Stoltmann Law Offices is investigating David Braeger, a former advisor with Newport Coast Securities. Brager allegedly misappropriated or stole $30,000 from a couple. The couple gave the money to Braeger to invest in Rubicon Capital Appreciation Fund, a fund which he managed. Braeger then allegedly failed to deposit the money in the fund and deposited it elsewhere. He then allegedly told the couple until 2014 that Rubicon was still open, even though it closed in 2010. In December 2017, the Financial Industry Regulatory Authority (FINRA) found that Braeger made misappropriations about Rubicon. He was then barred from the industry for these violations. That is against securities laws and internal firm rules.
Mr. Braeger was previously registered with McLaughlin, Piven, Vogel Securities, Painewebber Inc., Bear, Stearns, Mesirow Financial Inc., Everen Securities, Raymond James, Sanders Morris Harris, Legg Mason Wood Walker, A.G. Edwards & Sons, Delta Equity Services, Brookstreet Securities, Newport Coast Securities in Irvine, California from October 2008 until January 2012, Accelerated Capital Group in Irvine from January 2012 until May 2012, Arque Capital in Gardena, California from May 2012 until February 2013 and Midtown Partners in New York, New York from January 2014 until July 2014. He has one regulatory action pending against him, and is not currently registered as a broker within the industry.