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Lax & Neville Investigates Newbridge Securities and Philip Crispino

Lax & Neville is currently investigating potential sales practice abuses by Newbridge Securities Corporation (“Newbridge”), a broker-dealer, and Philip Crispino, one of its financial advisors. Specifically, we are investigating whether Crispino churned and charged excessive commissions in his customers’ brokerage accounts, and whether he sold unsuitable positions in exchange traded funds (“ETFs”), United Development Fund and Virnetx Holding Corp. to customers. It should be noted that according to Crispino’s FINRA BrokerCheck Report, one of his former customers filed an arbitration claim against him and Newbridge in January 2011 alleging compensatory damages of $247,435 as a result of alleged churning and excessive commissions. According to Crispino’s BrokerCheck Report, Newbridge and Crispino settled that matter for $300,000 in July 2012. If you are a customer of Newbridge or Crispino and believe sales practice abuses occurred relating to your account, contact Lax & Neville LLP at (212) 696-1999 for a free consultation.