Goodman & Nekvasil P.A., May Recover Your Investment Losses – Brent Morgan Porges (Brent Porges) Suspended from Securities Industry
Brent Porges has been licensed with Meyers Associates, L.P., Newbridge Securities Corporation and Craig Scott Capital, LLC. Brent Porges was suspended from the securities and investment banking industry indefinitely by the Financial Industry Regulatory Authority (FINRA) in May 2017. FINRA reports that Brent Porges failed to comply with an arbitration award or settlement agreement or to satisfactorily respond to a FINRA request to provide information concerning the status of compliance.
Prior to this FINRA action, the SEC brought a disciplinary action against Brent Porges. Brent Porges was ordered to cease and desist, censured and fined $25,000. FINRA reports that Craig Scott Capital used email addresses other than those with the firm’s domain name to electronically receive more than 4,000 faxes from customers and other third parties. According to FINRA, these faxes routinely included sensitive customer records and information, such as customer names, addresses, social security numbers, bank and brokerage account numbers, copies of driver’s licenses and passports, and other customer financial information. According to FINRA, Brent Porges, as the firm’s principal, used his personal email address for matters relating to the business of the firm. Finally, according to FINRA, the firm did not maintain and preserver either these faxes or this email correspondence as required by Section 17(a) of the Exchange Act and Rule 17a-4 thereunder.
FINRA reports that Brent Porges was named a respondent in a FINRA complaint alleging that Brent Porges failed to establish, maintain and enforce a reasonable supervisory system, including WSPs, to prevent excessive trading and churning in customer accounts by brokers of his member firm. The complaint alleges that despite numerous “red flags” of excessive trading and churning, Brent Porges did little to nothing to ensure that the firm brokers were making recommendations that were quantitatively suitable for their customers or to prevent churning of customer accounts. The complaint also alleges that Brent Porges lied, under oath, and in written responses to FINRA requests for information made about the existence of audio recordings and the firm’s provision of recording equipment to brokers to record their conversations with customers. FINRA reports that FINRA sought to obtain those recordings in order to fully investigate the sales practice abuses taking place at the firm and Brent Porges repeatedly falsely denied their existence.
FINRA also reports that three arbitration claims were filed alleging churning, suitability, unauthorized trading, negligence, breach of fiduciary duty, breach of contract, misrepresentation, violation of the Florida Securities and Investor Protection Act, failure to supervise, violation of Florida’s Adult Protective Services Act, quantum meruit, violation of the Federal Securities Act, common law fraud and/or other allegations. These claims involving Brent Porges’ conduct with Craig Scott Capital did not settle and proceeded to final hearing. Brent Porges was found to be jointly and severely liable in each of these cases, and customers were granted awards of $338,454, $252,193.83, and $161,970.50 in compensatory and/or punitive damages. A fourth arbitration claim involving Brent Porges’ conduct with Craig Scott Capital was settled for $178,500.
FINRA reports that an arbitration claim involving Brent Porges’ conduct with Craig Scott Capital is currently pending. This arbitration claim seeks $900,000 in damages.
If you lost any money on investments with Brent Porges while Brent Porges was employed with Craig Scott Capital, Meyers Associates, L.P., and/or Newbridge Securities Corporation, you may be able to recover your losses from Craig Scott Capital, Meyers Associates, L.P., and/or Newbridge Securities Corporation. This is because Craig Scott Capital, Meyers Associates, L.P., and Newbridge Securities Corporation had a duty to supervise Brent Porges.
If you lost money on investments with Craig Scott Capital, Meyers Associates, L.P., and/or Newbridge Securities Corporation and believe that the investments may have been unsuitable or otherwise improper for you, we would like to discuss the possibility of your retaining our firm to represent you in an arbitration action against Craig Scott Capital, Meyers Associates, L.P., and/or Newbridge Securities Corporation concerning Brent Porges’ conduct. There is no charge for an evaluation of your case. Further, we handle our cases on a contingency fee basis. This means that unless we recover money for you, we charge no attorney’s fee. Unless you recover any money, you pay us nothing, not even the costs and expenses which the firm will advance on your behalf.
Kalju Nekvasil, Esq., formerly regional counsel with the NASD, now known as FINRA, has practiced in this area of the law for more than 35 years. Our firm has recovered more than $300 million for victimized investors. If you lost money on investments with Brent Porges and would like your case evaluated by a securities attorney (again, there is no charge for an evaluation and all cases are handled on a purely contingency fee basis), please contact us.
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