Robert John Murray of New York New York a stockbroker formerly registered with Spartan Capital Securities LLC is referenced in a customer initiated investment related arbitration claim in which ten customers collectively requested $6,645,956.00 in damages based upon allegations that (1) fiduciary duties owed to customers had been violated (2) misrepresentations had been made concerning investments (3) transactions failed to be suitable for customers and (4) their accounts were churned. FINRA Arbitration No. 18-03407 (Sept. 27, 2018).
Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that Murray has been identified in eight more customer initiated investment related disputes containing accusations of his violative conduct while employed by securities broker dealers including Spartan Capital Securities. In particular, a customer filed an investment related complaint concerning Murray’s activities in which the customer requested $159,404.39 in damages supported by allegations that trades failed to be suitable for the customer, and aggressive sales practices had been utilized to induce the options, stock and over-the-counter equities trades in the customer’s investment account.
Another customer filed an investment related complaint regarding Murray’s conduct on May 8, 2015 where the customer sought $11,000.00 in damages based upon accusations that trades were inappropriate and effected without permission; and the customer’s common and preferred stock and over-the-counter equities holdings had been churned. Murray is also the subject of a customer initiated investment related written complaint on July 11, 2016 in which the customer requested unspecified damages based upon allegations that options had been traded without the customer’s consent.
On January 10, 2017, another customer filed an investment related complaint involving Murray’s conduct where the customer sought $50,000.00 in damages supported by accusations that trades were executed in an excessive manner; transactions failed to be suitable for the customer; and the customer’s account was churned. FINRA Arbitration No. 17-00104. Murray is additionally subject of a customer initiated investment related arbitration claim in which the customer was awarded $105,000.00 in damages based upon Murray being found liable on the customer’s claims including violation of FINRA rules, negligent supervision, negligence, unsuitability, excessive commissions, excessive trading, securities fraud, and conversion of the customer’s funds. FINRA Arbitration No. 16-03605 (Aug. 24, 2018).
Murray’s registration with Spartan Capital Securities LLC has been terminated as of August 4, 2016. Between July 8, 2016 and August 7, 2018, Murray was employed by Joseph Stone Capital LLC. Between August 21, 2018 and November 9, 2018, Murray was associated with SW Financial.
