Former Newbridge Securities of Boca Raton Broker, DAVID HOWARD FAGENSON, Suspended by FINRA

Soreide Law Group based in Pompano Beach, Florida, obtained the following information on former NEWBRIDGE SECURITIES CORPORATION of BOCA RATON, FL, broker: 
DAVID HOWARD FAGENSON (CRD#: 1652012 )
The Financial Industry Regulatory Authority (FINRA) suspended Fagenson for eight-months from the securities industry. Without admitting or denying the findings, Fagenson consented to the sanction and to the entry of findings that he allegedly engaged in unsuitable trading in the accounts of three senior clients. The findings stated that Fagenson recommended the trading in the senior clients' accounts and they followed the recommendations. The clients did not propose any trades of their own.
According to FINRA, between 2012 to 2016, one senior client's brokerage account lost approximately $283,314, while Fagenson allegedly generated more than $260,000 in commissions and markups for Fagenson and his member firm.
The other two senior clients' brokerage account lost approximately $239,000, while generating more than $210,000 in commissions and markups for Fagenson and the firm.
Fagenson's trading in the accounts of these clients was allegedly excessive and unsuitable given the clients' investment profiles, including their ages and risk tolerances.  According to FINRA the clients were a 95-year-old widow and a married couple in their 70s. Due to the fact that the clients did not propose any trades of their own, Fagenson allegedly exercised de-facto control of the accounts.
The FINRA suspension is in effect from December 17, 2018, to August 16, 2019.
According to FINRA’s BrokerCheck, DAVID HOWARD FAGENSON, has 18 Disclosures on his report.  One of those Disclosures is an “Employment Separation Following Allegations.”  Fagenson was discharged from UBS Financial Services Inc. in September of 2016 following allegations that, “The Financial Advisor was discharged after a review found that while on heightened supervision, he violated firm policy by exercising time and price discretion, texting with clients and engaging in short term trading of preferred shares.”
Also on Fagenson’s BrokerCheck report were 11 Customer Disputes. The significance of Fagenson’s FINRA Customer Complaints is underscored in FINRA NOTICE to MEMBERS 03-49. In 2003, FINRA conducted a review of the CRD’s of all 663,000 registered representatives, only 2,751 (.41%) had been the subject of (3) or more customer complaints. In other words Fagenson’s customer complaints rank him in the top one-hundredth percent of all registered representatives for customer complaints. 
DAVID HOWARD FAGENSON has been registered in the securities industry for 31 years and was listed with 8 firms, the 3 most recent listed below:
12/07/2016 - 01/24/2019  NEWBRIDGE SECURITIES CORPORATION - BOCA RATON, FL
09/03/2010 - 10/19/2016  UBS FINANCIAL SERVICES INC - PALM BEACH, FL
08/02/2002 - 09/30/2010  MERRILL LYNCH, PIERCE, FENNER & SMITH CORPORATION - WEST PALM BEACH, FL
If you or an elderly family member suffered losses due to the actions or recommendations of the former NEWBRIDGE SECURITIES CORPORATION of BOCA RATON, Florida, broker DAVID HOWARD FAGENSON, contact Soreide Law Group conveniently based in Pompano Beach, Florida, for a no-cost consultation with an experienced securities lawyer regarding the possible recovery of your financial losses through a FINRA arbitration at:  888-760-6552.
Soreide Law Group represents clients nationally before FINRA on a contingency fee basis.