Soreide Law Group, based in Florida, has filed a FINRA arbitration on behalf of our client (Claimant) against:
NEWBRIDGE SECURITIES CORPORATION (Respondent).
The lawsuit alleges that the Claimant, who resides in Florida, relied upon NEWBRIDGE SECURITIES’ and its broker, DEAN R NOWAK, to provide her with suitable investments that met her needs and goals. Dean Nowak is not named in this lawsuit.
Allegedly, the Claimant was sold a $50,000 investment in GWG bonds. The Claimant was told, according to the lawsuit, that the principal was safe and that they could renew or cash out the investment at maturity in 7 years. Despite the promises of principal protection, GWG has recently filed for bankruptcy. The lawsuit alleges that the Respondent and its representative, DEAN R NOWAK, failed to disclose the speculative risk of its recommendation to purchase GWG bonds.
As a result of the alleged recommendation, the Claimant has suffered damages of approximately $50,000. The lawsuit alleges: Violation of NASD and NYSE Rules, Breach of Contract, Negligent Supervision, Breach of Fiduciary Duty, and Negligence.
According to FINRA’s BrokerCheck, available to the public on FINRA’s website, DEAN R NOWAK, has been in the securities industry for 36 years. Nowak has one disclosure on his FINRA CRD report, a pending “Customer Dispute,” dated April 3, 2020. The allegations are, “Customers allege that Mr. Nowak made misrepresentations and omissions regarding the features and risks of a fixed annuity and a real estate investment trust, including restrictions on liquidity and the applicable time horizon, and that those products were not suitable for the customers.” The damage amount requested is $100,000.00.
DEAN R NOWAK has been listed with 6 firms and is currently listed with the following firm since 8/22/2019:
NEWBRIDGE SECURITIES CORPORATION
301 N. PARK AVENUE, UNIT B
WINTER PARK, FL 32789
Before Newbridge Securities, Nowak was listed with:
05/29/2012 – 08/12/2019 TAYLOR CAPITAL MANAGEMENT INC – WINTER PARK, FLORIDA
If you’ve suffered losses in GWG bonds due to the recommendation of DEAN R NOWAK currently with NEWBRIDGE SECURITIES of Winter Park, Florida, contact the Florida-based Soreide Law Group and speak to an experienced securities lawyer regarding the possible recovery of your investment losses through a FINRA arbitration at: 888-760-6552.
Soreide Law Group works on a contingency fee and represents our clients nationwide before FINRA.