August 9, 2019

AUSTIN DUTTON Sell Bad Alternative Investments?

Investment Loss

Losses from Austin Dutton?

Clients continue to dispute the sales practices of securities broker Austin Dutton (CRD#: 2739167, Doylestown, Pennsylvania). Namely, Financial Industry Regulatory Authority (“FINRA”) BrokerCheck shows that Dutton, who worked for Newbridge Securities Corporation from 2007 to 2017, reports 21 client disputes and a regulatory sanction for his unsuitable recommendations. More specifically, between April 27, 2015 and May 8, 2019, Newbridge Securities Corporation clients filed 20 disputes about Dutton. 17 of the disputes are ongoing while 3 settled through payments to clients. Here is a summary of some recent disputes indicating Dutton sold unsuitable securities and breached a fiduciary duty to his clients:

Newbridge Securities Client Brings FINRA Arbitration Suggesting Austin Dutton Made Shoddy Recommendations

Evidently, a client of Newbridge Securities Corporation filed a FINRA Arbitration #: 19-01018 on May 8, 2019. First of all, the client suggested that Dutton sold the client investments without doing due diligence first. Supposedly, Dutton failed to review the alternative investments before making recommendations. Next, the client suggested that Newbridge Securities and Dutton were negligent and invested the client’s funds without regard for the client’s best interests. Dutton also supposedly misrepresented facts or omitted critical information when the client bought the alternative investments. For this reason, the client demanded $230,000 as compensation. This FINRA Arbitration is ongoing.

Client’s FINRA Arbitration Claim Suggests Newbridge, Dutton Misrepresented Investments

Records show that Newbridge Securities clients voiced opposition to Dutton in filing FINRA Arbitration #:19-00963 April 6, 2019. Notably, the clients claimed that Dutton failed to invest the client’s funds according to an investment agreement. The clients suggested that Dutton breached a fiduciary duty, meaning the broker failed to put the client’s interests before his own. Also, the clients took issue with his seemingly false representations about alternative investments which caused them to invest. The clients asked for at least $12,000.00 in damages. Currently, this matter is awaiting a resolution.

Newbridge Clients Indicate In FINRA Arbitration Claim That Austin Dutton Was Negligent

It appears that on October 10, 2018, a Newbridge Securities client brought FINRA Arbitration #: 18-03557. Similar to the other disputes, this client suggested Dutton’s negligence caused the client to suffer losses on structured products. Supposedly, Dutton misrepresented the structured investments at the time of sale, or failed to disclose important information to this client. Also, Dutton appears to have failed to comply with his fiduciary responsibilities.  As a result, the client demanded $250,000 in compensation.

Pennsylvania Department of Banking and Securities Issues $200,00 Fine To Dutton For Bad Advice

Evidently, on July 24, 2017, Dutton entered into a Consent Agreement with Pennsylvania Department of Banking and Securities as part of resolving the Department’s allegations of Dutton’s bad recommendations regarding structured products. The Department indicated that Dutton advised a client to buy structured products which were not fitting to the client’s situation. Supposedly, Dutton had no “reasonable grounds” to believe the security was suitable. The Department indicated that if Dutton reasonably reviewed the client’s goals and financial circumstances, Dutton would have discovered that the security was not the right fit for the client. For this reason, the Pennsylvania Department of Banking and Securities issued an Order imposing a $200,000 “administrative assessment.”

Lars Soreide Highest Ethical Standard Award 2018
Lars Soreide Highest Ethical Standard Award 2018

Has Austin Dutton caused you to experience losses in your investment account? If he has, then contact Soreide Law Group at (888) 760-6552. The firm’s experienced counsel can discuss a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has recovered millions of dollars for clients who have suffered losses due to misconduct of brokers and brokerage firms.

Recent Posts

March 26, 2024
Stifel Fined $400K by FINRA

According to a recent article in Wealth Management, Stifel will pay over $400,000 to settle FINRA disciplinary charges that the firm allegedly did not properly supervise one of their registered representatives who misappropriated over $100,000 from an elderly client. Stifel agreed to the penalties without admitting or denying FINRA’s findings. In addition to a $400,000 penalty, Stifel […]

March 18, 2024
JAYSON R POCIUS Barred by FINRA

JAYSON R POCIUS, a former broker with Wells Fargo Advisors Financial Network, LLC of Arlington Heights, IL, who was registered with Wells Fargo from 2019 through June of 2023, was barred from the securities industry by FINRA on March 8, 2024, after he failed to cooperate with an investigation by the Financial Industry Regulatory Authority […]

March 15, 2024
William Savary Fined, Involved In Investor Complaint

Soreide Law Group is looking into possible investor claims on behalf of those who incurred losses through securities broker William Savary [CRD: 1069141, Gig Harbor, Washington]. Evidently, Savary joined Abraham Securities Corporation on August 12, 2021. He previously worked for Spencer-Winston Securities Corporation from October 3, 2019, to July 23, 2020. Keep reading to learn […]

Contact us Nationwide USA
2401 E. Atlantic Blvd., Suite 305, Pompano Beach, FL 33062
Helping clients recover money across the USA
search
Copyright © 2022 Soreide Law Group, PLLC  |  All Rights Reserved
linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram