Scott Brooks: GPB Capital Complaint Against Gold Coast Advisor

San Clemente, California financial advisor Scott Brooks (CRD# 3235252) recently received an investor complaint alleging he engaged in negligence and other forms of misconduct. Financial Industry Regulatory Authority records show that he is a broker and an investment advisor with Gold Coast Financial, offering securities and advisory services through Newbridge Securities and Newbridge Financial Services, respectively.

Mr. Brooks’ BrokerCheck report discloses two investor complaints. The most recent, filed in August 2021, alleges that as a representative of Newbridge Securities, he acted negligently, made misrepresentations of material information, breached contract, and breached his fiduciary duty when selling investments in GPB Capital. The pending complaint alleges unspecified damages.

A second investor complaint, filed in 2007, alleged unsuitable investment recommendations, breach of fiduciary duty, unjust enrichment, negligent hiring, and breach of fiduciary duty in relation to investments in collerateralized mortgage obligations while Mr. Brooks was a control person at Brookstreet Securities Group. The complaint evolved into an arbitration proceeding before a FINRA panel, which issued an award to the customer of $523,300.

According to the Financial Industry Regulatory Authority, Scott Brooks holds 22 years of securities industry experience. Based at Gold Coast Financial in San Clemente, California, he has been a broker and an investment advisor with Newbridge Securities and Newbridge Financial Services since 2007. His past registrations include Wedbush Morgan Securities (Los Angeles, California; 2007-2008) and Brookstreet Securities Corporation in San Juan Capistrano, California (1999-2007). His credentials include the passage of five securities industry qualifying examinations: the General Securities Principal Examination, or Series 24; the General Securities Representative Examination, or Series 7; 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 holds 31 state licenses. (Information current as of August 10, 2022.)

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