private placements. The attorneys at Gana Weinstein LLP have represented hundreds of investors who suffered losses caused by these types of high risk, low reward products.

One of the products referenced in the disclosures is GPB Capital. On February 4, 2021 the U.S. Securities and Exchange Commission (SEC), the U.S. Attorney’s Office for the Eastern District of New York (DOJ), and seven states filed separate simultaneous actions against GPB Capital and other defendants connected to the firm accusing it of being a Ponzi-like scheme. In a press release the SEC stated that it “charged three individuals and their affiliated entities with running a Ponzi-like scheme that raised over $1.7 billion…”

As reported by Bloomberg “If proved, [GPB] would be one of the largest such schemes to target individual investors since the massive frauds of Bernard Madoff and Robert Allen Stanford came to light.” The DOJ indicted David Gentile, the founder of GPB, Jeffry Schneider, the owner and CEO of Ascendant Capital LLC, and Jeffrey Lash, a former managing partner of GPB relating to the fraud. If convicted, the defendants each face up to 20 years’ imprisonment.[1]

Newbridge Securities Financial Advisor Kerri Jamison Has Multiple Customer Complaints

December 2, 2020 | by Staff Attorney

The attorneys at Gana Weinstein LLP are investigating BrokerCheck records reports that financial advisor Kerri Jamison (Jamison), currently employed by Newbridge Securities Corporation (Newbridge Securities) has been subject to at least four customer complaints during the course of her career. According to records kept by The Financial Industry Regulatory Authority (FINRA), Jamison’s customer complaints alleges that Jamison recommended unsuitable investments in various investments including allegations involving energy securities and alternative investments among other allegations of misconduct relating to the handling of their accounts. Jamison also hold herself out as an estate planning attorney and real estate agent.

In April 2020 a customer complained that Jamison violated the securities laws by alleging that Jamison engaged in negligent investment advice, breach of fiduciary duty, and breach of contract. The claim alleges $99,0000 in damages and is currently pending.

In February 2020 a customer complained that Jamison violated the securities laws by alleging that Jamison engaged in unsuitable investment advice, breach of fiduciary duty, and material misrepresentations. The claim alleges $200,000 in damages and is currently pending.

In January 2020 a customer complained that Jamison violated the securities laws by alleging that Jamison engaged in negligent investment advice, breach of fiduciary duty, and breach of contract. The claim alleges $99,000 in damages and is currently pending.

Dustin Shafer Has Complaints Over Alternative Investment Sales Practices

May 3, 2020 | by Staff Attorney

Advisor Dustin Shafer (Shafer), currently employed by Newbridge Securities Corporation (Newbridge Securities), has been subject to at least seven customer complaints and two tax liens or judgement during the course of his career. According to a BrokerCheck report one of the customer complaints concern alternative investments such as direct participation products (DPPs) like business development companies (BDCs), non-traded real estate investment trusts (REITs), oil & gas programs, annuities, and private placements. The attorneys at Gana Weinstein LLP have represented hundreds of investors who suffered losses caused by these types of high risk, low reward products.

In January 2020 a customer complained that Shafer violated the securities laws by alleging that Shafer engaged in sales practice violations related to recommending an investment that was not explained and that was guaranteed a montly dividend. The claim alleges $175,000 and is currently pending.

In January 2020 a customer complained that Shafer violated the securities laws by alleging that Shafer engaged in sales practice violations related to recommending alternatives investment beginning in 2013 that were misrepresented. The claim alleges violations of Illinois securities laws, breach of fiduciary duty, negligence, and violation of FINRA rules. The claim alleges $454,000 in damages and is currently pending.

Advisor John Boatright Subject to Complaints Over Unsuitable Investments

September 26, 2019 | by Staff Attorney

The securities lawyers of Gana Weinstein LLP are currently investigating customer complaints against broker John Boatright (Boatright), formerly associated with Newbridge Securities Corporation (Newbridge Securities) out of Duluth, Georgia. According to a BrokerCheck report, Boatright has been subject to at least three customer disputes and one large tax lien during his career. According to records kept by The Financial Industry Regulatory Authority (FINRA), Boatright’s recent customer complaints concern allegations of unsuitable investment recommendations.

In May 2018 a customer alleged that Boatright made unsuitable recommendations and provided negligent investment advice. The customer requested $46,000 in damages. This dispute is still pending.

