Sign of the Financial Industry Regulatory Authority

Stephen Allen Murray of Palm Beach Gardens, Florida, a stockbroker formerly employed by Raymond James & Associates, Inc., has been suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded on allegations that he failed to provide FINRA with a response to the regulators’ request for Murray’s information. FINRA Case No. 2017054614801 (May 29, 2018).

FINRA Public Disclosure reveals that on May 4, 2018, FINRA sent Murray notification of his suspension, in which Murray was told that he would be suspended in all capacities effective May 29, 2018. FINRA also notified Murray that if he sought the termination of his suspension, he had to provide the requisite information to the regulator by August 6, 2018; otherwise he would be found in default according to FINRA Rule 9552(h) and barred in all capacities by August 7, 2018.

FINRA Public Disclosure confirms that Murray has been identified in seven customer initiated investment related disputes containing accusations of Murray’s misconduct while employed with Raymond James & Associates, Inc., Morgan Keegan & Company, Inc., Dean Witter Reynolds, Inc., Banc of America Investment Services, Inc. and Morgan Stanley DW, Inc.

In particular, on January 28, 2001, a customer filed an investment related complaint involving Murray’s activities where the customer requested $60,000.00 in damages based upon allegations that unsuitable mutual fund transactions had been placed in the customer’s account. Subsequently, a customer initiated investment related arbitration claim concerning Murray’s activities was settled for $23,000.00 in damages supported by accusations of poor advice and misrepresentation pertaining to equity transactions executed in the customer’s account. FINRA Arbitration No. 11-00207 (Nov. 7, 2011).

Thereafter, on October 18, 2013, a customer initiated investment related claim concerning Murray’s conduct was resolved for $10,000.00 in damages founded on allegations of excessive trading pertaining to mutual funds, stocks, corporate debt and direct investment products. Moreover, a customer initiated investment related arbitration claim involving Murray’s activities was settled for $60,000.00 in damages based upon accusations including: breach of contract; breach of fiduciary duty; negligence; unauthorized trading; churning; and violations of FINRA Rules 2111, 2130, 2330, 2310 and 2110. FINRA Arbitration No. 17-01223 (Dec. 14, 2017).

Murray’s registration with Raymond James & Associates, Inc. ceased on February 23, 2018.

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