Murray Bee Roark (also known as Pap Roark) of Dallas Texas a stockbroker currently employed by B. Riley Wealth Management (formerly known as Wunderlich Securities) has been identified in a customer initiated investment related arbitration claim where the customer sought $300,000.00 in damages founded on accusations that (1) the customer was inappropriately advised to purchase oil and gas securities and over the counter equities (2) transactions failed to be adequately supervised by the securities broker dealer (3) the customer’s account had been administered negligently (4) a fiduciary duty was breached and (5) the customer experienced undue losses because of Roark’s activities while employed by Wunderlich Securities. Financial Industry Regulatory Authority (FINRA) Arbitration No. 19-01197 (May 6, 2019).
FINRA Public Disclosure indicates that Roark is the subject of four more customer initiated investment related disputes pertaining to allegations of his bad business practices during the period in which the stockbroker had been employed by securities broker dealers including Wunderlich Securities, Morgan Keegan Company, RBC Dain Rauscher, Rauscher Pierce Refsnes Inc. and Dain Rauscher Inc.
Specifically, a customer filed an investment related complaint pertaining to Roark’s conduct in which the customer requested $9,000.00 in damages supported by allegations that when Roark had been employed by Rauscher Pierce Refsnes and Dain Rauscher, omissions had been made concerning transactions that were facilitated in the customer’s account by the stockbroker; and investment recommendations made by the stockbroker regarding over the counter equities were not suitable for the customer given the customer’s risk tolerance, investment objectives or overall circumstances.
In addition, a customer filed an investment related complaint in reference to Roark’s conduct where the customer sought $13,037.00 in damages based upon accusations that when Roark was associated with RBC Dain Rauscher, transactions were unsuitable given the customer’s investment profile; and mutual fund investment recommendations made by the stockbroker led the customer to experience unwarranted losses. Roark is also referenced in a customer initiated investment related complaint on September 4, 2007 in which the customer requested unspecified damages based upon allegations that margin was inappropriately utilized by the stockbroker to effect securities transactions in the customer’s account; trades were effected on an excessive basis and without the customer’s knowledge or consent; and a managed or WRAP account fee agreement was not suitable for the customer when Roark was associated with Morgan Keegan Company.
An additional customer initiated related arbitration claim concerning Roark’s activities has been resolved for $275,000.00 in damages founded on accusations that when Roark was employed by Wunderlich Securities, false or misleading statements had been made in regard to the terms and conditions of oil and gas securities, common or preferred stocks and over the counter equities products which had been sold to the customer; and the customer’s account contained an excessive concentration in those speculative investments which resulted in undue losses. (FINRA) Arbitration No. 16-00404 (Apr. 24, 2017).
Roark has been employed by B. Riley Wealth Management since July 12, 2011.
