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Brookville Capital Partners (BCP)

Background Information

Brookville Capital Partners promotes itself as a leading boutique investment firm providing wealth management and investment banking services to corporate clients and high new worth individuals. Located in Melville, NY, with a branch office in New York City, BCP has been in business since 2000 and changed its name from New Castle Financial Group in 2007. As of May 8, 2105, BCP’s membership with FINRA has been canceled for failure to pay outstanding fees of over $500,000.

Regulatory Violations

During its short time in existence, Brookville Securities Partners has been the subject of several regulatory investigations which have resulted in disciplinary actions by regulators.

Rhode Island and Massachusetts Seeking Penalties for Churning Elderly Investor’s Account

In pending charges, BCP and two of its brokers are accused of causing losses of over $1.5 million to an elderly investor. They allegedly “churned” the account and concealed the amount being charged in commissions. Both Massachusetts and Rhode Island are seeking to bar BCP and the two brokers from the securities industry in those states. One of the brokers formerly worked at Stratton Oakmont, Inc., the firm that was the subject of the film “The Wolf of Wall Street”.

Failure to Comply with Heightened Supervisory Agreements for Agents Registered in New Jersey

In 2011, New Jersey fined BCP $10,000 for failing to comply with at least two heightened supervisory agreements executed as a condition of registration for those agents in the state of New Jersey. They also failed to report any customer complaint instituted against those agents.

FINRA Fines and Sanctions – Brookville Capital Partners

Brookville Capital Partners (CRD #102380, Melville, New York) submitted a Letter of Acceptance, Waiver and Consent in which the firm was fined and censure $500,000 and ordered to pay over $1 million plus interest in restitution for defrauding customers in connection with the sale of a private placement offering by a convicted felon. The individual who had effected transactions on behalf of the private placement as its CEO and managing director had been sanctioned by the SEC for securities fraud and convicted in Florida a felony. These facts were not disclosed to any of the customers solicited to invest in the offering. FINRA found that the firm failed to conduct adequate due diligence of the offering and lacked a reasonable basis to believe the recommendation of the private placement could be suitable for any investor. FINRA also found failure to supervise in connection with the private placement offering. (FINRA Case #2012030968601)

Brookville Capital Partners (CRD #102380, Melville, New York) submitted a Letter of Acceptance, Waiver and Consent in which the firm was fined and censured $200,000 for failing to establish and implement an adequate Anti-Money Laundering program, improperly facilitating the distribution of various unregistered securities, failing to disclose a convicted felon’s association with a private placement offering and engaging in improper telephone solicitations, making materially false representations and omitting material facts, among other deficiencies. (FINRA Case #2008011678303)

Silver Law Group

Silver Law Group is a nationally recognized securities and investment fraud law firm with Martindale-Hubbell® Peer Review Ratings™ “AV” rated lawyers that handle all securities arbitration matters on a contingency fee basis. The Law Firm, at no cost to investors will review account activity and account statements to determine whether there was any misconduct, whether there are damages and the legal causes of action. We investigate all sales practice violations, while taking into consideration the investor’s age, investment background, and the relationship between the investor and the brokerage firm and its financial advisor. According to securities industry rules and regulations, unsuitable investment advice, securities concentration, fraudulent misrepresentations and omissions of material facts, breach of fiduciary duty, conflicts of interest, variable annuity switching are among the causes of action that may be available to investors in claims for damages against brokerage firms and their financial advisors in a securities arbitration claim filed with the Financial Industry Regulatory Authority (FINRA). We represent investors in FINRA arbitration claims on a contingency fee basis.

To learn more call us at (954) 755-4799 or Toll Free at (800) 975-4345

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