Securities Lawyers Blog
According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) broker Stephen Murray (Murray) has been subject to seven customer complaints, two financial disclosures or tax liens, and one regulatory action. Murray was formerly employed by Raymond James & Associates, Inc. (Raymond James) prior to his bar from the financial industry. Many of the customer complaints against Murray concern allegations of high frequency trading activity also referred to as churning, unauthorized trading, and unsuitable investments.
In May 2018 FINRA barred Murray after he failed to respond to FINRA’s requests for documents and information concerning his activities.
In May 2017 a customer filed a complaint alleging churning unauthorized trading, negligence, and breach of fiduciary duty. The claim alleged $100,000 in damages and settled.
In addition, Murray has two financial disclosures concerning debts and tax liens. This information has been found to be material for investors to have because an advisor who cannot manage his own finances is a relevant factor for investors to consider. In addition, a broker in financial distress may be influenced to recommend high commission products or strategies.