Austin Dutton and Allegations of “dishonest or unethical practices in the securities business”
According to reports on Tuesday, Pennsylvania Broker Austin Dutton, was reportedly fined $200,000 for selling a customer an unsuitable investment.
The fine was apparently due to allegations of “dishonest or unethical practices in the securities business,” according to the Pennsylvania Department of Banking and Securities.
According Dutton’s BrokerCheck report, he allegedly “recommended the purchase of a security to at least one customer without reasonable grounds to believe that the transaction was suitable for the customer.”
Purportedly Austin Dutton “engaged in dishonest or unethical practices in the securities business” by allegedly recommending to a client the purchase, sale or exchange of a security without reasonable consideration that the transaction was suitable, according to FINRA’s BrokerCheck.
Dutton was registered with Newbridge Securities Corp. from 2007 until last week and is now registered with Center Street Securities Inc., according to his Broker Check report.
The Pennsylvania Department of Banking and Securities last week also fined Newbridge Securities $499,000 for allegedly failing to supervise a broker in connection with sales of structured products to his clients in the state.
The foregoing information, which is all publicly available, is being provided by The White Law Group. If you have questions or concerns about an investment you have made with your financial advisor, please call for a free consultation, at (888) 637-5510.
The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Vero Beach, Florida. The firm represents investors throughout the country in claims against their brokerage firm.
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