Pennsylvania Fines Midsize Broker-Dealer $500,000 For Failure to Supervise

Posted on July 24th, 2017 at 10:01 AM
Pennsylvania Fines Midsize Broker-Dealer $500,000 For Failure to Supervise

From the Desk of Jim Eccleston at Eccleston Law LLC:

The Pennsylvania Department of Banking and Securities has fined Newbridge Securities Corp. approximately $500,000 for failing to supervise a broker in connection with sales of structured products.

According to the order, Pennsylvania found that from 2012 until 2016, Newbridge did not maintain a reasonable system for applying and enforcing written procedures pertaining to its sale of structured products by one broker in Pennsylvania. Pennsylvania did not name the broker or the products sold in the order. 

Without admitting or denying the allegations, Newbridge agreed to the consent order.

The attorneys of Eccleston Law LLC represent investors and advisors nationwide in securities and employment matters. The securities lawyers at Eccleston Law also practice a variety of other areas of practice for financial advisors including Broker Litigation & ArbitrationStrategic Consulting ServicesRegulatory  MattersTransition Contract Review, and much more. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services. If you are in need of legal services, contact us to schedule a one-on-one consultation today.

Related Attorneys: James J. Eccleston

Tags: Jim Eccleston, Eccleston Law, Eccleston Law LLC, Eccleston, Broker-dealer

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