Updated on: February 27, 2023
Investment Losses at Orion Wealth or Newbridge Securities? Contact KlaymanToskes
National investment fraud lawyers KlaymanToskes is investigating Orion Wealth Management CEO Antoine Devon Shamlee (CRD# 4750442) after the stockbroker, registered with Newbridge Securities, received two investor complaints alleging over $250,000 in collective investor damages.
According to FINRA BrokerCheck, Shamlee has two disclosed investor complaints. The most recent complaint was filed in January, 2023, and alleges failure to supervise, respondeat superior, negligence, breach of contract, and violation of industry rules. The complaint is pending and alleges investor damages of $224,462. A second investor complaint alleged unauthorized trades in Apple (NASDAQ: AAPL) and related options transactions which ultimately settled in favor of the investor.
If you suffered investment losses with Antoine Devon Shamlee at Orion Wealth Management and/or Newbridge Securities, contact attorney Lawrence L. Klayman, Esq. immediately at 866-460-4991 or by email at lklayman@klaymantoskes.com for a free and confidential consultation to discuss recovery options.
Who is Antoine Devon Shamlee?
Antoine Devon Shamlee (CRD# 4750442)
- Shamlee has served as Chief Executive Officer (“CEO”) of Orion Wealth Management since 2016 and has been registered with Newbridge Securities Corp. since 2016.
- Shamlee’s previous registrations include the expelled firm Caldwell International Securities from 2013 to 2016 in Nassau, The Bahamas (This firm was expelled by FINRA in 2017).
- Shamlee was also previously registered with the expelled firm Meyers Associates, L.P. from 2012 to 2013 in New York, NY. (This firm was expelled by FINRA in 2018).
Red Flags of Newbridge Securities’ Executive Officers
Several of Newbridge Securities Corporation’s direct owners and executive officers have notable red flags disclosed on their (linked) FINRA BrokerCheck reports. Investors can learn more about their advisor and brokerage firm through FINRA BrokerCheck – a free tool provided by the Financial Industry Regulatory Authority that discloses broker’s licensing, employment history, and most importantly, public disclosures.
Scott Howard Goldstein (CRD# 1630008)
Current General Partner and Barred Broker/Ex-CEO
- 3 regulatory disclosures, 2 customer complaints:
- Violation of NASD rules 2110 and 3010, FINRA’s Department of Enforcement alleged Goldstein, as his member firm’s Chief Executive Officer (“CEO”) failed to adequately supervise his member firm’s Chief Compliance Offices (CCOs) and Anti-Money Laundering Compliance Officers (AMLCOs) and knew, or should have known of substantive violations of FINRA rules and the potential inadequacy of firm compliance personnel.
(Fine of $100,000 and Suspension for One Year)
- Violations of section 8A of the Securities Act of 1933 and sections 15(B) and 21c of the Securities Act of 1934, the Securities and Exchange Commission alleged that Goldstein used a member firm’s market making capacity to manipulate shares of stocks while associated as a registered representative with a member firm. The commission further alleged that the firm and representative participated in the unregistered distribution of securities.
(Fine of $79,000 and Permanent Bar)
- Violation of NASD rules 2110 and 3010, FINRA’s Department of Enforcement alleged a member firm, acting through Goldstein, failed to establish, maintain, and enforce a reasonable supervisory system with a view towards preventing high pressure sales tactics, unauthorized trading, misrepresentations or omissions, and unwarranted price projections.
(Fine of $10,000 and Suspension for One Month)
- Investor alleged securities recommendations were not suitable for a 70 year old man
(Settled for $31,500)
- Investor alleged unsuitable transactions and misrepresentation losses of $6,910.74 plus monetary claims for unrealized losses, commissions, margin interest, etc. in excess of $10,000
(Settled for $14,000)
Thomas Joseph Casolaro (CRD# 1812805)
Chairman and President at Newbridge Securities Corporation
- 4 customer complaints, 1 additional public disclosure:
- Investor alleged failure to supervise in his capacity as “CEO” of the firm.
(Settled for $55,000)
- Investor’s family alleged unsuitable trades after the investor’s death.
- Investor alleged unsuitability, churning, misrepresentation, and failure to supervise
(Settled for $37,500)
- Investor alleged suitability and failure to follow client instructions
Alan Bruce Levin (CRD# 3073530)
Director of Accounting and Finance at Newbridge Securities Corporation
- 1 regulatory disclosure:
- FINRA violation of rule 2010 and NASD rule 3110: FINRA’s Department of Enforcement alleged Levin, as his member firms’ FINOP, allowed two brokerage firms to conduct securities business while net capital deficient and he failed to file the requisite net capital and early warning notifications for the firms. Levin caused the firms to file inaccurate financial and operational combined uniform single focus reports and to maintain inaccurate books and records. Levin also caused one of the firms to file an inaccurate annual audit.
(Fine of $10,000 and Suspension for 10 Business Days)
Victor Manuel Robles (CRD# 4490918)
FINOP/Chief Financial Officer/Principal Financial Officer
- 1 regulatory disclosure:
- Violation of NASD rule 2110 and SEC rules 15C3-1(E)(1)(I) and (II) of the Securities and Exchange Act of 1934, FINRA’s Department of Enforcement alleged Robles’ member firm made uncertain unsecured loans to its parent that exceeded the parameters set forth in SEC rules 15C3-1(E)(1)(I) and (II).
(Fine of $10,000 and Suspension for 5 Business Days)
How Can I Recover My Losses?
If you suffered investment losses with Antoine Devon Shamlee or any of the financial advisors at Newbridge Securities Corporation’s Boca Raton, FL branch you are encouraged to contact Lawrence L. Klayman, Esq. at (888) 997-9956 or lklayman@klaymantoskes.com to discuss recovery options.
KlaymanToskes works on a contingency basis, meaning we do not collect attorney’s fees unless we obtain a financial recovery for you.
About KlaymanToskes
KlaymanToskes is a leading national securities law firm which practices exclusively in the field of securities arbitration on behalf of retail and institutional investors throughout the world in large and complex securities matters. The firm has recovered over $250 million in FINRA arbitrations and over $350 million in other securities litigation matters. KlaymanToskes has office locations in California, Florida, New York, and Puerto Rico.
Contact
KlaymanToskes, P.A.
Lawrence L. Klayman, Esq.
888-997-9956
lklayman@klaymantoskes.com
www.klaymantoskes.com
