Articles Tagged with Martin David Batstone

SSEK Law Firm investigates Martin David Batstone and Newbridge Securities Corp.

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 an 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.  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. Therein it is alleged that Batstone solicited $75,000 from clients to invest in a small limited liability company which 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.

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