Newbridge Securities, Shearson Financial Services Fined for Excess Charges to Customers

The Financial Industry Regulatory Authority (FINRA) recently charged two Boca Raton, Florida firms, Newbridge Securities and Shearson Financial Services, for securities violations that resulted in customers losing money. Newbridge Securities Corp allegedly failed to apply discounts to certain purchases. These discounts were supposed to be applied to sales charges, and as a result, clients paid…

Steve Wyatt; Morgan Stanley

According to a recent New York Times article entitled “Morgan Stanley Neglected Warnings on Broker,” Steve Wyatt, a Morgan Stanley broker in Ridgeland, Mississippi, was accused of trading account erratically. He was also accused of improperly managing tens of millions of dollars in client money. Mr. Wyatt was with the company for five years, finally…

Morgan Stanley Fined $2.4 Million for Defaming Broker to Clients

The Financial Industry Regulatory Authority (FINRA) fined Morgan Stanley $2.4 million this week for defaming a former broker. Dale L. Cebert was a former Morgan Stanley registered representative who was terminated in 2014. According to the three-person arbitration panel, Morgan Stanley managers conducted a “flawed internal investigation that was conducted, acted upon, and reported with…

Alabama Mayor Permanently Barred From Securities Industry

Mark McLaughlin, a Westover, Alabama mayor was recently and permanently barred from selling securities by the Financial Industry Regulatory Authority (FINRA) and the Alabama Securities Commission. Both entities alleged that McLaughlin engaged in unethical trading practices between 2010 and 2012. Between September 1989 through October 2012, he had served as a registered securities broker with…

Dennis Hayes; Newbridge Securities

Stoltmann Law Offices is investigating Dennis Hayes, a broker with Newbridge Securities Corporation. Hayes allegedly recommended unsuitable transactions. The claimant alleged approximately $750,000 in damages. According to her statement of claim, the client divorced her husband in 2012, after which she had $1,500,000 in assets of which $500,000 was non-qualified money and about $1 million…