Austin Dutton In Newbridge, ATIS Clients’ Complaints Regarding Negligence

Financial Industry Regulatory Authority (FINRA) barred securities broker Austin Richard Dutton Jr. [CRD: 2739167, Doylestown, Pennsylvania], according to disclosures on BrokerCheck. Not only that, but investors at both Newbridge Securities Corporation and American Trust Investment Services Inc. complained about him. Evidently, Austin Dutton. worked for American Trust Investment Services Inc. from May 27, 2020, to January 7, 2022. Here’s an overview of Austin Dutton’s disclosures.

Newbridge Securities Corporation Investor Accused Dutton Of Breach Of Contract

Particularly, on February 12, 2024, a Newbridge Securities Corporation client filed FINRA Arbitration No. 24-00326 about Austin Dutton. Supposedly, Dutton negligently supervised certain representatives, breached a contract, violated industry rules, and breached his fiduciary duty. Because of this, the client allegedly sustained damages on alternative investments. For this reason, the client requested $100,000 in compensation from Newbridge Securities Corporation or Dutton. Currently, this arbitration is unresolved.

Austin Dutton Disclosed Failure To Supervise, Negligence Allegations By American Trust Investment Services Inc. Client

Notably, a client of American Trust Investment Services Inc. contested Austin Dutton’s sales practices by filing FINRA Arbitration No. 23-03271 on November 10, 2023. Allegedly, Dutton breached a contract, breached his fiduciary duty, failed to supervise brokers, and was negligent in alternative investment sales. As a result, the client seeks damages from American Trust Investment Services Inc. or Dutton in the amount of $500,000 in this ongoing matter.

Newbridge Securities Corporation Client Accused Dutton Of Breach Of Fiduciary Duty

Also, a Newbridge Securities Corporation client filed FINRA Arbitration No. 23-00241 about Austin Dutton. Mainly, the client alleged that Dutton failed to supervise his staff, breached both a contract and his fiduciary duty, was negligent, violated the Pennsylvania Securities Act. Supposedly, Dutton also caused the client to hold bad alternative investments and real estate investment trusts. Because of this, on May 13, 2024, Newbridge Securities Corporation settled this matter by paying the client $20,000 in damages.

Austin Dutton Disclosed Negligence Allegations By Client

Additionally, a client of Newbridge Securities Corporation contested Austin Dutton’s sales practices by filing FINRA Arbitration No. 22-02684. Allegedly, Dutton was negligent, breached his fiduciary duty, and failed to supervise certain representatives. For this reason, Newbridge Securities Corporation opted to settle the matter on December 20, 2023, by compensating the client in the amount of $22,500.

Primex Investor Accused Dutton Of Misrepresentation

Particularly, a Primex client filed FINRA Arbitration No. 22-01509 about Austin Dutton. Supposedly, Dutton made misrepresentations. Because of this, the client allegedly sustained damages on bonds. Therefore, on May 24, 2023, a FINRA Arbitration Panel issued an Award ordering Dutton to pay the client $43,644.69 in damages.

FINRA Barred Austin Dutton As Securities Broker

Also, on May 29, 2024, FINRA issued Case: 2018059178401 sanctioning Austin Dutton. Specifically, Dutton was barred permanently from associating with any FINRA employer in any capacity. Notably, FINRA alleged that Dutton made unsuitable recommendations of alternative investments.

Supposedly, Dutton recommended $1.2 million in alternative investments to his clients, who were mostly retired. This resulted in $72,789 in commissions for Dutton and his employer. FINRA found his advice unsuitable based on the clients' investment profiles, which included their net worth, annual income, investable assets, investment objectives, and risk tolerance.

Additionally, FINRA found that Dutton falsified his firm's records, making them inaccurate. He altered documents such as new account documents, suitability Forms, and other investor profiles and forms. In turn, he misrepresented clients' investor suitability information, including risk tolerance, net worth, investment goals, and the concentration in alternative investments.

FINRA also noted that Dutton failed to respond or respond timely to requests for documents and information related to his sale of alternative investments. Multiple requests were sent, and Dutton was ultimately suspended for failing to respond. Although he later provided the requested documents and information, he did not explain the five-month delay in his response.

In a separate investigation regarding an outside investment account Dutton held with a third-party entity, he again failed to respond to multiple requests from FINRA. Despite indicating in a phone call that he would consider responding, Dutton failed to comply.

Did You Sustain Losses Because Of Dutton?

Have you experienced losses due to financial advisor / securities broker Austin Dutton? If so, get in touch with Soreide Law Group online or at (888) 760-6552 and speak with a securities lawyer concerning a possible recovery of your investment losses. Soreide Law Group has recovered losses for investors throughout the United States, works on a contingency fee basis, and advances all costs. Dutton and brokerage firms Dutton worked for deny accusations of sales practice violations.