How To Recover Your Losses with Austin Dutton and Newbridge Securities

Stoltmann Law Offices is investigating Austin Dutton, a former broker with Newbridge Securities, who has been subject to two complaints and a recent sanction citing dishonest or unethical practices in the securities business by the Pennsylvania Department of Banking and Securities. Dutton was fined $200,000 for his misconduct in that he recommended the purchase of a security to at least one customer without reasonable grounds to believe that the transaction was suitable for the customer. Newbridge was also sanctioned by Pennsylvania on findings that “from in or about Janaury 2012 until December 2016, Newbridge did not maintain a reasonable system for applying and enforcing written procedures pertaining to their sales of structured products by one agent in Pennsylvania to certain of his clients…” Dutton was also accused of recommending and selling direct participation products (DPPs) such as non-traded real estate investment trusts (REITs). In particular, he was known to have sold REITs managed by Nicholas Schorsch’s private firm, American Realty Capital (ARC), now AR Global. Dutton allegedly sold these products to retirees and police officers.

A broker such as Dutton has a reasonable obligation to only recommend and sell those investments that are suitable for his clients based on their age, net worth, investment objectives and risk tolerance, among other factors. If he does not, his brokerage firm may be liable for losses on a contingency fee basis. To find out how you may be able to recover your money losses with Newbridge, please call our securities law firm today at 312–332–4200 for a no-cost, no-obligation consultation with one of our Chicago-based attorneys. We sue firms in the FINRA arbitration forum, and we only get paid if you recover your losses.

Dutton was previously registered with Prudential in New York, New York from June 1996 until November 1997, A.G. Edwards & Sons in St. Louis, Missouri from December 1997 until July 2000, Ferris, Baker Watts Inc. in Baltimore, Maryland from June 2000 until January 2002, Boenning & Scattergood in Langhorne, Pennsylvania from January 2002 until August 2007, Newbridge Securities in Doylestown, Pennsylvania from August 2007 until August 2017 and Center Street Securities in Doylestown from July 2017 until September 2017. He is currently registered with Sandlapper Securities in Greenville, South Carolina and has been since September 2017. He has two customer disputes against him.

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