NEWBRIDGE SECURITIES/John Richard Boatright

Soreide Law Group has filed a FINRA arbitration on behalf of our client (Claimant) against the following:
NEWBRIDGE SECURITIES CORPORATION (Respondent) 
The Claimant resides in Georgia, and has been retired for four years after selling his business.  According to the lawsuit, in 2017 the Claimant was referred to NEWBRIDGE SECURITIES CORPORATION broker, John Richard Boatright (Boatright). According to the FINRA CRD report of Boatright, he has three prior customer disputes (that are not expunged) where former customers accused John Richard Boatright of allegedly recommending unsuitable investments and churning accounts.
This lawsuit alleges that John Richard Boatright continued this trend with the Claimant by recommending speculative and unsuitable investments to the Claimant. The lawsuit claims that many of these investments allegedly benefitted the firm with large commissions at the expense of the Claimant’s retirement savings.  The Claimant was looking for moderate growth and allegedly explained this to John Richard Boatright at the onset of their relationship.
The lawsuit alleges that the Claimant lost hundreds of thousands of dollars with John Richard Boatright and complained to the firm about his account’s performance. NEWBRIDGE SECURITIES CORPORATION assigned a new broker, who according to the lawsuit, continued to sell low-priced securities that carried high commissions and additionally recommended large concentrated positions on margin which resulted in several margin calls and forced sales.
NEWBRIDGE SECURITIES CORPORATION, according to the lawsuit, allegedly failed to supervise the Claimant’s account, failed to build a diversified growth oriented portfolio, failed to supervise their employees/agents, recommended excessive margin, and sold unsuitable low priced securities.
The lawsuit alleges that while at NEWBRIDGE SECURITIES CORPORATION the Claimant lost, in less than 4 years, $249,000 while the NEWBRIDGE SECURITIES CORPORATION and its brokers earned over $86,000 in commission and charged another $23,000 in margin interest.
The lawsuit allegations are as follows: negligence, breach of fiduciary duty, and negligent supervision.
John Richard Boatright has not been named in the lawsuit. NEWBRIDGE SECURITIES CORPORATION has since filed an answer denying all allegations.
If you’ve suffered investment losses due to the actions or recommendations of NEWBRIDGE SECURITIES CORPORATION and/or brokers, John Richard Boatright, or Howard Gregg Yeager, contact Soreide Law Group and speak to an experienced securities lawyer at no cost to discuss the possible recovery of your financial losses through a FINRA arbitration at:  888-760-6552.
Soreide Law Group represents clients nationally before FINRA. We work on a contingency fee basis, no fee to you if no recovery.