Allen Klein: Former Newbridge Advisor Faces $250K Complaint

A recent investor complaint against Boca Raton, Florida financial advisor Allen Klein (CRD# 6953284) alleges that his advice resulted in six-figure damages. Financial Industry Regulatory Authority records show that he is registered as a broker with Purshe Kaplan Sterling and an investment advisor with Merit Financial Advisors.

Mr. Klein’s BrokerCheck report discloses one investor complaint. Filed in August 2026, it alleges that as a representative of Newbridge Securities, he recommended unsuitable private placements, breached his fiduciary duty, committed fraud, failed in his supervisory duties, and acted negligently. The pending complaint alleges damages of $250,000.

FINRA’s suitability rule stipulates that brokers must “have a reasonable basis to believe” that the investment products and strategies they recommend to their clients are appropriate, or suitable, for a client’s background and objectives. FINRA Rule 2111 specifies that brokers must base their determinations regarding an investment’s suitability “on the information obtained through reasonable diligence of the firm or associated person to ascertain the customer’s investment profile.” That profile includes the customer’s age, risk tolerance, liquidity needs, tax status, net worth, and more. “A broker’s ‘recommendation,’ which is based on the facts and circumstances of a particular case, is the triggering event for application of the rule,” the rule states.

According to the Financial Industry Regulatory Authority, Allen Klein holds seven years of securities industry experience. Based in Boca Raton, Florida, he has been registered as a broker with Purshe Kaplan Sterling since 2024 and an investment advisor with Merit Financial Advisors since 2026. His past registrations include Stone Creek Capital Management, Merit Financial Advisors, LPL Financial, Newbridge Financial Services Group, Newbridge Securities, and Tradestation Securities. His credentials include the passage of five securities industry qualifying exams: the Securities Industry Essentials Examination, or SIE; the General Securities Representative Examination, or Series 7TO; the National Commodity Futures Examination, or Series 3; the Uniform Combined State Law Examination, or Series 66; and the Uniform Securities Agent State Law Examination, or Series 63. He holds 2 state licenses. (Information current as of November 1, 2026.)

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