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Robert Bragg: Did Newbridge Advisor Recommend GWG?
Public records reveal that at least one current or former client of Newbridge Securities advisor Robert Bragg (CRD# 4767535) is listed as creditor for an investment in GWG L bonds. The records, filed with a US bankruptcy court, describe an investment of $84,000. Financial Industry Regulatory Authority records show that the broker and investment advisor is registered in Monument, Colorado.
More information about GWG Holdings, which reportedly raised more than $1 billion from investors in its L bonds, products filed for Chapter 11 bankruptcy, and fell under investigation by the SEC, is available via this resource.
Mr. Bragg’s BrokerCheck report discloses two investor complaints. The most recent, filed in June 2022, alleges that as a representative of Newbridge Securities and VSR Financial Services, he acted negligently, recommended unsuitable alternative investments, was negligent in his supervisory duties, committed fraud, and violated FINRA Rule 2210. The pending complaint alleges unspecified damages. In a statement included with the complaint’s disclosure, Mr. Bragg writes that he denies “all allegations in this claim.”
An earlier investor complaint, filed in 2015, alleged that as a VSR Financial Services representative, he recommended unsuitable investments, lacked honesty and fairness, and made misrepresentations of material facts. the complaint reached a settlement of $60,000. “I emphatically deny and and all allegations made by this client,” Mr. Bragg wrote in a comment on the disclosure. “I find the accusations made to be unsubstantiated, and maintain that my actions have been free and clear of any wrongdoing.”
A third disclosure on Mr. Bragg’s BrokerCheck report describes a 2016 enforcement action against him by the Colorado Division of Securities. The sanction concerned allegations that he “was the subject of four complaints made by Colorado clients while associated with VSR Financial Services.” In connection with these findings, he was placed on heightened supervision for a period of three years.
According to the Financial Industry Regulatory Authority, Robert Bragg holds 19 years of securities industry experience. Based in Monument, Colorado, he has been a broker and an investment advisor with Newbridge Securities and Newbridge Financial, respectively, since 2016. His past registrations include VSR Advisory Services and VSR Financial Services in Colorado Springs, Colorado. His credentials include the passage of five securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Futures Managed Funds Examination, or Series 31; the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Combined State Law Examination, or Series 66. He is licensed in Arizona, Colorado, Florida, North Carolina, South Carolina, and Texas. (Information current as of June 13, 2023.)
Carlson Law has represented at least nine investors in claims against their financial advisors for investments in GWG Holdings Inc. 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.