In May 2018 Boatright disclosed a $22,813 tax lien against him. Large tax liens on a broker’s CRD can be a red flag that the broker may be influenced to engage in high commission activity in order to satisfy personal debts. FINRA discloses information concerning a broker’s financial condition because a broker’s inability to handle their own personal finances has also been found to be material information in helping investors determine if they should allow the broker to handle their finances.

Broker Stephen Sullivan Subject to Excessive Trading Complaint

September 16, 2019 | by Staff Attorney

The securities lawyers of Gana Weinstein LLP are investigating broker Stephen Sullivan (Sullivan), currently associated with SW Financial out of Melville, New York. According to a BrokerCheck report, Sullivan has been subject to at least two customer disputes, one regulatory action, one financial disclosure, and three civil judgements during his career. According to records kept by The Financial Industry Regulatory Authority (FINRA), the customer complaints against Sullivan concern allegations of excessive trading also referred to as churning.

In May 2018 a customer filed a complaint against Sullivan alleging unsuitable transactions, excessive trading, and failure to supervise. The customer requested $540,618 in damages. This dispute is still pending.

In February 2016 FINRA found that Sullivan violated NASD Rules 2510(b) and 2010 by exercising discretion in customers’ accounts without obtaining authorization from the customers or approval by his member firm. Without admitting or denying the allegations, Sullivan consented to the described sanctions and to the entry of the findings. Sullivan was fined $5,000 and suspended for 10 business days.

Advisor Craig Sherrer Subject Has Alternative Investment Complaint

June 20, 2019 | by Staff Attorney

Advisor Craig Sherrer (Sherrer), currently employed by Janney Montgomery Scott LLC (Janney Montgomery) and formerly with Newbridge Securities Corporation (Newbridge Securities) has been subject to at least one customer complaint during the course of his career. According to a BrokerCheck report the customer complaint concerns alternative investments such as direct participation products (DPPs) like non-traded real estate investment trusts (REITs), oil & gas programs, annuities, and equipment leasing programs. The attorneys at Gana Weinstein LLP have extensive experience handling investor losses caused by these types of products.

In April 2019 a customer complained that Sherrer violated the securities laws by alleging that the financial advisor breached their fiduciary duty, negligence, and breach of contract among other allegations associated non-traded REITs causing $1,500,000 in damages. The claim is currently pending.

Our firm often handles cases involving annuities and direct participation products, Non-Traded REITs, oil and gas offerings, equipement leasing products, and other alternative investments. These products are almost always unsuitable for investors. In addition, the brokers who sell them are paid additional commission in order to hype inferior quality investments which provides a perverse incentives by brokers to create an artificial market for products that no honest advisor would sell.

John Forrester Has Investment Complaints and Bankruptcy Disclosures

June 20, 2019 | by Staff Attorney

According to BrokerCheck records financial advisor John Forrester (Forrester), currently employed by Newbridge Securities Corporation (Newbridge Securities) has been subject to at least four customer complaints, one regulatory action, and has two bankruptcy disclosures during the course of his career. According to records kept by The Financial Industry Regulatory Authority (FINRA), Forrester’s customer complaints allege that Forrester recommended unsuitable securities recommendations in a variety of products including alternative investments among other allegations of misconduct in the handling of customer accounts.

In April 2019 a customer filed a complaint alleging that Forrester violated the securities laws by, among other things, that Forrester breached his fiduciary duty and was negligent in the sale of alternative investments causing $55,000 in damages. The claim is currently pending.

In June 2017 Forrester declared bankruptcy. This information has been found to be material for investors to have because an advisor who cannot manage his own finances is a relevant factor for investors to consider. In addition, a broker in financial distress may be influenced to recommend high commission products or strategies.

Peter Goffin Subject to Multiple Investment Complaints

June 5, 2019 | by Staff Attorney

According to BrokerCheck records financial advisor Peter Goffin (Goffin), currently employed by Newbridge Securities Corporation (Newbridge Securities) has been subject to at least nine customer complaints and one regulatory action during the course of his career. According to records kept by The Financial Industry Regulatory Authority (FINRA), Goffin’s customer complaints allege that Goffin recommended unsuitable securities recommendations in a variety of products including alternative investments among other allegations of misconduct in the handling of customer accounts.

In March 2019 a customer filed a complaint alleging that Goffin violated the securities laws by, among other things, that Goffin breached his fiduciary duty and was negligent in the sale of alternative investments causing $150,000 in damages. The claim is currently pending.

In January 2012 a customer filed a complaint alleging that Goffin violated the securities laws by, among other things, that Goffin made unsuitable investments in a variable annuity causing $30,000 in damages. The claim was denied.