Michael Whitaker: Newbridge Advisor Has $100K Negligence Complaint

Michael Whitaker (CRD# 6316100), a financial advisor based in The Villages, Florida, allegedly beached his fiduciary duty to a customer, according to a recent investor complaint against him. Financial Industry Regulatory Authority records show that he is a broker and an investment advisor with Newbridge Securities Corporation.

Mr. Whitaker’s BrokerCheck report discloses one investor complaint against him. Filed in April 2022, it alleges that he engaged in negligence and breached his fiduciary duty in connection with the recommendation and sale of alternative investments. The pending complaint alleges damages of $100,000.

For reference, the fiduciary standard stipulates that financial advisors like Mr. Whitaker must place their client’s interests above their own, make complete disclosures regarding any conflicts of interest, and act in good faith and with loyalty to the client. This standard is similar to but distinct from the suitability standard that requires brokers to recommend investments that are appropriate for their customer’s background and goals.

According to the Financial Industry Regulatory Authority, Michael Whitaker holds eight years of securities industry experience. Based in The Villages, Florida, he has been a broker and an investment advisor with Newbridge Securities Corporation since 2014 and 2017, respectively. His credentials include the passage of three securities industry qualifying examinations: the Securities Industry Essentials Examination, or SIE; the General Securities Representative Examination, or Series 7; and the Uniform Combined State Law Examination, or Series 66. He is licensed in Connecticut, Florida, Louisiana, Massachusetts, North Carolina, Ohio, and South Carolina. His self-regulatory organization (SRO) registrations include FINRA and the Nasdaq Stock Market. (Information current as of August 9, 2022.)

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