Soreide Law Group Files FINRA Arbitration Against Newbridge Securities Boca Raton

Soreide Law Group, based in Florida, has filed a complaint on behalf of their client (Claimant) against:

NEWBRIDGE SECURITIES CORPORATION (Respondent)

regarding alleged losses in GPB Capital Holdings and the Lodging Opportunity Funds.

The Claimant, who resides in Florida, maintained accounts with the Respondent and their Financial Advisor, Peter L. Goffin. Goffin is not named in the lawsuit. The lawsuit alleges that the Claimant was solicited to bring her investment portfolio over from Morgan Stanley to NEWBRIDGE SECURITIES CORPORATION. The Claimant switched to Newbridge and  Goffin in 2018. The lawsuit alleges that the Claimant thoroughly explained that she did not want her life savings exposed to unnecessary risks.

Shortly after the Claimant’s savings were transferred, Goffin allegedly put the money in a variety of A share mutual funds. The lawsuit alleges that Peter Goffin did not adequately explain the risks of the investments or the heavy up-front fees that the Claimant was paying on the funds.

The lawsuit alleges that NEWBRIDGE SECURITIES CORPORATION also sold the Claimant two speculative private placements known as GPB Capital Holdings, and the Lodging Opportunity Fund. These investments are illiquid, and can turn worthless overnight. The Claimant had allegedly expressed concerns regarding the risks in her portfolio and the non-disclosure of fees to Respondent’s compliance department. Unfortunately, the Claimant has sustained losses to her irreplaceable savings of at least $150,000.

GPB Capital Holdings, LLC is a private equity firm specializing in acquisition of middle market, and buyout companies. The firm seeks to invest in the automotive retail, managed information technology services, and life sciences sectors. Both the Financial Industry Regulatory Authority (FINRA) and the Securities and Exchange Commission (SEC) launched investigations into broker/ dealers who sold private placement offerings from GPB Capital Holdings.

Lodging Opportunity Fund, REIT began acquiring hotels in 2013.  Certain broker/dealers may have improperly sold these alternative investment products to their clients without informing them of the risks.

The lawsuit alleges NEWBRIDGE SECURITIES CORPORATION’s actions in this case constitute breach of contract, fraud, misrepresentation, failure to supervise, breach of fiduciary duty, and violations of FINRA rules.

According to FINRA’s BrokerCheck, Peter L. Goffin, has 9 Disclosure on his report, 8 of these Disclosures are “Customer Disputes.” Peter L. Goffin has been in the securities industry for 32 years and was listed with 5 firms, the present firm since 10/6/2003:

NEWBRIDGE SECURITIES CORPORATION

7700 CONGRESS AVENUE SUITE 1123

BOCA RATON, FL 33487

If you’ve experienced losses due to the actions or recommendations of Boca Raton, Florida, broker Peter L. Goffin and/or NEWBRIDGE SECURITIES CORPORATION, contact the conveniently located Pompano Beach, Florida-based Soreide Law Group and speak to a securities lawyer at no cost regarding the possible recovery of your investment losses through a FINRA arbitration at:  888-760-6552.

Soreide Law Group represents our clients nationwide before FINRA.  We operate on a contingency fee basis—no fee to you if no recovery.

2019-03-04T19:04:35+00:00March 4th, 2019|

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