Investigation of Newbridge Securities Broker Michael Leonard Whitaker

Colling Gilbert Wright is investigating investor claims against Newbridge Securities broker Michael L. Whitaker (Mr. Whitaker) of The Villages, Florida for the recommendation and sale of GWG L Bonds as well as other alternative investments to his clients.

Allegedly, Newbridge Securities Corporation, where Mr. Whitaker has maintained his Financial Industry Regulatory Authority (FINRA) securities licenses since December 2009, apparently approved the sale of non-traded GWG L Bonds, Real Estate Investment Trusts (REITs) and Business Development Companies (BDCs). Under FINRA and Securities & Exchange Commission (SEC) rules, as well as individual state securities laws, registered representatives have the legal and regulatory obligation to only recommend investments that are both appropriate and suitable for their clients. They are also charged with fully vetting the investment to ensure it is in fact appropriate. A failure to perform proper due diligence is actionable and damages may be awarded upon the finding of failures in the investigative process. Additionally, Newbridge Securities, as the employing firm, has a legal and regulatory obligation to supervise their agent’s sales practices and dealings with their mutual clients. The firms also have a duty to conduct adequate due diligence on those investments before offering them to their customers.  To the extent that any of these duties are neglected or breached, the clients may be entitled to a monetary recovery of his or her investment losses.

As of this writing, Mr. Whitakers BrokerCheck Report (CRD #1739854) reflects eleven (11) customer dispute disclosures, nearly all involving the sale of GWG and/or other alternative investments.  If you have purchased GWG or other alternative investment products from Mr. Whitaker and Newbridge securities, please contact our office for a free case evaluation. Ther is no fee or cost unless there is a recovery. Thank you.