Newbridge Securities Corporation Fined by FINRA
An AWC was issued in which the firm was censured, fined $225,000 and required to retain an independent consultant to conduct a comprehensive review of the reasonableness of the firm’s policies, systems and procedures (written or otherwise) and training with respect to its participation in private placement and minimum contingency offers. Jordan was fined $5,000 and suspended from association with any FINRA member in any principal capacity for two months. Without admitting or denying the findings, the firm and Jordan consented to the sanctions and to the entry of findings that the firm failed to establish, maintain and enforce a supervisory system and WSPs reasonably designed to supervise its representative’s recommendations of structured products, despite the fact that structured products comprised a significant portion of the firm’s business.
