Ft. Lauderdale, Fl. – A self-employed, former Florida resident, with no other significant savings or investments, other than her IRA, has filed claim against her stockbroker, Boca Raton based Newbridge Securities Corporation. The Claim alleges that the firm lost nearly two-thirds of her irreplaceable retirement savings.
In the claim filed with FINRA, Securities Fraud attorney Mark A. Tepper, who is representing the Claimant’s fight for recovery of losses that she suffered, alleges that Newbridge Securities Corporation failed to supervise its broker, Gaetano Magarelli, CRD # 2227996.
Claimant, who had spoken with the broker about her financial distress, had sold her Florida home and was using its net sales proceeds along with her Roth IRA to pay her living expenses, the Claim alleges.
The Claim contends that the broker had a disciplinary history of two prior allegations at two prior firms for improperly exercising discretion in customer accounts without written authority from them and approval from the brokerage firm. These allegations included a high turnover rate; excessive transactions; high rate of commissions; and multiple trades in securities with a high risk of substantial loss.
“These circumstances warranted heightened supervision. Instead, Respondent turned a blind eye to the broker’s unsuitable activities, breaching its FINRA imposed duty to supervise the activities of its broker in its customer’s account,” the Claim further alleges.
Investors who recovered losses in recent months have praised the Mark Tepper Law firm for its work in representing their claims. For a free case evaluation from the Mark A. Tepper law firm, email attorney Mark Tepper at askmark@marktepper.com or call 954-961-0096.
About Mark A. Tepper, P.A. (www.MarkTepper.com)
Attorney Mark A. Tepper is the former Chief Trial Counsel at the New York Attorney General’s Bureau of Investor Protection and Securities. He has earned the reputation of “Investor Advocate” while practicing law for over 35 years representing individual investors. FINRA arbitrators have upheld stockbroker fraud claims filed by Mr. Tepper against many brokerage firms. A member of the Florida, New York and California Bars, Mr. Tepper is peer-reviewed for 17 consecutive years as AV PREEMINENT® for ethical standards and legal ability. It’s the highest rating of lawyers in the Martindale-Hubbell Law Directory.
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