Newbridge Securities Corp Sued By Investors For Negligence
Gaetano Magarelli (also known as Guy Magarelli) of Boca Raton Florida a stockbroker formerly registered with Newbridge Securities Corporation is the subject of a customer initiated investment related arbitration claim where the customer sought $130,000.00 in damages based upon accusations that contractual obligations to the customer were breached and that the customer’s losses were attributed to Magarelli’s negligence as it pertained to alternative investments and common and preferred stock transactions at Newbridge. Financial Industry Regulatory Authority (FINRA) Arbitration No. 19-03097 (Oct. 18, 2019).
Magarelli has been identified in five more customer initiated investment related disputes containing allegations of his misconduct while employed by Global Capital Securities Corporation, Ameriprise Financial Services Inc. and Newbridge. FINRA Public Disclosure reveals that a customer initiated investment related complaint involving Magarelli’s conduct was settled for $34,500.00 in damages based upon allegations that the customer effected unauthorized transactions in the customer’s account at Global Capital Securities Corporation.
Another customer initiated investment related complaint concerning Magarelli’s activities was settled to resolve accusations that a purchase was executed in the customer’s Ameriprise brokerage account by Magarelli without the customer’s permission. Magarelli has also been identified in a customer initiated investment related arbitration claim which was resolved for $27,500.00 in damages founded on accusations that the customer was placed into penny stocks, over-the-counter equities and common and preferred stock all of which failed to be suitable for the customer. FINRA Arbitration No. 15-03482 (Mar. 18, 2016). According to the claim, the customer was not consulted before transactions were executed in her Newbridge account.
On June 19, 2017, another customer filed an investment related arbitration claim pertaining to Magarelli’s conduct in which the customer requested $84,000.00 in damages supported by allegations that the customer experienced undue losses on equities because of Magarelli’s actions at Newbridge Securities Corporation. Magarelli has been referenced in a customer initiated investment related arbitration claim which was settled for $109,000.00 in damages supported by allegations that the customer was placed into risky investments which failed to be suitable and which resulted in losses for the customer’s account. FINRA Arbitration No. 17-02215 (Sept. 7, 2018).
Magarelli’s employment with Newbridge was terminated on March 6, 2018.