Jack McBride Fired from Newbridge Securities
Jack McBride (CRD #: 2517946), a broker formerly registered with Newbridge Securities, was fired from the firm, according to his BrokerCheck record, accessed on January 17, 2023. If you have questions about his alleged conduct as a broker, keep reading.
Termination from Newbridge Securities
On November 21, 2022, Jack McBride was fired from Newbridge Securities after an internal review allegedly found that he failed to follow the Know Your Customer requirement by communicating and executing requests with an individual who was not the client or an authorized agent.
FINRA Rule 2090
FINRA Rule 2090 requires members to use reasonable diligence to know and record the essential facts about investors and any authorities acting on their behalf.
On October 9, 2017, Jack McBride consented to the entry of findings that he allegedly settled a customer complaint without the knowledge of his firm, Ameriprise Financial Services, among other claims.
Alleged Improper Settling of Customer Complaint
A Letter of Acceptance, Waiver & Consent (AWC) alleges that, in July 2013, Jack McBride mistakenly executed $320,000 in securities purchases into only one of client K.A.’s accounts, rather than spreading them across all six of K.A. and his wife’s accounts as requested. This allegedly led K.A. to incur a margin balance and be charged margin interest.
In January 2014, K.S. allegedly complained to Jack McBride, requesting reimbursement for the interest. According to the AWC, Jack McBride allegedly wrote four checks from his personal account totaling $12,845.86 to reimburse K.A. and failed to disclose the payments or original complaint to Ameriprise Financial Services. K.A. allegedly later complained to the firm directly in June 2014.
Alleged Misleading Communications
The AWC also alleges that Jack McBride sent emails to K.A. containing misleading account summaries. These summaries allegedly consisted of spreadsheets identifying individual and total account values for K.A. and his wife’s six accounts. Jack McBride and/or his assistant allegedly updated these spreadsheets manually, and in doing so failed to detect errors leading to the input of inflated account values and to account for K.A.’s margin balance and interest
From January 2013 through February 2014, Jack McBride allegedly sent 14 emails overstating account balances as being approximately $200,000-$570,000 greater than their actual value.
Alleged Mismarking of Order Tickets
Lastly, the AWC alleges that Jack McBride mislabeled solicited trades as unsolicited. From January through December 2013, four clients allegedly made 14 purchases of non-traditional exchange-traded funds (ETFs). Jack McBride allegedly introduced these clients to the ETFs and discussed their features before the clients agreed to purchase them, but later recorded these transactions as being unsolicited.
The AWC concludes that this alleged misconduct violated FINRA Rules 2010, 2210(d)(1), and 4511, as well as NASD Rule 2210(d)(1).
FINRA Rule 2010
FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade.
FINRA Rule 2210
FINRA Rule 2210 governs firm communications with the public. This rule requires firms to review all communications with the public for their fairness and accuracy.
FINRA Rule 4511
FINRA Rule 4511 requires firms to keep accurate and up-to-date books and records.
Jack McBride consented to the following sanctions:
- $12,500 fine
- 40-day suspension
His suspension ran from November 6 through December 15, 2017.
You can read a copy of the AWC here.
On October 27, 2017, multiple investors alleged that Jack McBride executed unauthorized and unsuitable transactions, including in exchange-traded products like VXX, leading to losses. The clients sought $200,000 in damages and received a settlement of $82,000.
In a dispute filed on May 29, 2015, an investor alleged that Jack McBride recommended and sold unsuitable inverse-leveraged exchange-traded funds (ETFs), precious metals and mining/natural resource ETFs, and common stocks. The client alleged that these trades occurred between October 2011 and December 2014 and resulted in losses.
This client sought $2,107,607 in damages and received a settlement of $100,000.
On March 4, 2015, an investor alleged that Jack McBride failed to adequately manage and supervise the client’s account, including with regard to his product recommendations and sales to the client. The client sought $917,600 in damages and received a settlement of $290,000.
Jack McBride has passed the following exams:
- Series 65 – Uniform Investment Adviser Law Examination
- Series 63 – Uniform Securities Agent State Law Examination
- SIE – Securities Industry Essentials Examination
- Series 7 – General Securities Representative Examination
- Series 9 – General Securities Sales Supervisor – Options Module Examination
- Series 10 – General Securities Sales Supervisor – General Module Examination
- Series 8 – General Securities Sales Supervisor Examination (Options Module & General Module)
He previously worked for the following firms:
- Newbridge Securities (CRD#:104065)
- B. Riley Wealth Management (CRD#:2543)
- Ameriprise Financial Services (CRD#:6363)
- Ameriprise Advisor Services (CRD#:5979)
Kurta Law Can Help
If you worked with Jack McBride and you have concerns about your investments, please contact us today at 877-600-0098 or firstname.lastname@example.org for a free consultation.
For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.