The Securities Arbitration Law Firm of Klayman & Toskes, P.A. (“K&T”), www.nasd-law.com, announced today that it is continuing its investigation into Austin Richard Dutton Jr. (“Dutton”) and Newbridge Securities Corporation (“Newbridge”). The Pennsylvania Department of Banking and Securities levied fines against Dutton personally for $200,000 and Newbridge, in a separate action, for $499,000 for misconduct between 2012 and 2016. Dutton is currently registered with Sandlapper Securities, LLC.
According to securities attorney Lawrence L. Klayman, Esq., “Newbridge Securities is responsible for adequately supervising its registered representatives. When brokerage firms fail to adequately supervise their registered representatives, they may be liable for any resulting investment losses sustained by customers.” Dutton was fined $200,000 in an action for dishonest and unethical practices in the securities business related to the sale of structure securities. At the time he was registered as a broker with Newbridge. Newbridge was fined $499,000 for its failure to supervise.
Dutton had previously been vocal about his sales of AR Global, formerly American Realty Capital’s (“ARC”), real estate investment trusts. ARC, which was managed by Nicholas Schorsch, had its chief accounting officer plead guilty to securities fraud and its chief financial officer found guilty of securities fraud by a New York jury. Dutton also mentioned that many of his clients include retired civil servants, including police officers and firefighters.
The sole purpose of this release is to investigate the sales practices of Dutton and Newbridge in-connection with the sale of structured products to their customers. Current and former customers of Dutton who held accounts with Dutton and have information relating to the manner in which Dutton represented these products, are encouraged to contact the attorneys of Klayman & Toskes at (888) 997-9956, or visit our website at www.nasd-law.com.