Kevin Patrick Murphy of Summit, New Jersey, a stockbroker with TGP Securities, Inc., was fined $10,000.00 and suspended for twelve months from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that he had engaged in unauthorized private securities transactions. Letter of Acceptance, Waiver and Consent, No. 2015043159501 (Jan. 11, 2016).
According to the AWC, from August through September of 2013, Murphy had engaged in private placements transactions amounting to $1,200,000.00. Murphy reportedly obtained two warrants which could be exercised in return for 300,000 of the issuer’s common shares, while also obtaining two of the issuer’s stock certificates which amounted to 600,000 shares of Series F stock.
Subsequently, Murphy reportedly sold his investments in return for $1,200,000.00, via a transaction involving a limited partnership and four other individuals. The AWC stated that the firm had prohibited stockbrokers such as Murphy from participation in the private securities transactions unless approval was received from TGP’s chief compliance officer or president.
FINRA found that Murphy had failed to gain approval and had additionally failed to provide TGP with written notice concerning the aforementioned transactions. FINRA found that Murphy had ultimately violated Rule 2010 and NASD Conduct Rule 3040 as a result of his conduct.
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