Dennis James Murphy of Red Bank New Jersey a stockbroker formerly employed by Woodstock Financial Group has been identified in a customer initiated investment related arbitration claim where the customer sought $21,982.00 in damages founded on accusations of the customer being defrauded on over-the-counter equities trades effected by Murphy when he was associated with Woodstock Financial Group. Financial Industry Regulatory Authority (FINRA) Arbitration No. 19-07234 (Sept. 20, 2019).
According to the claim, over-the-counter equities had been traded on margin in an excessive and unsuitable manner by Murphy. The customer’s account was purportedly churned by Murphy resulting in excessive commissions being assessed by the stockbroker. Misleading and false statements had ostensibly been made by Murphy in regard to these trades. The claim also alleges that a fiduciary duty owed to the customer was breached with the customer having been defrauded.
This is not the first time that Murphy has been referenced in a customer initiated investment related dispute pertaining to allegations of his bad business practices in the securities industry. FINRA Public Disclosure indicates that Murphy is also referenced in a customer initiated investment related complaint in which the customer requested $7,500.00 in damages supported by allegations of the customer incurring unreasonable losses because of Murphy’s trading of aggressive investments and for his disregard of the investment instructions voiced by the customer during the period in which Murphy was employed by Chelsea Financial Services.
On March 4, 2016, another customer filed an investment related complaint in reference to Murphy’s conduct where the customer sought $100,000.00 in damages based upon accusations that trades were effected by Murphy without the customers’ knowledge or consent when the stockbroker was associated with Woodstock Financial Group. According to the complaint, Murphy excessively traded and churned the customer’s account.
Murphy’s registration with Woodstock Financial Group has been terminated as of January 29, 2018. Between July 25, 2018 and May 16, 2019, Murphy was registered with Monmouth Capital Management LLC.
