Philip Gibson Involved in GWG Disputes
Philip Gibson (CRD# 2905474), formerly a broker registered with Newbridge Securities, acted negligently in recommending investments in GWG, according to customer disputes. MDF Law is investigating the former Boca Raton, Florida-based financial professional for similar conduct. If your accounts suffered losses, call our law firm for a free consultation.
To learn more about the disputes involving Mr. Gibson, continue reading this post. The information below is sourced from his BrokerCheck record, a Financial Industry Regulatory Authority profile reviewed on September 24, 2024.
Pending GWG Disputes Allege Reg BI Violations
Two parties of investors filed disputes involving Mr. Gibson in May 2024. Both disputes allege that he breached his fiduciary duty, failed to uphold his supervisory obligations, engaged in negligence, breached contract, and violated Regulation Best Interest with regard to investments in GWG Holdings. The claims, which are still pending, seek unspecified damages.
Firm Settled Past Alternative Investment Dispute
On April 28, 2022, another investor lodged a dispute alleging that Mr. Gibson breached contract, engaged in negligence and negligent supervision, violated securities laws, and committed fraud with regard to alternative investments. In July 2023 his member firm settled the dispute for $65,000.
Philip Gibson Denied Allegations in Settled Dispute
Mr. Gibson issued a statement regarding the dispute that settled in 2023, according to his BrokerCheck record. In this statement, he “vehemently” denied the allegations and asserted that, based on information available to him at the time, the investment recommendation “was entirely suitable” for the customer. “The Firm made a business decision to resolve this matter,” he concluded, “without any admission of liability whatsoever, in order to avoid the costs and distraction of further proceedings.”
Regulatory Sanction against Newbridge Securities
In 2017, the New York State Department of Financial Services named Mr. Gibson as an “additional respondent” in a regulatory action against Newbridge Securities Corporation. As a disclosure on his BrokerCheck record notes, the sanction concerned an “inadvertently late report of a prior regulatory action” against the firm. Mr. Gibson, it notes further, was named “solely in his capacity as the designated producer for the insurance business,” but was not involved in the underlying alleged conduct.
FINRA: Gibson Last Registered in Boca Raton
Philip Gibson started his career as a broker in 1997, when he registered with Joseph Charles & Associates’ office in Boca Raton, Florida. He went on to work with a variety of firms over the course of his career, including Bluestone Capital and Sands Brothers. He most recently registered with Newbridge Securities Corporation’s office in Boca Raton from 2001 until 2024. With 26 years of experience as a broker, he has completed five industry of exams and has not registered as a broker since departing Newbridge in March 2024.
Understanding GWG L Bonds
Investment Complaints? Call MDF Law for a Free Consultation
MDF Law’s team of seasoned investment fraud attorneys has recovered more than $100 million in lost funds for investors. If you have concerns regarding products recommended by Philip Gibson, contact our team to discuss your options. Our lawyers offer free consultations across the US. Your time to file an arbitration claim may be limited, so call 800-767-8040 to speak with our team today.