NEWBRIDGE & Jack B McBride

Soreide Law Group has filed a FINRA arbitration on behalf of their client (Claimant) against:

NEWBRIDGE SECURITIES CORPORATION

The Claimant is in his seventies and lives in North Carolina. On or about 2018, the Claimant received a phone call from his firm that his previous broker was no longer with the firm and Jack B McBride was taking over as his advisor. McBride switched firms to NEWBRIDGE in January of 2022 and the Claimant followed him to NEWBRIDGE. The Claimant was nearing retirement and could not afford to take any risk with his principal. The Claimant was interested in investing in safe and secure income generating investments to supplement his income in retirement.

The lawsuit states that on or about 2022, NEWBRIDGE broker, Jack B McBride, started buying large concentrations of high risk preferred stock, of which none were insured and carried greater risk than bonds. Of the perpetual preferred stocks 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.  By the end of 2022, the Claimant’s principal had fallen by over $400,000.00 of the $700,000.00 concentrated into preferred stocks. The lawsuit alleges that Jack B McBride invested into these preferred shares on the initial public offerings generating a commission that is believed to be as much as three times higher than if the shares were purchased on the secondary market. Jack B McBride also allegedly sold other high-risk investments that were subject to fluctuations in principal due to interest rate and credit risk resulting in further losses.

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 loss for 2023, including a $27.3 million loss in the fourth quarter, as revenues for the business also took a downward turn.

According to FINRA's BrokerCheck, Jack B McBride, was barred from the securities industry in August of 2023. McBride has six disclosed customer complaints on his FINRA CRD and two terminations from previous employers. The significance of McBride’s total disclosures is underscored in FINRA NOTICE to MEMBERS 03-49. FINRA conducted a review of the CRD’s of all registered representatives, .41% had been the subject of 3 or more customer complaints. In other words McBride’s customer complaints rank him in the top one-hundredth percent of all registered representatives for customer complaints. 

The lawsuit alleges that NEWBRIDGE and their former representative, Jack B McBride’s actions have caused Claimant damages of approximately $400,000.00, alleging negligence, breach of fiduciary duty, and negligent supervision. Jack B McBride is not named in this lawsuit.

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.