Richard Siminou, Formerly with Newbridge Securities Corp., Suspended by FINRA

NEW YORK, NY

Did you lose money with financial advisor Richard Siminou from New York, New York?  The securities and investment fraud law firm of Israels & Neuman is looking into claims made by FINRA, against Richard Siminou, who was a representative of Newbridge Securities Corp.  In August 2023, he was suspended by FINRA for four months, fined $5,000, and ordered to pay $17,021 in restitution to effected customers.

According to his BrokerCheck Report and the FINRA AWC (linked below), it was alleged that Siminou engaged in excessive trading between January 2017 and December 2018 while he was affiliated with Newbridge Securities Corp.  One customer’s account had a turnover of 8 with a cost-to-equity ratio of 29 percent; another customer’s account had a turnover of 10 with a cost-to-equity ratio of 34 percent.  An account with a cost-to-equity ratio of 29% means that the account had to earn a 29% profit just to break even from the costs of trading.

Richard Siminou was with Newbridge Securities Corp. from 2008 to February 2019.  He had also been with Benchmark Investments, Kingswood Capital, and Cape Securities since February 2019.  Siminou, who has also been the subject of two other customer complaints, worked in New York City.

Our investment fraud law firm represents investors throughout the country, including investors in New York.  We have previously represented investors against Newbridge Securities Corp.

If you lost money with Richard Siminou or Newbridge Securities Corp., please Contact Us at 206-795-5798 for a free evaluation of your case.

View BrokerCheck Report for Siminou, R. HERE

View FINRA AWC for Siminou, R. HERE