Michael Patrick Murphy of New York New York the Chief Executive Officer of Columbus Advisory Group Ltd. is the subject of a customer initiated investment related arbitration claim where the customer requested $22,500,000.00 in damages supported by accusations that the customer had been placed in direct participation program or limited partnership interests that were not suitable for the customer given the customer’s tolerance for risk or objectives for investing. Financial Industry Regulatory Authority (FINRA) Arbitration No. 18-04186 (Dec. 31, 2018).
FINRA Public Disclosure reveals that Murphy is referenced in seven additional customer initiated investment related disputes containing allegations of his violative conduct during the time that he was associated with Columbus Advisor Group Ltd. and Murjen Financial Inc., Olympia Asset Management Ltd. and Corporate Securities Group. Particularly, a customer filed an investment related complaint involving Murphy’s activities in which the customer requested $24,000.00 in damages founded on accusations that unauthorized over-the-counter equities transactions were effected in the customer’s account.
Murphy then became subject of a customer initiated investment related arbitration claim where the customer was awarded $13,750.00 in damages based on Murphy being found liable on the customer’s claims of unauthorized stock trades being effected in the customer’s account causing the customer to incur financial losses. National Association of Securities Dealers (NASD) Arbitration No. 05-03091 (Nov. 3, 2005). On July 24, 2008, another customer initiated investment related complaint regarding Murphy’s conduct was resolved for $60,000.00 in damages based upon allegations that the customer was not provided adequate information concerning the risks of equities that were held in the customer’s account which led the customer to experience investment losses.
Further, on June 18, 2008, a customer initiated investment related complaint concerning Murphy’s activities was settled for $300,000.00 in damages supported by accusations of unwarranted losses on the customer’s stock positions. On March 10, 2009, another customer filed an investment related complaint involving Murphy’s conduct in which the customer requested $255,290.00 in damages founded on allegations that false or misleading statements had been made to the customer concerning fees charged in the customer’s investment account.
In addition, a customer initiated investment related arbitration claim concerning Murphy’s conduct was resolved for $900,000.00 in damages based upon accusations that stock and over-the-counter equities trades were executed in the customer’s account on an excessive basis. FINRA Arbitration No. 09-06448 (May 20, 2011).
Murphy has additionally been fined $9,000.00 and suspended from associating with any National Association of Securities Dealers (NASD) member supported by allegations that while Murphy was associated with Murjen Financial Inc., Murphy failed to supervise a broker who, inter alia, made excessive trades in a customer’s account and provided inappropriate investment recommendations to a customer. Letter of Acceptance Waiver and Consent No. CL1030028 (Dec. 8, 2003). NASD found Murphy’s conduct violative of NASD Rules 3010, 2860 and 2110.
Murphy has been registered with Columbus Advisory Group Ltd. since September 8, 2003. Since June 15, 1995, Murphy has been associated with eight different broker dealers, six of which have been expelled by securities regulators for violation of federal securities laws or are otherwise defunct.
