Newbridge Stockbroker Fined For Unauthorized Trading
Daniel Simon Pikula of Boca Raton Florida is stockbroker formerly registered with Newbridge Securities Corporation and advisor currently registered with Money Manager Inc. who has been fined ten thousand dollars by Florida Office of Financial Regulation based upon consenting to findings that Pikula (1) violated a June 24 2015 registration agreement (2) effected trades on a discretionary basis in customer accounts without having obtained written authorization and (3) committed other business practices that were disallowed. Case No. 69263C-S (May 23 2017).
Pikula has also been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he exercised discretion in customer accounts without procuring written authorization beforehand. Letter of Acceptance, Waiver and Consent, No. 2011029763601 (Feb. 27, 2014).
According to the AWC, between May of 2010 and November of 2012, while Pikula was associated with Newbridge Securities Corporation, he effected trades in two Newbridge customers’ accounts on a discretionary basis. Apparently, Pikula lacked any written authorization from those customers, and he was never granted permission by the firm to execute transactions in customers’ accounts on a discretionary basis. Pikula’s conduct was found by FINRA to be violative of FINRA Rule 2010 and National Association of Securities Dealers (NASD) Conduct Rule 2510(b).
FINRA Public Disclosure confirms that Pikula is referenced in four additional customer initiated investment related disputes containing accusations of Pikula’s violative conduct while he was associated with National Financial Services, First Albany Corporation and Newbridge Securities Corporation. Specifically, a customer was awarded $40,165.00 in damages according to an investment related arbitration claim containing findings of breach of fiduciary duty, breach of contract, and negligent handling of the customers’ stock portfolios. NASD Arbitration No. 01-04516 (Nov. 19, 2002)
Thereafter, a customer was awarded $25,009.43 in damages according to an investment related arbitration claim pertaining to Pikula’s misconduct which contained findings of breach of fiduciary duty, suitability, fraud, negligence and misrepresentation in regard to stock, over-the-counter equities and mutual fund transactions placed in the customer’s investment portfolio. NASD Arbitration No. 01-04867 (Dec. 17, 2002).
Subsequently, on April 2, 2004, a customer initiated investment related written complaint involving Pikula’s conduct was settled for $8,093.63 in damages based upon accusations of suitability relating to the customer’s variable annuity purchase. Further, on November 17, 2011, a customer initiated investment related written complaint regarding Pikula’s activities was resolved for $32,500.00 in damages supported by allegations that Pikula negligently managed the customer’s investments and omitted information regarding the terms and conditions of investing in options, stocks and over-the-counter equities.
Pikula’s registration with Newbridge Securities Corporation was terminated as of April 30, 2015. Since August 30, 2017, he has been employed with Revere Securities LLC. Since February 1, 1995, Pikula has been associated with seven different broker dealers, one of whom is defunct or has otherwise been expelled by securities regulators for violation of federal securities laws.
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