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San Diego Broker Marty Batstone Barred by FINRA
Former Newbridge Securities Corporation broker Marty Batstone (CRD# 2171601) has been sanctioned by the Financial Industry Regulatory Authority in connection to allegations he converted his customers’ funds for his own personal use. Previously registered with the firm’s branch office in San Diego, California, Batstone was barred from acting as a broker.
According to an Order (No. 2019061205201) dated February 2020, Marty Batstone solicited his firm’s customers to invest a sum of $75,000 in “a small limited liability company purporting to provide brand management and product placement services for athletes and entertainers. In soliciting the investments.” He allegedly told his customers that their funds would be used by the company for operating expenses such as marketing and distribution of a beverage product. In spite of these representations, the order states, he in fact “transferred portions of the customers’ funds to his personal accounts and used the funds.” He allegedly did not inform the customers that he would use any amount of their investment funds for his personal expenses, information that FINRA states was “material to a reasonable investor’s decision to invest in the company.” FINRA alleged further that by using $11,100 of the investors’ funds for his personal purposes, he converted the funds and “made improper use” of them. He allegedly had not returned any of the funds he transferred to his personal bank accounts, and allegedly never informed his firm of his involvement in the solicitation of investments for the LLC, which FINRA states “constituted private securities transactions.” As a result of the foregoing alleged conduct, he was barred from association with any FINRA member firm.
Marty Batstone is currently not registered as a broker. His previous registrations include Newbridge Securities Corporation, Crown Capital Securities, Independent Financial Group, QA3 Financial Corporation, Ameriprise Financial Services, IDS Life Insurance Company, and Thomas James Associates. He has passed three securities industry qualifying examinations and his BrokerCheck report lists zero state securities licenses. (Information current as of May 27, 2020.)