SSEK Currently Investigating Ex-National Securities Broker, Martin David Batstone
Shepherd, Smith, Edwards & Kantas (“SSEK Law Firm”), a law firm specializing in representing wronged investors, is looking into allegations against Martin David Batstone, formerly employed by Newbridge Securities Corp. out of San Diego, California. Prior to that, he worked at Crown Capital Securities and Independent Financial Group, LLC.
According to allegations, Batstone used his position as a financial advisor to solicit investments in outside business activity. It is unclear if this outside operation was approved by Newbridge Securities or his prior employers. It is further alleged Batstone utilized a portion of the funds for his own use.
Batstone Participated In Selling Away
The practice of soliciting firm clients to invest in outside business activities is referred to as “selling away” and is prohibited by most firms. Often times it turns out these unapproved outside investments are controlled by the financial advisor, or at the very least there is renumeration of some sort.
Perhaps due to the above conduct, Batstone is no longer in the business. However, a formal complaint has been filed by The Financial Industry Regulatory Authority Inc. (FINRA) against Batstone. It is alleged that Batstone solicited $75,000 from clients to invest in a small limited liability company that claimed to provide brand management and product placement services for entertainers and athletes.
According to the complaint, the company was owned by a former rapper and DJ. Batstone claimed in his sales pitch that the proceeds would be used for operating expenses and marketing of a sports energy drink. At some point in time, it is alleged, that Batstone transferred some assets to his personal bank account. The complaint further states that Batstone never advised his clients of that fact. The FINRA complaint is still pending.
Contact Our Broker Misconduct Lawyers
SSEK Law Firm has experience in representing customers of financial advisors engaged in selling away. Such actions are inappropriate and/or violate industry standards and Rules.
SSEK’s experience shows that before a financial advisor begins soliciting customers for inappropriate investments, he or she often does other things that are wrong for clients, such as:
- Unauthorized trading
- Other acts of misconduct.
Even after the bad acts are uncovered, those other wrongs often go unnoticed and are never addressed without a customer hiring a law firm like SSEK.
If you were a victim of securities fraud or negligence, it is not your fault. The experienced attorneys at SSEK are experts at FINRA arbitrations and dealing with financial advisors who have fallen under SEC scrutiny.
For the last 30 years, SSEK has filed thousands of FINRA claims on behalf of consumers wronged by unscrupulous brokers and brokerage firms. If you were a client of Batstone or suspect any sort of wrongdoing from your investment advisor, contact our office for a free, no-obligation consultation of your situation.