Michael Edwin Magruder (also known as Michael Magruder), of Orlando, Florida, a stockbroker registered with Raymond James Associates Inc., was the subject of a customer initiated investment related complaint that was settled on August 23, 2024, for $189,259.57 in damages based upon allegations that Magruder borrowed customer funds when Magruder was associated with Raymond James Associates Inc.
This is not the first time that Magruder has been the subject of a customer initiated investment related dispute concerning allegations of his conduct in the securities industry. Financial Industry Regulatory Authority (FINRA) Public Disclosure shows that on October 28, 2024, a customer initiated investment related complaint involving Magruder’s conduct was settled for $30,000.00 in damages based upon allegations that Magruder failed to follow instructions and borrowed customer funds when Magruder was associated with Raymond James Associates Inc.
On January 31, 2025, Magruder was suspended by FINRA because Magruder failed to comply with an arbitration award or to respond to a FINRA request to provide information. Arbitration No. 24-01654. The award was issued to Raymond James Associates Inc.
On July 3, 2024, Raymond James Associates Inc. discharged Magruder based upon allegations that Magruder failed to follow firm procedures concerning customer loans, and failed to comply with firm policies requiring updates to his Form U4.
Magruder was associated with Raymond James Associates Inc. in Orlando, Florida from July 1, 2021 to August 2, 2024.
