From SEC
Dear Jesse Hadaway: (I am only leaving my name in this response because Mr. Whitaker has already outed me in a prior post)
This is to confirm receipt of your complaint dated against Newbridge Securities Corp.. We have forwarded your complaint to the firm’s compliance department and asked that it respond directly to you, with a copy to our office. Please allow two to three weeks for this process to take place.
Our efforts to facilitate informal resolutions of complaints frequently succeed. In some cases, however, a firm may deny wrongdoing or it may remain unclear whether any wrongdoing occurred. If that happens, we cannot act as your personal representative or attorney. Instead, it will be for you to decide whether to pursue legal action on your own. Enclosed is information on steps you may wish to consider including arbitration and mediation, and sources of potential legal assistance. Please read these documents carefully. They describe your rights and important deadlines.
If you have any questions, please contact me.
Sincerely,
Amy Rosenthal
Investor Assistance Specialist
Office of Investor Education and Advocacy
U.S. Securities and Exchange Commission
(800) 732-0330
SEC.gov | HOME
Home | Investor.gov
www.twitter.com/SEC_Investor_Ed
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STEPS FOR PURSUING A COMPLAINT
Know your legal rights
You should know your legal rights and be prepared to take action on your own, even while waiting for the firm’s response. Federal and state securities laws allow you to start legal proceedings against those who may be engaged in wrongdoing. If you believe the firm’s response is inaccurate or incomplete, consider writing a second letter to the firm, laying out the problems with the firm’s response and including copies of documents that support your views.
Act promptly
Time restrictions, called “statutes of limitations,” require you to begin legal action promptly. For example, the federal securities laws require you to bring action within two years of the date you reasonably should have discovered the wrongdoing, but no later than five years from the date it occurred. If you sue any later, you may lose the right to recover. Limitations vary from state to state and may differ depending on whether you claim a violation of state law or federal law.
Use arbitration, if agreed to
When you opened your brokerage account, you probably agreed to use arbitration (and only arbitration) to settle all disputes with your broker or the firm. But even if you did not, you may choose to use arbitration to settle disputes. If you use arbitration, arbitrators will apply either a federal or state statute of limitations, depending on the nature of your claim. You generally cannot pursue an issue through arbitration if it is more than six years old. For older cases, you will probably want to consult with an attorney. When deciding whether to arbitrate — or, if it is a choice, to sue in court — bear in mind that if your broker or brokerage firm goes out of business or declares bankruptcy, you might not be able to recover your money — even if the arbitrator or court rules in your favor.
Learn about low-cost arbitration
If you use Financial Industry Regulatory Authority and your claim is $50,000 or less, you generally will not have to appear in person at a hearing and an arbitrator will make a decision on your case by reviewing documents and written descriptions of what happened from you and your broker. You should carefully review the rules governing simplified arbitration before filing a claim. To obtain information about arbitration procedures, please go to:
A vibrant market is at its best when it works for everyone. | FINRA.org. Again, you should weigh the costs of arbitrating against the likelihood of being able to collect any award, especially if the brokerage firm has left the industry or gone bankrupt. Firms that stay in business typically pay the arbitration awards levied against them, but defunct firms may not.
Consider Mediation
Mediation is also an option you should consider before going to arbitration. Mediation allows you to save time and money because it is quicker than arbitration and voluntary. If you can’t reach an agreement through mediation, you can still go to arbitration. To learn about mediation, please go to:
A vibrant market is at its best when it works for everyone. | FINRA.org.
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Correspondent Name: Mr. Jesse Hadaway
Create Date: 4/15/2023
Origin: Web
File #: HO::~01298510~::HO
Send to Entity: Yes
Investor Information
Name: Jesse G Hadaway
Address:
Day Phone:
Alt Phone:
Fax:
Email:
Entity Information
Name: Michael L Whitaker And Associates
Type: Investment Advisor/Financial Planner
Representative: Michael L Whitaker (Newbridge Corporation
Address: 3251 Wedgewood LN
The Villages, FLORIDA 32162-7179
Security Information
Name:
Symbol:
Type:
Description:
First off I am 80 years old and have been dealing with Michael L Whitaker and Associates for several years. My wife is 72 years old and also has been dealing with Michael L Whitaker and Associates for several year. When we first went to Michael L Whitaker to be our financial advisor we stated, in no mistakable words, that we did not want to be in any investments that were risky due to our ages and net worth. Michael L Whitaker assured us that he was a Fiducary and would always look out for our interest. We did purchase several annuities from his agency, through Connie Cruz, and he suggested several other, what he described as low risk, stocks and companies to invest in. For a few years everything appeared to go as we expected and then Michael L Whitaker started suggesting other stocks and investments that he recommended and were low risk. These turned out to be high risk, yet Mr. Whitaker kept saying that they were not. We lost over $100,000 in short order. He even put us in GWG, a now bankrupt company, after we voiced concern, he kept encouraging us to stay with them even after they missed two mandatory reporting quarter. He assure us they still had plenty of money and that we would get back all of our investment when they completed the bankruptcy filling. GWG now is looking more like a Ponzi scheme and was never suitable for clients in our age range and financial state. Michael L Whitaker and Associates is failing to live up to his obligations and duties to clients and continues to deny putting us in risky investments. Mr. Whitaker also denies acting as a fiduciary. My son who invested about $20,000 with Michael L Whitaker, also told low risk, did well until Michael put his investment in a very high-risk stock. This was done even after my son told him to contact me before moving anything. He did not follow orders.