Patrick Reid Murray of Sandusky, Ohio, a stockbroker formerly registered with UBS Financial Services, has been fined $5,000.00 and suspended for one month from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity because he engaged in outside business activities while registered with UBS Financial Services. Letter of Acceptance, Waiver, and Consent No. 2020065748801 (June 24, 2022).
According to the AWC, Murray founded Integrity Salt LLC, which was a company in the business of buying and selling rock salt. The regulator states that capital contributions had been made to the company by Murray. He also paid a vendor $1,000,000.00 on the company’s behalf.
The AWC states that Murray’s compensation from Integrity Salt totaled $78,704.00. He did not inform UBS Financial Services about his work with Integrity Salt, and he made inaccurate representations on a compliance questionnaire concerning his activities. Accordingly, FINRA found that Murray violated Rules 2010 and 3270.
Murray has been identified in five customer initiated investment related disputes concerning his conduct during the period that he was registered with securities broker dealers, including Citigroup Global Markets, Salomon Smith Barney Inc., and McDonald Investments Inc. FINRA Public Disclosure shows that Murray is referenced in a customer initiated investment related written complaint where the customer sought $20,000.00 in damages based upon allegations of the stockbroker’s unauthorized trading.
Another complaint concerning Murray’s activities was resolved for $15,000.00 in damages based upon accusations of unsuitable recommendations, churning, and excessive trading during the time that Murray was registered with McDonald Investments.
A different customer filed an investment related complaint involving Murray’s conduct in which the customer requested $100,000.00 in damages based upon allegations of inappropriate common and stock trades through Murray while he was associated with Citigroup Global Markets. Murray is also identified in a FINRA securities arbitration claim which was settled for $52,000.00 in damages based upon accusations of Murray’s unsuitable closed-end fund trades when he was registered with Citigroup Global Markets.
Murray was registered with UBS Financial Services between April 3, 2009, and October 15, 2021.
