Austin Richard Dutton Jr. of Doylestown Pennsylvania is a stockbroker formerly registered with Newbridge Securities Corporation who is the subject of a customer initiated investment related arbitration claim where the customer sought thirty thousand dollars in damages based upon allegations that (1) misrepresentations and omissions had been made to the customer relating to features and risks of non-traded real estate investment trust products and (2) unsuitable transactions had been effected in the customer’s account. Financial Industry Regulatory Authority (FINRA) Arbitration No. 17-03256 (Dec. 13 2017).
FINRA Public Disclosure confirms that Dutton has been identified in three additional customer initiated investment related disputes pertaining to accusations of his improper conduct since he was issued an administrative assessment of $200,000.00 by the Commonwealth of Pennsylvania Department of Banking and Securities for violating Pennsylvania Securities Act of 1972 by making unsuitable recommendations to the firm’s customers. Commonwealth of Pennsylvania Department of Banking and Securities, Bureau of Securities Compliance and Examinations v. Austin R. Dutton, 17-0046 (July 24, 2017).
In particular, a customer filed an investment related arbitration claim pertaining to Dutton’s conduct, in which the customer requested $350,000.00 in damages founded on allegations of violations of Pennsylvania Securities Act; violation of the Pennsylvania Unfair Trade Practices and Consumer Protection Act; violation of federal securities laws; suitability; breach of fiduciary duty; negligence; and fraud. FINRA Arbitration No. 17-02871 (Nov. 30, 2017). The customer additionally alleged that Newbridge Securities failed to supervise Dutton’s activities in reference to the customer’s real estate investment trust holdings.
Then, a customer filed an investment related arbitration claim regarding Dutton’s activities, where the customer sought $230,000.00 in damages supported by accusations of suitability and misrepresentations concerning structured products and real estate investment trust features and risks. FINRA Arbitration No. 17-03229 (Dec. 3, 2017). Subsequently, a customer filed an investment related arbitration claim pertaining to Dutton’s conduct, in which the customer requested $150,000.00 in damages based upon allegations that non-traded real estate investment trusts were executed in the customer’s account, and the customer was deprived of information relating to the risks of those products.
Dutton’s registration with Newbridge Securities Corporation was terminated as of August 10, 2017. He was associated with Center Street Securities, Inc. between July 21, 2017 and September 7, 2017. Dutton has been employed with Sandlapper Securities, LLC since September 25, 2017.
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