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.”
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.