Soreide Law Group has filed a FINRA arbitration on behalf of their clients (Claimants) against:
NEWBRIDGE SECURITIES CORPORATION and their registered representative, & JESSE D. KRAPF (Respondents)
The Claimants, a married couple in their 60s, allegedly began their relationship with the Respondents after receiving a cold call from NEWBRIDGE SECURITIES representative, JESSE D. KRAPF. The lawsuit alleges that NEWBRIDGE SECURITIES recommended unsuitable high-risk investments to the Claimants. JESSE D. KRAPF, under the supervision of NEWBRIDGE SECURITIES, allegedly allowed the two seniors to purchase unsuitable investments in large concentrations including, but not limited to, Energous Corp (WATT), Rite Aid Corp (RAD), Ampio Pharmaceuticals (AMPE), AK Steel (AKS), and PixarBio Corporation (OTC:PXRB) which was trading on the OTC markets of which now is defunct, and the principals have been indicted for fraud. The chief executive officer of PixarBio, Frank Reynolds and two associates, Kenneth Stromsland, chief information officer and vice president, and Principal M. Jay Herod of the Cambridge, Massachusetts-based PixarBio Corporation (OTC:PXRB) were arrested and charged with securities fraud.
The Claimants, both in their 60’s cannot afford to replace these devastating losses.
The lawsuit alleges that the Claimants transferred in quality stocks from their prior accounts, to only watch it drop by $500,000 in two positive years in the stock market. The lawsuit states that had the Claimants maintained their prior portfolio they would have had a six-figure gain and not half a million dollar loss. NEWBRIDGE SECURITIES allegedly failed to supervise the Claimants accounts, failed to build them a diversified growth oriented portfolio, failed to supervise their employees/agents, and sold unsuitable securities.
The lawsuit alleges that NEWBRIDGE SECURITIES CORPORATION and JESSE D. KRAPF’S actions have caused Claimants out of pocket damages of approximately $500,000.00.
The allegations in the lawsuit are: negligence, breach of fiduciary duty, and negligent supervision.
If you've experienced losses due to the actions or recommendations of broker, JESSE D. KRAPF and/or NEWBRIDGE SECURITIES CORPORATION, or if you also had financial losses with the same high-risk stocks, contact Soreide Law Group and speak to an experienced securities lawyer at no cost regarding the possible recovery of your investment losses through a FINRA arbitration at: 888-760-6552.
Soreide Law Group represents clients nationwide before FINRA. We operate on a contingency fee basis—no fee to you if no recovery.
Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.