Newbridge Securities Corporation – Boca Raton, Florida Corporate and Municipal Bond Abuse FINRA Arbitration Attorney
The Financial Industry Regulatory Authority, Inc. (FINRA) is a self-regulatory authority assigned the responsibility, by the Securities and Exchange Commission, to license, regulate and discipline securities broker/dealers and their employees, including account executives. In the event that FINRA elects to institute an enforcement action, firms and licensed individuals have the responsibility to reflect such action on their U-4 and/or U-5 filings, which can be viewed on the FINRA website under the broker-check section of the site or by viewing the monthly disciplinary information also provided on the FINRA site.
The monthly disciplinary information is referenced on the FINRA site generally in alphabetical order. This post relates to the following company or individuals. If the reader would like to review the entire FINRA release or the broker-check information concerning this matter, you can follow these highlighted links:
February 2015 Disciplinary and Other FINRA Actions:
Newbridge Securities Corporation (CRD #104065, Ft. Lauderdale, Florida)submitted an AWC in which the firm was censured, fined $138,000 and required to revise its WSPs. Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it sold (bought) corporate bonds to (from) customers, and failed to sell (buy) such bonds at a price that was fair, taking into consideration all relevant circumstances, including market conditions with respect to each bond at the time of the transaction, the expense involved and that the firm was entitled to a profit. The findings stated that in transactions for or with a customer, the firm failed to use reasonable diligence to ascertain the best inter-dealer market, and failed to buy or sell in such market so that the resultant price to its customer was as favorable as possible under prevailing market conditions. The firm failed to execute orders fully and promptly.
The findings also stated that the firm’s supervisory system did not provide for supervision reasonably designed to achieve compliance with respect to the applicable securities laws and regulations, and FINRA rules. The firm’s supervisory system did not include WSPs providing for any of the four minimum requirements for adequate WSPs regarding corporate bond best execution, sales transactions, OATS, trade reporting, other trading rules (related to clearly erroneous trades), and other rules. The firm failed to provide documentary evidence that on the trade dates reviewed it performed the supervisory reviews set forth in its WSPs concerning order handling, best execution, anti-intimidation/coordination, trade reporting, other rules, automated order handling under SEC Rules611(a) and (c) of Regulation NMS, sales transactions, other trading rules, other trading rules(related to clearly erroneous trades) and OATS. (FINRA Case #2009019877901). To review the complete release, please follow the above link.
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