FINRA has permanently barred Jeffrey A. Broten from the securities industry. Jeffrey Broten was a financial advisor and registered representative at the following firms:
- Newbridge Securities Corporation (affiliated with Black River Wealth Management LTD), Morristown, NJ (August 2019 to December 2019);
- First Standard Financial Company LLC, Red Bank, NJ (February 2018 to August 2019); and
- National Securities Corporation, Titan Falls, NJ (December 2009 – March 2018).
FINRA alleged that Jeffrey Broten failed to cooperate with its investigation regarding allegations of unsuitable and unauthorized trading while employed at First Standard Financial Company LLC in Red Bank, New Jersey.
Earlier this year, the New Jersey Bureau of Securities sanctioned Jeffrey Broten $100,000 and revoked his license after concluding an investigation into whether Mr. Broten, while employed at First Standard Financial Company LLC, engaged in a pattern of excessive, unsuitable, and unauthorized trading activity in customer accounts. The New Jersey regulator alleged that the excessive, unsuitable, and unauthorized trading resulted in large financial losses in customers’ investment accounts and generated large commissions and fees for Jeffrey Broten and First Standard Financial Company LLC.
Jeffrey Broten has also been the subject of at least five customer complaints.
Brokerage firms like Newbridge Securities Corporation, First Standard Financial Company LLC, and National Securities Corporation have a duty to properly supervise financial advisors and customer accounts. Brokerage firms must also establish and maintain a reasonably designed system to supervise account activity to ensure compliance with securities laws and industry regulations. When a brokerage firm fails to adequately supervise their financial advisors or the investment account activity, they may be liable for investment losses sustained by customers.
If you have lost money with financial advisor Jeffrey Broten, contact August Iorio of Iorio Altamirano LLP at firstname.lastname@example.org or toll free at (855) 430-4010 for a free and confidential evaluation of your account.
Iorio Altamirano LLP is a securities arbitration law firm based in New York, NY. Iorio Altamirano LLP pursues claims nationwide on behalf of investors to recover financial losses arising out of wrongful conduct by financial advisors and brokerage firms.