gavel on money

Stephen Allen Murray of Palm Beach Gardens Florida a stockbroker associated with Raymond James Financial Associates has been suspended from associating with any FINRA member in any capacity supported by allegations that the stockbroker neglected to comply with an  arbitration award filed against him by Raymond James. FINRA Case No. 18-02556 (Apr. 2, 2019).

This is not the first time that Murray has been the subject of a regulatory action based upon accusations of his misconduct in the securities industry. FINRA Public Disclosure reveals that Murray has already been barred from associating with any FINRA member in any capacity based upon accusations that the stockbroker failed to respond to the regulator’s request for information. FINRA Case No. 2017054614801 (Aug. 7, 2018). Murray was issued a Notice of Suspension letter on May 4, 2018 and a Suspension from Association letter on May 29, 2018. He neglected to cooperate with FINRA’s requirements to resolve that suspension by the August 6, 2018 deadline resulting in an automatic bar on August 7, 2018.

Murray is referenced in seven customer initiated investment related disputes containing allegations of his wrongdoing while associated with securities broker dealers including Morgan Keegan Company LLC and Raymond James. FINRA Public Disclosure reveals that a customer initiated investment related arbitration claim involving Murray’s conduct resulted in the customer being awarded $9,000.00 in compensatory damages based upon findings of bad Modular Computer Systems Inc. stock transactions. Another customer initiated investment related complaint concerning Murray’s activities was resolved for $10,000.00 in damages founded on accusations that mutual fund and stock trades were executed in excessive amounts during the time that Murray was employed by Morgan Keegan Company and Raymond James Associates Inc. The claim also alleged unwarranted losses on corporate debt investments and direct investments.

Murray is also referenced in a customer initiated investment related arbitration claim which was settled for $60,000.00 in damages supported by allegations that a fiduciary and contractual duty that was owed to the customer had been breached by Murray through his activities at Raymond James Associates between 2010 and 2017. FINRA Arbitration No. 17-01223 (Dec. 14, 2017). According to the claim, negligence on the stockbroker’s part had caused the customer’s losses. Transactions were allegedly executed in the customer’s account by Murray without consent. The claim also alleges that the customer’s account had been churned and that transactions failed to be suitable or compliant with FINRA rules.

Murray’s registration with Raymond James has been terminated as of February 23, 2018.