Securities and Exchange Commission (“SEC”) accepted the Newbridge Securities Corporation’s Offer of Settlement of allegations made in Administrative Proceeding No. 3-13099.
The allegations in the Proceeding centered around the Firm’s supervision of a former registered representative and his activity in two “designated securities” on behalf of two former clients of the Firm in 2003 and 2004.
Without admitting or denying the SEC’s findings, the Firm agreed, among other things, to pay a civil penalty and disgorgement of certain amounts earned in connection with the subject activity. Those amounts were fully funded and placed in escrow with outside counsel in December 2008, in anticipation of this settlement.
“Newbridge is pleased to resolve this matter, involving activities that occurred five years ago,” says Gregg Breitbart, general counsel, Newbridge.
“The Firm’s interest in closure of this matter was enhanced by the fact that the allegations involved a registered representative and clients who are no longer associated with the Firm, and a line of business in which the Firm no longer engages.”
L.D.