Articles Tagged with Newbridge Securities

AdobeStock_200379710-300x200According to publicly available records with the Financial Industry Regulatory Authority (FINRA), Fortune Financial Services broker Bruce Musselman has been subject to nine customer complaints and one criminal regulatory action. In February 2013, Musselman allegedly recommended unsuitable investments, misrepresented securities, over-concentrated customer funds into aggressive investments and excessively used margin. From 2007 until 2009, a customer alleged that Mr. Musselman recommended highly risky investments that were unsuitable and inappropriate to the customer’s needs. These are all against securities laws and internal firm rules. A broker has a duty to do his due diligence on every security he recommends or sells by taking into account the customer’s age, net worth, investment objectives and investment sophistication, among other things. He also has a duty to disclose all the risks associated with every investment. If he does not do so, his brokerage firm may be liable for investment losses, because the firm had a duty to reasonably supervise him while he was registered with that firm. The firm may be liable on a contingency fee basis if you suffered money losses because of Bruce Musselman’s investment recommendations.
According to online records with FINRA, Bruce Mussel man is not currently registered within the securities industry. Previously, he was registered with Ameriprise in Cocoa, Florida from October 1996 until 2009, Newbridge Securities Corp in Heathrow, Florida from November 2010 until February 2013, IFS Securities in Cocoa from February 2013 until March 2015 and Fortune Financial Services in Cocoa from July 2015 until December 2017. He has nine customer disputes against him and one criminal matter.

According to the Financial Industry Regulatory Authority (FINRA), Andrew Corbman was formerly registered with Newbridge Securities in Landsdowne, Virginia. Allegedly, Mr. Corbman recommended unsuitably over-concentrated investment recommendations, and “distributed a sales brochure for an alternative mutual fund to his customers that was misleading and failed to provide a sound basis for evaluating the alternative mutual fund referenced in it.” He was also alleged to have churned investments, misrepresented material facts, participated in unjust enrichment, acted negligently, breached contract, breached fiduciary duty, effected unauthorized transactions and participated in civil conspiracy, among other things. These are all against securities rules and regulations and his former firm, Newbridge Securities, can be held liable for his transgressions. Please call our law offices today to speak to an attorney about your options. 312-332-4200.

Corbman was registered with RAF Financial Corp, AG Edwards & Sons, Morgan Stanley, ING Financial Partners, FSC Securities, Kovack Securities and Newbridge Securities in Landsdowne, Virginia from November 2015 until March 2016. He has twelve customer disputes against him, one of which is currently pending. He is not licensed within the industry.

Gerald Cocuzzo, a former Boca Raton, Florida stockbroker who worked at Newbridge Securities Corp, has pled guilty to participating in a $131 million securities fraud scheme. Cocuzzo could face up to 30 years in prison. Cozucco, as we reported earlier, was charged with defrauding investors in a publicly traded company called ForceField Energy, Inc. Cocuzzo allegedly received kickbacks from the company’s executive for purchasing the company stock in his clients’ brokerage accounts. Cozucco then allegedly used cash payments, prepaid cell phones and self-erasing messaging applications to hide his scheme. He and his co-conspirators also traded the stock to make investors think the trading volume was much larger, and, in turn, caused investors to think there was interest in it.

The Financial Industry Regulatory Authority (FINRA) recently charged two Boca Raton, Florida firms, Newbridge Securities and Shearson Financial Services, for securities violations that resulted in customers losing money. Newbridge Securities Corp allegedly failed to apply discounts to certain purchases. These discounts were supposed to be applied to sales charges, and as a result, clients paid more than $172,000 in excess charges. This misconduct occurred with unit investment trust (UIT) purchases from May 2009 until April 2014. Newbridge was fined $115,000 and agreed to pay clients back more than $188,000.

Shearson Financial was fined $100,000 by FINRA for allegedly inaccurately marking orders as unsolicited, even when they were solicited. The firm was warned in 2012, that 47 order tickets had been inaccurately marked. FINRA also stated that Shearson maintained inaccurate books and records of 1,873 transactions from June 2013 until October 2015. Please call us today for a free consultation with an attorney if you invested money with Newbridge Securities or Shearson Financial. We may be able to help you bring a claim against the firm for investment losses. We take cases on a contingency fee basis only.

