Nicholas Michael Giallourakis, Broker with Newbridge Securities Corporation, Named in Customer Dispute Alleging Various Forms of Misconduct

INVESTORS: Newbridge Securities Corporation broker Nicholas Michael Giallourakis was named in a customer dispute alleging he recommended unsuitable investments, among other forms of misconduct.

Nicholas Michael Giallourakis (CRD: 4496285) has been registered as a broker with Newbridge Securities Corporation since 2016. Previously, Giallourakis was registered as a broker with VSR Financial Services from 2004 until 2016.

Giallourakis has four disclosures on his BrokerCheck report.

July 2022 Customer Dispute

Status: Pending

Allegations: Suitability, Breach of Fiduciary Duty, Failure to Supervise, Breach of Contract, Fraud and Violation of FINRA Rule 2210.

Broker Comment: I  deny all allegations in this claim. Many, if not all, of these allegations do not apply to my clients specific situation.

October 2015 Customer Dispute

Status: Settled

Allegations: Alleged unsuitable investments, breach of fiduciary duty, common law fraud, breach of contract, and violation of FL Securities Act. Activities dated from December 2008 -2015.

Damage Amount Requested: $55,000.00

Settlement Amount: $14,000.00

Broker Comment: Representative is not a named party in this arbitration, and as a result was not able to participate in the decision to settle with the client. The firm reached a settlement agreement with this client to avoid the cost and inconvenience of litigation for all parties involved and to provide an amicable solution to this matter. This settlement should not be construed in any way as an admission of liability or fault in this matter. The representative and the firm maintain their actions have been free and clear of any wrongdoing.

August 2013 Customer Dispute

Status: Settled

Allegations: Alleged unsuitable investments, negligence, breach of fiduciary duty, and breach of contract. Activities dated from January 2006-April 2008.

Damage Amount Requested: $300,000.00

Settlement Amount: $23,266.00

Broker Comment: The firm reached a settlement agreement with his client to avoid the cost of inconvenience of litigation for all parties involved. It should be obvious by the settlement amount compared to the damage amount requested that this litigation was without merit. The client and his legal team cherry-picked specific investments to claim as unsuitable investments, negligence, and breach of contract. I feel confident that a simple examination of the clients’ entire investment portfolio performance over a period of almost 10 years would show that they were properly invested and enjoyed substantial returns over that time. When looking at the entirety of the clients investments, the clients left with much more money than with which they started.

June 2013 Customer Dispute

Status: Settled

Allegations: Alleged breach of fiduciary duty, misrepresentation and non disclosure, negligence, breach of contract, and unjust enrichment. Activities dated 12/2005-06/2009

Settlement Amount: $180,000.00

Broker Comment: Representative is not named a party in this arbitration. The firm reached a settlement agreement with this client to avoid the cost and inconvenience of litigation for all parties involved and to provide an amicable solution to this matter. This settlement should not be construed in any way as an admission of liability or fault in this matter. The representative and the firm maintain their actions have been free and clear of any wrongdoing.

The Sonn Law Group is currently investigating allegations surrounding Nicholas Michael Giallourakis. We represent investors in claims against negligent brokers and brokerage firms. If you or your loved one experienced investment losses, we are here to help. For a free consultation, please call us now at 866-827-3202 or complete our contact form.