- November 18, 2018
- Broker Discipline
- Raymond James
The Wolper Law Firm is currently investigating claims against Stephen Murray, a former Financial Adviser at Raymond James in Palm Beach Gardens, FL. Stephen Murray has been in the securities industry since the 1970s and has worked for Morgan Keegan & Co.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on May 4, 2018, FINRA barred Stephen Murrary from associating with any brokerage firm after it was alleged that he converted client assets. Specifically, the FINRA order states:
“Pursuant to FINRA Rule 9552(h) and in accordance with FINRA’s Notice of Suspension and Suspension from Association letters dated May 4, 2018, and May 29, 2018, respectively, on August 7, 2018, Murray is barred from association with any FINRA member in all capacities. Respondent failed to request termination of his suspension within three months of the date of the Notice of Suspension; therefore, he is automatically barred from association with any FINRA member in all capacities.”
Stephen Murray has a history of customer complaints and employment events. Prior to being barred, Stephen Murray was the subject of ten customer complaints for alleged sales practice violations, including the following:
• May 2017—”CLIENT ALLEGES CHURNING, UNAUTHORIZED TRADING; NEGLIGENCE, VIOLATION OF FINRA RULES 2110, 2310, 2130, 2330 AND 2111, BREACH OF CONTRACT, AND BREACH OF FIDUCIARY DUTY. ACTIVITY DATE IS: 6/2010 THRU 4/2017.” The matter was settled for $60,000.
• February 2011—”THE CUSTOMERS ALLEGE MISREPRESENTATION AND UNSUITABLE INVESTMENT RECOMMENDATIONS.” The matter was settled for $11,000.
• January 2001—”INVESTMENT IN MUTUAL FUND INAPPROPRIATE FOR CLIENT.” The alleged damages were $60,000.
For a full copy of Stephen Murray’s disclosure report, click
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.
The Wolper Law Firm is interested in speaking with clients of Stephen Murray as part of its investigation. We can be reached at 800.931.8452 or by email at firstname.lastname@example.org. The Wolper Law Firm represents investors nationwide in securities litigation and arbitration on a contingency fee basis. Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters.