Source Capital broker, Russell W. Newton of Westport, Connecticut, was recently suspended from the financial industry and fined.
According to Russell W. Newton’s FINRA BrokerCheck Report, on July 14, 2014, Russell W. Newton was suspended from the financial industry for 20 days and fined $10,000 for failing to supervise several brokers out of the Bowling Green, Kentucky office. According to the Letter of Acceptance, Waiver and Consent (AWC) two brokers at the branch made misstatements in sales pitches to potential customers in order to induce them into investing with Argyle Securities.
Two regulatory actions are currently pending with the Financial Industry Regulatory Authority (FINRA) against Russell W. Newton. Both claim Russell W. Newton made material misrepresentations and failed to disclose risks of an investment to customers.
In 2001 the Utah Division of Securities fined Russell W. Newton $25,000 for failing to supervise brokers who were selling unregistered securities in the state.
In 2000 the Florida Division of Securities and Investor Protection fined Russell W. Newton $30,000 for operating an unregistered office, Merit Capital Associates, Inc. in Florida.
In 1999 Russell W. Newton was fined $180,000 for paying approximately $167,500 in commissions to brokers who were statutorily disqualified from working in the financial industry.
If you or someone you know has lost money investing in Russell W. Newton or Source Capital, call the attorneys at Fitapelli Kurta at 877-238-4175 now for your free consultation. You may be able to recover your losses.
Our cases are taken on a contingency fee basis, which means we do not get paid unless you recover money.
Time is of the essence, so do not delay. Call 877-238-4175 to speak to an attorney for free.