Austin Dutton & Newbridge Securities – Update on Investigation
The White Law Group continues its investigation regarding financial advisor Austin Dutton and the liability that Newbridge Securities may have for failure to supervise him.
As we told you in July 2017, Dutton was fined $200,000 for allegations of “dishonest or unethical practices in the securities business,” by the Pennsylvania Department of Banking and Securities.
Newbridge Securities, Dutton’s former employer, was also reportedly fined $499,000 by the Pennsylvania state regulator for allegedly failing to supervise a broker in connection with sales of structured products to his clients in the state.
According to his FINRA BrokerCheck report, Dutton was registered with Newbridge Securities Corp. in Doylestown, PA from 2007 through August 2017.
Dutton has 13 pending customer disputes (with 1 settled) listed on his broker report since November 2017, including the following:
On August 21, the “claimant alleges sale of unsuitable securities, negligence, breach of fiduciary duty and misrepresentation.” The damage amount requested is $33,000.00.
In June and July of 2018, three more customer claims were filed alleging “sale of unsuitable securities, negligence, breach of fiduciary duty and failure to supervise,” requesting a total of $280,000 in damages.
In April and May of 2018, five customers filed claims totaling close to a million dollars in damages for unsuitable investments.
Failure to Supervise
Brokerage firms are required to properly supervise their advisors. They must ensure that those advisors are complying with applicable FINRA rules and regulations. If it can be demonstrated that Austin Dutton’s employer failed to properly supervise him, the firm may be held responsible for the losses in a FINRA arbitration claim.
If you are concerned about your investments with Austin Dutton and would like a free consultation to discuss your litigation options, please call The White Law Group at 1-888-637-5510.
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.
For more information on The White Law Group, visit www.WhiteSecuritiesLaw.com.