Soreide Law Group has filed a FINRA arbitration on behalf of their clients (Claimants) against:
NEWBRIDGE SECURITIES CORPORATION and their former registered representative, DEAN ROBERT NOWAK (DEAN R NOWAK). (Respondents)
The Claimants are both in their sixties and living in Florida. In 2019, the Claimants attended a retirement seminar hosted by NEWBRIDGE broker, DEAN R NOWAK. The Claimants were looking for safe, income-generating investments to sustain them through their retirement that had no risk of loss to irreplaceable retirement savings.
On or about August 2020, DEAN R NOWAK allegedly recommended one unrated corporate GWG “L” bond for $30,000 to the Claimants. On April 20th, 2022, GWG Holdings filed Chapter 11 bankruptcy which could mean investors receive less than 5% of their investment back. The lawsuit alleges that NOWAK also recommended Gladstone Land Corporation, another illiquid high-risk investment in February of 2022, which the Claimant lost around $7,500.
The lawsuit alleges that NEWBRIDGE and their representative, DEAN R NOWAK’s actions have caused damages to the Claimants of approximately $50,000.00. The lawsuit is claiming negligence, breach of fiduciary duty, and negligent supervision.
According to FINRA’s BrokerCheck, available to the public on FINRA’s website, DEAN R NOWAK has been in the securities industry for 39 years and was listed with 6 firms. Nowak has 11 disclosures on his FINRA CRD report, all 11 disclosures are “Customer Disputes.” In 2003, FINRA conducted a review of the CRD’s of all registered representatives, only .41% had been the subject of 3 or more customer complaints. In other words, DEAN R NOWAK’s 11 customer complaints rank him in the top one-hundredth percent of all registered representatives for customer complaints. The lawsuit alleges that NEWBRIDGE failed to properly supervise NOWAK.
The lawsuit states that some of customer complaints are related to: breach of fiduciary duty, breach of contract, violations of state securities laws, deceptive trade practices, misrepresentations, and unsuitability.
DEAN R NOWAK was previously registered with NEWBRIDGE SECURITIES CORPORATION in Winter Park, Florida from 08/22/2019 - 09/23/2022.
To discuss this article or any other securities issues, contact the Florida-based Soreide Law Group and speak to an experienced securities lawyer at no cost: 888-760-6552.
Soreide Law Group represents clients nationwide before FINRA on a contingency fee basis, no fee to you if no recovery.
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