Investigation of Newbridge Securities Broker Scott Stanley Brooks
Colling Gilbert Wright & Carter is investigating investor claims against Newbridge Securities broker Scott Stanley Brooks of San Clemente, California (formerly Dana Point, CA) for the inappropriate sale of GPB Capital Funds as well as other alternative investments to his clients.
Allegedly, Newbridge Securities Corporation, where Mr. Brooks has maintained his Financial Industry Regulatory Authority (FINRA) securities licenses since 2007, approved the sale of a series of limited partnerships issued by GPB Capital Holdings, 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 customer may be entitled to a monetary recovery of his or her investment losses.
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