The seriousness of an allegation cannot be overstated, particularly when it involves financial malpractice that directly affects investors. This is currently the case with an ongoing customer dispute involving Gregory Lourdin and NEWBRIDGE SECURITIES CORPORATION.
Allegation’s Seriousness and Case Information
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The allegation against Mr. Lourdin and Newbridge Securities Corporation is currently pending, with the dispute dating back to August 31, 2023. The case revolves around the issues of suitability, failure to supervise, and negligence, with a considerable amount of $131,503.32 at stake. The clients, whose identities have been redacted for privacy reasons, are alleging that their broker, Mr. Lourdin, did not act in their best interests.
Impact on Investors
Such allegations can have a profound impact on investors. Not only do they risk losing their investments, but they can also lose trust in the financial system. This could discourage them from making future investments, which could have a long-term impact on their financial stability and growth. This is why the law firm Haselkorn & Thibaut, which is currently investigating the advisor and company, offers free consultations to clients.
Understanding the Allegation and the FINRA Rule
In simple terms, the allegation of “suitability” means that the broker did not recommend investments that were appropriate for the client’s financial situation and investment objectives. The “failure to supervise” refers to the company’s failure to monitor the broker’s actions and ensure compliance with financial regulations. “Negligence” refers to a lack of due care in performing duties or tasks.
The FINRA Rule
The Financial Industry Regulatory Authority (FINRA) has specific rules that govern the conduct of brokers and their firms. For instance, FINRA Rule 2111 requires that a firm or associated person have a reasonable basis to believe that a recommended transaction or investment strategy is suitable for the customer. This rule applies to Gregory Lourdin’s case, whose FINRA CRD number is 4152768.
Why It Matters for Investors
Investors entrust their hard-earned money to brokers and investment firms, expecting them to act in their best interests. When these trusted entities fail to uphold their duties, investors can suffer significant financial losses. This is why allegations of financial malpractice are taken very seriously.
Role of FINRA Arbitration
FINRA Arbitration provides a platform for investors to seek redress for their losses. Haselkorn & Thibaut, a national investment fraud law firm with offices in Florida, New York, North Carolina, Arizona, and Texas, is well-versed in handling such cases. With over 50 years of experience and a 98% success rate, they can help investors recover losses through FINRA Arbitration.
Red Flags for Financial Advisor Malpractice
Investors should be aware of certain red flags that may indicate financial advisor malpractice. These include frequent buying and selling of securities (churning), recommending unsuitable investments, failure to diversify investments, and unauthorized trading.
Recovering Losses
If you suspect that you have been a victim of financial advisor malpractice, it’s important to seek legal help immediately. Haselkorn & Thibaut offers a “No Recovery, No Fee” policy and can be reached at their toll-free consultation number, 1-800-856-3352. They can help you understand your rights and guide you through the process of recovering your losses.
