The Florida-based Soreide Law Group obtained the following information on FINRA’s website under, “Disciplinary and Other FINRA Actions, August 2016.”
Newbridge Securities Corporation (CRD #104065, Boca Raton, Florida)
was censured, fined $115,000 and required to pay $188,803.99 in restitution to their clients.. Newbridge Securities Corporation has paid full restitution, plus statutorily calculated interest, and provided proof of payment to FINRA, for allegedly failing to identify and apply sales charge discounts to certain clients’ eligible purchases of UITs (Unit Investment Trusts), resulting in clients paying excessive sales charges of approximately $172,835.29.
FINRA’s findings stated that Newbridge Securities Corporation failed to establish, maintain, and enforce a supervisory system and adequate WSPs (Written Supervisory Procedures) reasonably designed to ensure clients received sales charge discounts on all eligible UIT purchases.
According to FINRA, Newbridge Securities Corporation adopted a new UIT trade process that representatives must adhere to which is now reflected in the firm’s WSPs. Prior to that, the firm had no WSPs in place specific to UIT discounts.
(FINRA Case #2014042542501)
If you were a client of Newbridge Securities Corporation of Boca Raton, FL, and suffered financial losses due to UIT’s sales, call the Pompano Beach, Florida-based Soreide Law Group for a free consultation with an attorney regarding the possibility of recovering your losses at: 888-760-6552.
Soreide Law Group represents clients nationwide on contingency and advances all costs. We are committed to recovering our clients’ losses due to the negligence or fraud of their brokerages, stock brokers or financial advisors.
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