Andrew Corbman has been the subject of at least two customer complaints over allegations of securities law violations that include unsuitable investment recommendations, overconcentration of investments and violations of industry rules among other claims. Some of the securities in question include leveraged and non-traditional exchange traded funds (ETFs). The Financial Industry Regulatory Authority (FINRA) also found that Corbman distributed a sales brochure for an alternative mutual fund to his customers that contained information that was misleading and failed to provide a sound basis for evaluating the alternative mutual fund. In February 2016, FINRA settled a regulatory action against Corbman alleging that he made recommendations that were unsuitable and over-concentrated and exposed customers to a risk loss that exceeded each customer’s risk tolerance and investment objectives. As a result, FINRA suspended Corbman for one month.

Corbman was registered with RAF Financial Corp, A.G. Edwards & Sons, Morgan Stanley, ING Financial Partners, FSC Securities, Kovack Securities and Newbridge Securities in Lansdowne, Virginia from November 2015 until March 2016. He has nine customer disputes against him, two of which are currently pending. He is not licensed within the industry and not registered with any firm.

According to a Letter of Acceptance, Waiver and Consent (AWC) by the Financial Industry Regulatory Authority (FINRA), Stephen J. Sullivan, a former registered representative with First Midwest Securities, allegedly exercised discretion in the accounts of two customers between January 2011 and July 2012. This is against securities rules and regulations and he was fined $5,000 and suspended for 10 business days. According to his online FINRA BrokerCheck report, Sullivan was registered with Ladenburg Capital Management, Ladenburg, Thalmann & Co., Granite Associates, Whitaker Securities, Newbridge Securities, JP Turner & Co., First Midwest Securities in Garden City, New York from March 2010 until August 2012, Brookville Capital Partners, Wilmington Capital Securities and Tryco Securities. He is currently registered with Legend Securities in Miller Place, New York and has been since March 2015. He has one customer dispute against him. If you would like to find out your options of suing Sullivan’s former firm, First Midwest Securities in the FINRA arbitration process on a contingency fee basis, please call our securities law firm based in Chicago to speak to an attorney for free.

According to a Letter of Acceptance, Waiver and Consent (AWC) by the Financial Industry Regulatory Authority (FINRA), Stephen J. Sullivan, a former registered representative with First Midwest Securities, allegedly exercised discretion in the accounts of two customers between January 2011 and July 2012. This is against securities rules and regulations and he was fined $5,000 and suspended for 10 business days. According to his online FINRA BrokerCheck report, Sullivan was registered with Ladenburg Capital Management, Ladenburg, Thalmann & Co., Granite Associates, Whitaker Securities, Newbridge Securities, JP Turner & Co., First Midwest Securities in Garden City, New York from March 2010 until August 2012, Brookville Capital Partners, Wilmington Capital Securities and Tryco Securities. He is currently registered with Legend Securities in Miller Place, New York and has been since March 2015. He has one customer dispute against him. If you would like to find out your options of suing Sullivan’s former firm, First Midwest Securities in the FINRA arbitration process on a contingency fee basis, please call our securities law firm based in Chicago to speak to an attorney for free.

Stoltmann Law Offices is investigating Andrew Scott Corbman, who recently entered into a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA). Corbman is accused of allegedly making unsuitable investment recommendations that were inconsistent with the customers’ investment objectives and risk tolerances and resulted in over-concentration of their liquid net worth in these investments from April 2009 through June 2009. Corbman also allegedly recommended to customers who were a married couple to purchase unsuitable highly risky leveraged, inverse Exchange-Traded Funds (Non-Traditional ETFs). And in March 2010, Crobman recommended to an elderly customer with a conservative risk tolerance to purchase an unsuitable and risky alternative mutual fund with no operational history. He also allegedly distributed a sales brochure for an alternative mutual fund to at least 10 of his customers that contained information that was misleading. These are all against securities rules and regulations.

