NEW YORK, Oct. 06, 2017 (GLOBE NEWSWIRE) — The Securities Arbitration Law Firm of Klayman & Toskes, P.A. (“K&T”), www.nasd-law.com, has commenced an investigation in light of recent regulatory action concerning Austin Richard Dutton Jr. (“Dutton”) and Newbridge Securities Corporation (“Newbridge”). The Pennsylvania Department of Banking and Securities recently levied fines against Newbridge for $499,000 and against Dutton personally for $200,000, for misconduct between 2012 and 2016. Dutton is currently registered with Sandlapper Securities, LLC, which is currently embroiled in a Financial Industry Regulatory Authority regulatory action regarding the fraudulent markup of saltwater disposal wells.
According to securities attorney Lawrence L. Klayman, Esq., “Newbridge Securities is responsible for adequately supervising its registered representatives. When brokerage firms fail to adequately supervise their registered representatives, they may be liable for any resulting investment losses sustained by customers.” The fine levied against Newbridge of $499,000, according to its Consent Agreement, is based on the failure to reasonably supervise one agent, Dutton, in-connection with sales of structured products. Dutton was also fined $200,000 in a separate action for dishonest and unethical practices in the securities business related to those same sales.
The sole purpose of this release is to investigate the sales practices of Dutton and Newbridge in-connection with the sale of structured products to their customers. Current and former customers of Dutton who held accounts with Dutton and have information relating to the manner in which Dutton represented these products, are encouraged to contact the attorneys of Klayman & Toskes at (888) 997-9956, or visit our website at www.nasd-law.com.
About Klayman & Toskes, P.A.
K&T is a leading national securities law firm which practices exclusively in the field of securities arbitration and litigation, on behalf of retail and institutional investors throughout the world in large and complex securities matters. The firm represents high net-worth, ultra-high-net-worth, and institutional investors, such as non-profit organizations, unions, public and multi-employer pension funds. K&T has office locations in California, Florida, New York and Puerto Rico.
Klayman & Toskes, PA
Lawrence L. Klayman, Esq.