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Andrew Corbman Formerly With Newbridge Securities And Kovack Securities Has 19 Customer Complaints For Alleged Broker Misconduct

Who is Andrew Corbman formerly with Newbridge Securities?

Andrew Corbman (CRD #2513558) who was formerly registered with Newbridge Securities and located in Lansdowne, Virginia is a subject of one of our many securities industry sales practice abuse investigations. Prior to Newbridge Securities, Andrew Corbman was associated with Kovack Securities and other investment advisory and brokerage firms with a history of customer complaints and securities industry regulatory problems.

Andrew Corbman himself has been the subject of two FINRA investigations.  In 2016, he consented to a one-month suspension and entry of findings that he made recommendations that were unsuitable overconcentrations and certain securities that expose customers to a risk of loss that exceeded each customer’s risk tolerance investment objective.  Shortly after that case was resolved, he refused to cooperate in connection with another investigation and give on the record testimony requested by FINRA and was permanently barred from any further association with any member firm in any capacity.

Andrew Corbman Customer Complaints

Andrew Corbman has been the subject of 19 customer complaints that we know about, one of those complaints was filed in the last year to recover investment losses. Sixteen of Andrew Corbman’s 19 customer complaints were settled in favor of investors. Three of Andrew Corbman’s customers’ complaints were denied and the customers did not take any further action.

Allegations Against Andrew Corbman

A sample of the allegations made in the FINRA reported arbitration claim settlements and/or pending complaints for investment losses are as follows:

  • Claimant alleged Andrew Corbman’s breach of fiduciary duty, unsuitability and failure to supervise and violation statutes, regarding the sale of individual securities.
  • Claimant alleged Andrew Corbman’s over-concentration of her account.
  • Claimant alleged that Andrew Corbman sold unsuitable investments.
  • Claimant alleged Andrew Corbman’s unsuitability, common law fraud, breach of contract, negligent supervision, breach of fiduciary duty, and overconcentration in connection with the purchase of stocks.
  • Claimant alleged Andrew Corbman’s unsuitability, fraud, breach of contract, negligent supervision, breach of fiduciary duty, overconcentration, and violation of California’s Securities Act.
  • Claimant alleged Andrew Corbman’s violations of Section 10(b)-5, common law fraud, negligence, unsuitability, unauthorized trading, churning, breach of fiduciary duty and breach of contract..
  • Claimants alleged Andrew Corbman’s unsuitability, common law fraud, breach of contract, breach of fiduciary duty, overconcentration.
  • Claimants alleged Andrew Corbman’s unsuitability, common law fraud, breach of contract, negligent supervision, breach of fiduciary duty, and overconcentration, in relation to the purchases of shares of Augme Technologies Inc. stock.
  • Client alleged losses in his accounts caused by Andrew Corbman.
  • Client alleged Andrew Corbman’s negligence, unsuitability, failure to supervise related to stock purchases.
  • Client alleged Andrew Corbman’s unsuitability of investments and misrepresentation.
  • Client alleged Andrew Corbman’s unsuitable investments and poor performance.
  • Customer alleged that Andrew Corbman failed to adequately diversify investments. Customer further alleged that broker did not fully disclose the fees and charges of B shares.
  • Customer’s alleged Andrew Corbman had them purchase unsuitable and high risk investments.
  • Andrew Corbman’s alleged suitability of investment, including over concentration in one fund.
  • The claimants alleged that Andrew Corbman liquidated certain investments causing them to pay deferred sales charges and surrender fees and that he didn’t not combine purchases denying them mutual fund breakpoints and rights of accumulation.
  • Andrew Corbman’s alleged unauthorized and unsuitable investments; failure to supervise.
  • Andrew Corbman’s alleged unjust enrichment; misrepresentation and non-disclosure; negligence; breach of fiduciary duty; breach of contract; violation of state securities laws; violation of the Pennsylvania Unfair Trade Practices and Consumer Protection Law; common law fraud; constructive fraud; breach of duty of fair dealing; violations of PA insurance law; churning; unauthorized trading; civil conspiracy.
  • Violations of the Virginia Securities Act, Common Law Fraud, Securities Fraud, Breach of Fiduciary Duty, Unsuitability, Negligence, Breach of Contract were allegedly committed by Andrew Corbman.

Andrew Corbman Red Flags & Your Rights As An Investor

Of course, Andrew Corbman did not admit to any of the allegations. But regardless of whether an arbitration award was entered, a settlement occurred, or the customer complaint is still pending, the allegations made by customers are red flags which should put all current and former customers of Andrew Corbman at Newbridge Securities and Kovack Securities on alert to review carefully the activity and performance of their accounts and question whether Andrew Corbman has engaged in any stockbroker misconduct that may have caused them investment losses. The large number of customer complaints at Kovack Securities and Newbridge Securities also raises questions about the brokerage firms’ supervisory practices. If these red flags raise questions, call us and we will inform you of your rights as an investor.

File A Claim To Recover Your Investment Losses At Newbridge Securities Due To Andrew Corbman

If you have questions about Newbridge Securities, Kovack Securities, and/or Andrew Corbman and the management or performance of your accounts, please contact Attorney Pearce for a free initial consultation via email or Toll Free at 1-800-732-2889.

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Robert Wayne Pearce

Robert Wayne Pearce of The Law Offices of Robert Wayne Pearce, P.A. has been a trial attorney for more than 40 years and has helped recover over $170 million dollars for his clients. During that time, he developed a well-respected and highly accomplished legal career representing investors and brokers in disputes with one another and the government and industry regulators. To speak with Attorney Pearce, call (800) 732-2889 or Contact Us online for a FREE INITIAL CONSULTATION with Attorney Pearce about your case.

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