A broker has a duty to recommend suitable investments for his clients, based on the client’s age, net worth and investment objective, among other factors. If he does not, his brokerage firm can be held liable for investment losses because it is responsible for supervising him. If you lost money with Andrew Scott Corbman, please call our securities law firm in Chicago to speak to an attorney about your losses. The call is free. We may be able to help you sue his firm, Newbridge Securities, in the Financial Industry Regulatory Authority (FINRA) arbitration forum.

According to Corbman’s online FINRA BrokerCheck report, he was registered with RAF Financial Corporation in Denver, Colorado from July 1994 until October 1997, A.G. Edwards & Sons in St. Louis, Missouri from October 1997 until May 2000, Morgan Stanley in Purchase, New York from May 2000 until December 2002, ING Financial Partners in Des Moines, Iowa from December 2002 until June 2004, ING Financial Partners in Ashburn, Virginia from July 2004 until March 2008, FSC Securities Corp in Ashburn from February 2008 until January 2011 and Kovack Securities in Lansdowne, Virginia from January 2011 until November 2015. He is currently registered with Newbridge Securities in Landsdowne and has been since November 2015. He has seven customer disputes against him, one of which is currently pending.

Stoltmann Law Offices is investigating Kenley Brisard, Philip Brisard and Leigh Garber of Ridgeway & Conger, a registered broker-dealer out of New Woodstock, New York. According to a complaint filed with the Financial Industry Regulatory Authority (FINRA), Brisard, Brisard and Garber sold an unregistered security that consisted of interest-only strips from loans issued by the United States Small Business Association to five individual retail investors at undisclosed markups of 14-33% using general solicitation emails that fraudulently misrepresented the product and their involvement with the product. The brokers allegedly sent more emails that were fraudulent and contained misrepresentations and omissions to 115 additional customers and prospects between June and August 2010. Ms. Garber gave her written approval for the sale of the unregistered securities to the five customers even though the sales were against securities rules and regulations. Ms. Garber was the designated supervisor for the sale of private placements. She is also currently the President and Chief Executive Officer of Ridgeway & Conger. Both Brisard’s are registered representatives at the firm.

It is against securities rules and regulations for a firm to fail to establish and maintain a proper supervisory system and procedures. It is also against securities rules and regulations for a firm to use fraudulent emails and to misrepresent and omit material facts in those emails or other marketing materials. It is because of these transgressions that the firm can be sued in the FINRA arbitration process. If you or someone you know lost money with Kenley or Philip Brisard, or Leigh Garber and/or Ridgeway & Conger, please call our securities law firm in Chicago for a free consultation with an attorney. The firm has a responsibility to oversee all of its employees actions and if it does not, can be held liable for investment losses. We take cases on a contingency fee basis only so we only make money if you recover yours.

Kenley Brisard and Philip Brisard were registered with HGI, Ash & Co., IAR Securities Corp, National Securities Corp, Raymond James and Gunnallen Financial. Both are currently registered with Ridgeway & Conger in New Woodstock, New York and have been since March 2009. Kenley Brisard has one customer dispute against her and Philip Brisard has four against him. He also has one criminal disposition.

Stoltmann Law Offices is interested in hearing from investors who may have invested money with Anil Jethmal, a Newbridge Securities brokers in Ft. Lauderdale, Florida. Jethmal is accused of misrepresenting and omitting material facts related to an investment, engaging in unauthorized use of margin, making unauthorized trades, churning and other violations. Churning is excessive trading in a customer account in order to generate commissions for the broker. It is illegal. Jethmal was registered with Shearson Lehman Hutton, Gruntal & Co., Lehman Brothers, Smith Barney Inc., Nichols Safina Lerner & Co., R.D. White & Co. Solid ISG Capital Markets, Gilford Securities Inc. Investprivate Inc., Westrock Advisors Inc., Summit Brokerage Services and is currently registered with Newbridge Securities and has been since March 2011. He has five customer disputes against him. His firm, Newbridge, can be sued for financial losses because they had a duty to reasonably supervise him while he was employed there. Please call us at 312-332-4200 to speak with an attorney if you would like to bring a claim against Newbridge Securities. The call is free with no obligation.

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