Austin Dutton's Bad Alternative Investment Sales

Newbridge Broker Austin Dutton Supposedly Misrepresents Alternative Investments

Droves of Investors are bringing lawsuits or complaints about securities broker Austin R. Dutton Jr. (CRD#: 2739167, Los Angeles, California). In fact, the Financial Industry Regulatory Authority (“FINRA”) shows that 23 investors have filed disputes about the sales practices of the securities broker, who worked for securities firms including Newbridge Financial Services and who now works for American Trust Investment Services Inc. Not only that, but Dutton also paid a $200,000 fine to resolve a Pennsylvania regulator’s accusations of his bad investment recommendations. Here’s more.

Newbridge Securities Client Indicates That Austin Dutton Sold Unsuitable investments

Apparently, Newbridge received a complaint from a client on June 8, 2020 which centered on Austin Dutton’s sale or recommendations of alternative investments. First of all, the client alleged that Dutton sold unsuitable investments. Secondly, the client indicated that Dutton breached a fiduciary duty, placing his interests ahead of the client’s. Thirdly, Dutton and Newbridge supposedly sold unreasonable investments in breach of contract. For this reason, the client asked for compensation in this unresolved matter.

Client Indicates Dutton Misrepresented Alternative Investments

Evidently, a client of Newbridge Securities Corporation filed a lawsuit on January 8, 2020. Notably, the client indicated that Austin Dutton concealed facts and had misrepresented information in connection with alternative investment sales. The securities broker was allegedly negligent as well. Also, the client suggested that Dutton breached a fiduciary duty by selling or recommending these investments. For this reason, the client demanded $95,000 from Newbridge or Dutton to put this claim to rest.

Newbridge Settles Client Claim About Dutton’s Negligence In Alternative Investment Sales

On May 8, 2019, a Newbridge Securities Corporation client filed a FINRA Arbitration Claim in response to alleged sales practice violations. Namely, the client suggested that Austin Dutton did not actually do due diligence before selling alternatives. Supposedly, Dutton not only acted negligently according to the client, but he breached a fiduciary duty as well. On top of that, the client alleged that Dutton made misrepresentations of facts and omissions of facts surrounding the client’s investments. Given the circumstances, Newbridge paid the client $52,500 to settle.

Pennsylvania Regulator Indicates That Dutton Sold Bad Investments

In addition to clients signaling Austin Dutton’s bad advice, in July 2017, the State of Pennsylvania ordered Dutton to pay a $200,000 fine to settle allegations of suitability. Specifically, a Consent Agreement and Order indicated that Dutton did not have reasonable grounds to believe his recommendations were suitable. It seems that Dutton did not reasonably investigate the client’s goals, needs and risk tolerances among other things. Apparently, his actions were directed at Newbridge Securities clients who experienced losses.

Losses From Austin Dutton?

Have you had a bad experience with Austin Dutton? If so, reach out to Soreide Law Group at (888) 760-6552 and speak with experienced counsel concerning a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The law firm has recovered millions of dollars for clients who have incurred losses due to misconduct of securities firms and brokers like Dutton.