An investor complaint against Hilltop Securities advisors Brad Winges (CRD# 1929509) and Steve Coma (CRD# 1414147) alleges eight-figure damages. Financial...Read More
Newbridge’s John Donoso: Complaint Alleges $250,000 Damages
Elizabeth, New Jersey-based stockbroker John Donoso (CRD# 4533488) has received a pending investor complaint alleging six-figure losses. Financial Industry Regulatory Authority records show that he is currently registered as an investment adviser with Newbridge Financial Services in Elizabeth, New Jersey and as a broker with Newbridge Securities Corporation in Boca Raton, Florida.
Mr. Donoso’s FINRA BrokerCheck report discloses one pending investor complaint. Filed in 2021, the complaint alleges that as a representative of Cetera Advisors, he recommended unsuitable real estate investments. The pending complaint alleges damages of $250,000.
FINRA rules and guidance state that stockbrokers and investment advisers must follow a standard known as “suitability.” In short, this requires them to “have a reasonable basis to believe a recommended transaction or investment strategy” is appropriate for the customer, based on the customer’s “investment profile.” An investor’s profile is derived from an assessment of their age, financial situation and needs, tax status, investment goals, risk tolerance, and other data points. FINRA Rule 2111 outlines the need for brokers to “have a firm understanding of both the product and the customer.” They must have a reasonable basis to believe that a given recommendation is suitable both for at least some investors and that it is reasonable for the customer in question. If they’re preparing to execute a series of transactions in an account over which they have actual or de facto control, they must have a reasonable basis to believe that the transactions, “even if suitable when viewed in isolation, is not excessive and unsuitable for the customer.” These standards are explained further on FINRA’s website.
According to the Financial Industry Regulatory Authority, John Donoso holds 17 years of securities industry experience. He is registered as a broker with Newbridge Securities Corporation in Boca Raton, Florida; he is registered as an investment adviser with Newbridge Financial Services in Elizabeth, New Jersey. His past registrations include Cetera Advisors (Elizabeth, New Jersey; 2013-2021), Gilford Financial Corporation (New York City; 2012-2013), Chase Investment Services (2007-2012), Wachovia Securities (Elizabeth, New Jersey; 2005), Merrill Lynch (Short Hills, New Jersey; 2004), and Fahnestock & Company (New York City; 2002-2003). His credentials include the passage of four securities industry examinations: the Uniform Investment Adviser Law Examination, or Series 65; the Uniform Securities Agent State Law Examination, or Series 63; the Securities Industry Essentials Examination, or SIE; and the General Securities Representative Examination, or Series 7. He holds securities licenses in Florida, New Jersey, New York, South Carolina, and Texas. (Information current as of March 11, 2022.)
Carlson Law represents investors throughout the United States in claims against financial advisors and investment firms. If you or a loved one have suffered investment losses, please call us at 888-976-6111 or complete our contact form for a free and confidential consultation.