Jeffrey Broten

Date:

November 19, 2020

Type of alert:

FINRA AWC  

Former general securities representative Jeffrey Broten recently consented to a bar from associating with member firms of the Financial Industry Regulatory Authority (FINRA) for failing to provide on-the-record testimony pursuant to FINRA Rules 8210 and 2010.

Broten has been associated with three New Jersey FINRA member firms within the past ten years, including: 1) National Securities Corporation in Tinton Falls from December 2009 to March 2018; 2) First Standard Financial Company LLC in Red Bank from February 2018 to August 2019; and 3) Newbridge Securities Corporation in Morristown from August 2019 to December 2019.

On September 24, 2020, FINRA Department of Enforcement sent a request to Broten to appear for on-the-record testimony. FINRA staff had been investigating Broten’s potentially unauthorized and unsuitable trading while associated with First Standard Financial. Broten refused to provide on-the-record testimony, thus violating FINRA Rules 8210 and 2010.

Without admitting or denying the allegations made against him, Broten consented to a bar from associating from any FINRA member firm in any capacity.

In February 2020, the New Jersey Bureau of Securities (NJBS) issued a Summary of Denial, Revocation and Penalty Order that revoked Broten’s state agent registration and imposed a $100,000 civil penalty. NJBS alleged that Broten engaged in “a pattern of…excessive, unsuitable and unauthorized trading activity in customer accounts” while he was registered at First Standard.

Broten’s FINRA BrokerCheck report also reveals numerous customer disputes and a $50,000 tax lien from 2017. The customer disputes whose settlements ranged between $57,000 and $87,000 alleged breach of fiduciary duty, unsuitability, excessive and unauthorized trading of stock, fraud, misrepresentation, negligence, breach of contract, and violation of NASD and NYSE Rules.

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