Investors might have sustained losses due to securities broker Austin Richard Dutton Jr. (also known as Austin Duttin) [CRD: 2739167, Doylestown, Pennsylvania], according to disclosures on FINRA BrokerCheck. Evidently, Dutton worked for several securities firms. This includes American Trust Investment Services Inc. from June 15, 2021, to January 7, 2022, in Doylestown, PA, and Primex from May 22, 2019, to June 4, 2020, in New York, NY. Continue reading to learn more about Dutton's disclosures.
Specifically, on February 13, 2024, a Newbridge Securities Corporation client filed FINRA Arbitration: 24-00326 about Austin Dutton. Mainly, the client alleged breach of fiduciary duty and breach of contract. Accusations also include negligent supervision and violation of industry regulations, including Reg BI. Because of this, the investor apparently incurred damages on alternative investments. For this reason, the client requested $100,000 to $500,000 in compensation from Newbridge Securities Corporation or Dutton. Evidently, this arbitration is pending a resolution.
Notably, the securities broker was charged by FINRA with recommending clients purchase illiquid alternative investments without having a reasonable basis to believe that these purchases were suitable. The complaint, filed on January 5, 2024, under Case: 2018059178401, alleges that Dutton's recommendations of alternative investments to clients, most of whom were retired or approaching retirement, were unsuitable based on their investment profiles Including their investable assets, net worths, investment objectives, annual incomes, and risk tolerances. The recommendations generated more than $72,000 in commission for Dutton.
Additionally, the complaint alleges that Dutton falsified Newbridge Securities Corporation's books and records and caused them to contain false and inaccurate information regarding clients' risk tolerances, investment objectives, net worth, and concentration percentages in alternative investments.
Supposedly, Dutton did not respond to FINRA's requests for information and documents in a timely manner, which was important for FINRA's investigation of whether he made unsuitable recommendations of alternative investments to additional clients. Dutton allegedly only responded to a request after the initiation and near-completion of a FINRA proceeding that would have resulted in his bar from the securities industry if he had not complied. He has purportedly failed to respond to other FINRA requests for information in connection with a separate investigation, violating FINRA Rules 8210 and 2010.
Also, on December 8, 2023, an American Trust Investment Services Inc. client filed FINRA Arbitration: 23-03271 about Austin Dutton. Notably, the claim alleged breach of contract, failure to supervise, breach of fiduciary duty, and negligence. Because of this, the client allegedly sustained damages on alternative investments. Therefore, the client requested compensation ranging from $500,000 to over $1,000,000 from American Trust Investment Services Inc. Dutton. Evidently, this arbitration is pending a resolution.
In addition, a Newbridge Securities Corporation investor accused Austin Dutton of sales practices. This includes breach of fiduciary duty, breach of contract, negligent supervision, and violation of the Best Interest obligations (Reg BI). On February 13, 2024, the client filed FINRA Arbitration: 24-00326 about Dutton. The client alleged damages on alternative investments, requesting $100,000 in compensation. This arbitration is pending a resolution.
Austin Dutton also disclosed allegations of failure to supervise, breach of fiduciary duty, and negligence by a Newbridge Securities Corporation client. The dispute, filed as FINRA Arbitration: 22-02684, alleged damages on alternative investments, and was settled on December 20, 2023, for $22,500.
A Primex client filed FINRA Arbitration: 22-01509 about Austin Dutton, asserting violations of federal and Pennsylvania securities laws, among other allegations. The broker was found liable and ordered to pay $43,644.69 to the client on May 24, 2023. However, as of July 26, 2023, the award had not been paid.
Did You Sustain Losses Because Of Austin Dutton? If so, reach out to Soreide Law Group online or at (888) 760-6552 and talk with a securities attorney concerning a potential 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 the brokerage firms he worked for deny accusations of sales practice violations.
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