The Pompano Beach, Florida-based Soreide Law Group obtained the following information from the Financial Industry Regulatory Authority (FINRA) regarding two South Florida broker/dealers.
Newbridge Securities Corp. and Shearson Financial Services LLC, both based in Boca Raton, Florida, were disciplined by FINRA.
According to the FINRA report, Newbridge Securities Corp. allegedly failed to apply discounts to certain purchases. These discounts were supposed to apply to sales charges and, as a result, clients paid more than $172,000 in excess charges. From May 2009 to April 2014, allegedly Newbridge did not apply the discounts to unit investment trust (UIT) purchases. Newbridge agreed to the $115,000 fine and to pay back clients more than $188,000.
Newbridge Securities Corp has been registered with FINRA since 2000, and has approximately 205 representative in 42 branch offices. Newbridge also agreed to a $50,000 fine in 2013 which was related to the calculation and disclosure of transaction-related fees.
Shearson Financial was fined $100,000 by FINRA for allegedly inaccurately marking orders as unsolicited, even when they were solicited, despite warnings from FINRA in 2012, that 47 order tickets had been inaccurately marked. FINRA stated that Shearson maintained inaccurate books and records regarding 1,873 transactions from June 2013 through October 2015. Shearson marked the transactions as unsolicited when they were actually solicited.
If you were a client of either Newbridge Securities Corp. or Shearson Financial both of Boca Raton and experienced losses due to your broker or financial advisor’s recommendations, call the South Florida-based Soreide Law Group for a no-cost consultation regarding the possibility of recovering your losses at: 888-760-6552.
Soreide Law Group represents clients nationwide before FINRA and we operate on a contingency basis.
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