FINRA Fines and Suspends Former Newbridge Securities Advisor

The Financial Industry Regulatory Authority suspended and fined a former Newbridge Securities Corporation advisor, Richard S. Siminou, for excessively trading two customer accounts.

Between January 2017 and January 2018, Siminou allegedly engaged in excessive and unsuitable trading in the account of a 68-year-old customer residing in the United Kingdom and a 64-year-old customer residing in Finland.

According to FINRA, the customers routinely followed Siminou’s recommendations and had average month-end equity of approximately $40,800 and $15,000 for 12 months, respectively.

Despite, this Siminou recommended purchases to the UK-based client with a total principal value of approximately $351,000, which resulted in an annualized turnover rate of more than eight and an annualized cost-to-equity ratio in excess of 29% that resulted in $11,875 commissions and fees.

Similarly, Siminou recommended purchases to the Finnish client with a total principal value of approximately 157,000, resulting in an annualized turnover rate in account over 10 and an annualized cost-to-equity ratio of more than 34% that generated $5,146 in commissions and fees.

Siminou consented to a four-month suspension from associating with any FINRA member in all capacities, a $5,000 fine and restitution of $17,021, plus interest.

According to BrokerCheck, Siminou was with Newbridge Securities for 10 years before they filed a uniform termination notice, terminating his registration on February 21, 2019. He was most recent registered with Kingswood Capital Partners and Kingswood Wealth Advisors.

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