Marty Batstone (CRD#: 2171601), formerly a registered representative with Newbridge Securities Corporation (CRD#: 104065) in San Diego, California, is currently under investigation by FINRA. On August 16, 2019, the Financial Industry Regulatory Authority, recommended that disciplinary action be brought against him. FINRA alleges that Marty Batstone violated FINRA Rules 2150 and 2010 by allegedly stealing customer funds, according to his BrokerCheck record accessed on September 25, 2019. Marty Batstone is not currently registered with FINRA.
This is not the first time that Marty Batstone has found himself at the center of an inquiry into his conduct as a broker. On June 30, 2015, he became involved in a customer dispute in which a claimant alleged “breach of duty by allegedly failing to affirm client’s beneficiary designations in writing [which] made former spouse unable to collect distributions upon client’s death, contrary to client’s instructions to registrant.” The matter was eventually settled for $55,000 in San Diego Superior Court.
In 2010, Marty Batstone entered into an Acceptance, Waiver and Consent (AWC) with FINRA, consenting to a ten-day suspension. Marty Batstone allegedly sold equity-indexed annuities issued by companies of which he was not an appointed agent. He was suspended from associating with any FINRA member firm from March 5, 2010 to April 16, 2010. This is not the only time he found himself in a dispute over annuities. A customer dispute filed on April 11, 2007 alleged that a client “instructed advisor to purchase an annuity. Client received funds from annuity purchase, but lost interest in the year it was not invested.” The client requested $5,400 in damages and the matter was settled for the same sum. In his broker comment on BrokerCheck, Marty Batstone writes, “Client invested in a REIT and an annuity. REIT business was rejected by Ameriprise as the version of the REIT was closed to new business. Annuity was purchased. Ameriprise reimbursed the client $5400 in lost opportunity for one year’s interest on $90,000 investment.”
Over his 26-year career in the securities industry, Marty Batstone worked for seven broker-dealers:
- Newbridge Securities Corporation (CRD#: 104065) of San Diego, California
- Crown Capital Securities, L.P. (CRD#: 6312) of San Diego, California
- Independent Financial Group, LLC (CRD#: 7717) of San Diego, California
- QA3 Financial Corp. (CRD#: 14754) of San Diego, California
- Ameriprise Financial Services, Inc. (CRD#: 6363) of San Diego, California
- IDS Life Insurance Company (CRD#: 6321) of Minneapolis, Minnesota
- Thomas James Associates, Inc. (CRD#: 15609) of Rochester, New York – FINRA expelled the firm on March 1, 1999
If you’ve worked with Marty Batstone or have questions about your investments, don’t hesitate to contact the experienced securities of Fitapelli Kurta. Call (877) 238-4176 or email email@example.com for your free consultation.