he Boca Raton, Florida-based, Newbridge Securities Corp, has been censured and fined $225,000 by the Financial Industry Regulatory Authority Inc. (FINRA) for alleged failure to supervise the sale of complex securities, including structured notes and leveraged, inverse and inverse-leveraged exchange-traded funds.
FINRA alleges that between July of 2013 and July of 2016, Newbridge Securities Corp failed to establish and maintain a supervisory system, and failed to establish, maintain and enforce written supervisory procedures, concerning the sale of complex securities. Also, FINRA alleged that from November of 2015 through March of 2016, Newbridge Securities failed to have a reasonable basis to recommend the sale of a private placement offerings because it failed to conduct reasonable due diligence on the offerings.
According to FINRA’s BrokerCheck, Newbridge Securities Corp has had 32 Disclosures since it opened in 2000. The Pennsylvania Department of Banking and Securities also fined Newbridge Securities $499,000 in 2017. This fine was for alleged failure to supervise a broker in connection with the sales to clients in Pennsylvania of structured products. In a recent article in InvestmentNews, a letter from the firm’s auditor, Liggett & Webb to the board was quoted as saying, “The company has a large accumulated deficit and negative cash flows from operations. These factors raise substantial doubt about the company’s ability to continue as a going concern.”
According to the FINRA reports, also BRUCE HOWARD JORDAN (Bruce Jordan) CRD#: 1223556, Newbridge Securities Corp’s director of investment banking, was fined $5,000 and suspended for two months by FINRA.
Without admitting or denying FINRA’s findings, Jordan consented to the sanctions and to the entry of findings that he allegedly failed to supervise the due diligence of a private placement offering and his Newbridge Securities Corp’s sale of the offering. FINRA’s findings stated that Jordan failed to either conduct independent due diligence or engage another qualified person to conduct due diligence on material aspects of the offering. Allegedly, Bruce Jordan allowed Newbridge Securities to rely primarily on due diligence conducted by the offering.
According to FINRA’s BrokerCheck, Bruce Jordan has been registered in the securities industry for 30 years and was listed with 13 firms. He has been with his current firm since 2/26/2015:
NEWBRIDGE SECURITIES CORPORATION
5200 TOWN CENTER CIRCLE SUITE 306
BOCA RATON, FL 33486
If you’ve experienced investment losses due to the recommendations or actions of Newbridge Securities Corporation of Boca Raton, Florida, and/or their broker, Bruce Jordan, contact the Pompano Beach, Florida-based Soreide Law Group and speak to an experienced securities lawyer at no cost regarding the possible recovery of your losses through a FINRA arbitration at: 888-760-6552.
Soreide Law Group works on a contingency fee and represents our clients nationwide before FINRA.