Close Menu
Free Consultation: 888-976-6111

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.

Facebook Twitter LinkedIn
Contact Us For A Free Case Evaluation
protected by reCAPTCHA Privacy - Terms
Latest Blog Posts
  • Juan Sosa: FINRA Bars Ex-SagePoint Advisor Over Conversion Allegations

    Former Studio City, California financial advisor Juan Sosa (CRD# 4059846) has been barred in connection with allegations that he converted...

    Read More
  • Joe Cucinotta: FINRA Suspends Independent Financial Advisor

    Radnor, Pennsylvania financial advisor Joe Cucinotta (CRD# 3272604) was recently suspended in connection with allegations that he falsified customer signatures....

    Read More
  • Robert Omohundro: LCORE Advisor Lands Suitability Complaint

    Atlanta financial advisor Robert Omohundro (CRD# 2415942) has received multiple investor complaints alleging that he recommended unsuitable investments, resulting in...

    Read More
  • Lucy Cueller: Suitability Complaint Against Northpoint Advisor

    Warrenville, Illinois financial advisor Lucy Cueller (CRD# 3089802) recently received an investor complaint alleging that she made unsuitable investment recommendations....

    Read More
  • Previous
  • Next