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Articles Tagged with Newbridge Securities

Dually Registered Rep. Faces Multiple FINRA Arbitration Claims by Investors 

Kerri Suzanne Jamison, a Newbridge Securities Corp. and Newbridge Financial Services Group stockbroker, is currently the subject of pending complaints by customers who claim they lost money because of investment recommendations she made. 

Jamison, who has worked under the names Kerri Lasegue and Kerri Romero, is one of several of the firm’s registered representatives to become the subject of stockbroker fraud claims in recent years. According to her BrokerCheck record, Jamison has been named in four customer disputes. One was settled, and three, which were filed this year, are still pending:

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.

Newbridge Securities in Boca Raton, a Florida-based broker-dealer,  is censured by the Financial Industry Regulatory Authority (FINRA) and has been fined $225K over its purported failure to adequately supervise the sale of exchange-traded funds, structured notes, and other complex securities. 

The self-regulatory authority (SRO) also fined the firm’s investment banking director, Bruce Jordan, $5K for failing to properly supervise the sales. He is suspended for two months. 

GPB Private Placement Lawyers

In March 2019, Newbridge Securities Corporation (“Newbridge”) filed its Form X-17A-5, commonly called a firm’s Focus Report, with the Securities & Exchange Commission (“SEC”).  The Focus Report showed that in 2018, Newbridge had almost $33 million in revenues, yet reported only about $108,000 in net profits.

The accounting firm that audited Newbridge disclosed in its “Opinion on the Financial Statements” that “there is substantial doubt about [Newbridge’s] ability to continue as a going concern.”  This means that the finding from the CPA firm of Newbridge in financial trouble means investors that hold accounts with the firm should be concerned.

Newbridge is a Boca Raton, Florida based brokerage and financial services firm.  Although the firm claims to have “over 80 locations in the US”, its website only lists offices in Boca Raton, Ft. Lauderdale, Scottsdale, Chicago and a few locations in New York.

The Financial Industry Regulatory Authority (FINRA) has suspended David Howard Fagenson, a former UBS Financial Services (UBS) broker, for eight months. Fagenson, now registered with Newbridge Securities, is accused of unsuitable trading in the accounts of three older clients.

The allegedly excessive trades are said to have created significant losses for the UBS customers, even as Fagenson and the brokerage firm made hundreds of thousands of dollars in commissions and markups for the same transactions. The settlement between the self-regulatory authority (SRO) and the ex-UBS broker states that the trading violations took place between January 2012 and September 2016.

FINRA said that the senior investors that the ex-UBS broker harmed included a 95-year-old widow with an over $5M net worth who had numerous accounts at the firm. While her brokerage account purportedly lost $283K during the period at issue, she paid $260K in markups and commissions.

Ex-Newbridge Securities Broker Involved in $131M Fraud Pleads Guilty 
Gerald Cocuzzo, has pleaded guilty to securities fraud related to his involvement in a $131M market manipulation scam involving Forcefield Energy Inc. (FNRG). According to the U.S. Justice Department, between 1/2009 and 4/2015, Cocuzzo and others sought to bilk investors in the publicly traded company that globally distributes and provides LED lighting products. They did this by artificially manipulating the volume and price of the shares that were traded.

Meantime, Cocuzzo received kickbacks for buying Forcefield stock in his clients’ brokerage accounts. He did not tell the customers that he was receiving these payments. Instead, he and several others sought to hide their involvement.

Newbridge Securities fired Cocuzzo earlier this year following the federal indictment. Before working at Newbridge, he was registered with IAA Financial, previously called CBG Financial Group Inc.

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