New York Securities Lawyer Blog
Newbridge Securities Corporation (“Newbridge”) is a broker-dealer that may have allowed unsuitable and fraudulent investments to be made in their customers’ accounts. Our investigation of these potential sales practice abuses focuses on whether Newbridge properly supervised its registered representatives. One specific Newbridge financial advisor we are investigating is Douglas Roy Albert. Specifically, we are investigating whether Newbridge properly obtained written authorization from clients to take discretion in their accounts, as required by various securities laws. Moreover, we are investigating whether Newbridge permitted its financial advisers, including Mr. Albert, to unsuitably invest their customers’ funds in structured products including, but not limited to, bank notes and CDs that were derivatives linked to complex indices and formulas, as well as low-credit quality junk bonds, including, but not limited to NBC Acquisition Corp., Colt Defense LLC and Edison Mission Energy. It should be noted that while Mr. Albert was employed by Great Eastern Securities, Inc., he was suspended from association with any NASD member in any capacity for 90 days based upon allegations that he altered an investor acknowledgement of risk with respective to real estate investment trusts for a customer, in that he changed the dates and account number on the document. Moreover, Mr. Albert’s previous employer, David Lerner Associates, disclosed on Mr. Albert’s BrokerCheck Report that Mr. Albert was discharged for allegations of unsuitability, misrepresentation, unauthorized trading, fraud, forgery, negligence, and breach of fiduciary duty. If you are a customer of Newbridge or Mr. Albert and believe unsuitable investments were made in your account, contact Lax & Neville LLP for a free consultation.