JACK B MCBRIDE Formerly of NEWBRIDGE

JACK B MCBRIDE was barred by FINRA from acting as a broker or otherwise associating with a broker/dealer firm on August 4, 2023. McBride was previously registered both as a broker and as an investment advisor. He was with B. RILEY WEALTH MANAGEMENT of Plymouth, Michigan from 08/11/2014 - 01/11/2022, and with NEWBRIDGE SECURITIES CORPORATION of Boca Raton, Florida from 01/04/2022 - 12/01/2022.

According to FINRA’s BrokerCheck, available to the public on FINRA’s website, JACK B MCBRIDE, was in the securities industry for 28 years and was listed with 4 firms.  McBride has 10 disclosures on his FINRA CRD report. Two disclosures are “Regulatory,” one barring him indefinitely from the industry, and the other is from 2017, fining him $12,500.00 and suspending him for 40 days.

Two of the disclosures are, “Employment Separation after Allegations.” In 2014, JACK B MCBRIDE was discharged from AMERIPRISE FINANCIAL SERVICES, INC., following these allegations, “Registered representative was discharged for violation of company policy related to settlement in the field and solicitation of prohibited securities.” In November of 2022, McBride was discharged from NEWBRIDGE SECURITIES CORPORATION, following these allegations, “After internal review, it was disclosed that Mr. McBride failed to follow internal policies and procedures. Representative violated the know your customer requirement by communicating with and executing requests with someone other than client or authorized agent.”

BrokerCheck lists six “Customer Disputes” on JACK B MCBRIDE’s report, three have settled, two were denied and one was closed with no action. The significance of McBride’s FINRA Customer Complaints is underscored in FINRA NOTICE to MEMBERS 03-49. FINRA conducted a review of the CRD’s of all registered representatives, only .41% had been the subject of 3 or more customer complaints. McBride’s customer complaints rank him in the top one-hundredth percent of all registered representatives for customer complaints. 

It is alleged that Jack B McBride, may have bought large concentrations of high risk preferred stock for clients, such as Argo Blockchain, Greenidge Genera, and Imedia Brands, have all lost more than half their value resulting devastating losses to someone looking to preserve their principal. 

iMedia Brands (IMBIQ) issued an announcement that Legacy IMBDS, Inc. and its subsidiaries, currently navigating bankruptcy proceedings, have received court approval for their liquidation plan. This plan, effective in the first quarter of 2024, establishes a trust to liquidate assets and settle claims. Common stockholders will not receive distributions, and their shares will be canceled. The company’s leadership will be disbanded on the effective date, marking a significant restructuring phase as the company addresses its financial challenges.

Agro Blockchain is a publicly traded blockchain technology company specializing in large-scale cryptocurrency mining. The company’s headquarters is in London, and it is the only cryptocurrency mining company listed on the London Stock Exchange.

Greenidge Generation Holdings Inc. is a vertically integrated bitcoin mining and power generation company with operations in Upstate New York. GRWG posted a $46.5 million net for 2023, including a $27.3 million loss in the fourth quarter, as revenues for the business also took a downward turn.

If you’d like to discuss this article or any other issues, contact the Florida-based, Soreide Law Group, and speak to an experienced securities lawyer regarding the possible recovery of your losses through a FINRA arbitration at:  888-760-6552.

Soreide Law Group represents clients nationwide before FINRA on a contingency fee basis.