FINRA Bars SW Financial Stockbroker In Boilerroom Investigation
Robert John Murray (also known as Bob Murray) of Melville New York a stockbroker associated with SW Financial has been barred by Financial Industry Regulatory Authority (FINRA) from associating with any FINRA member in any capacity supported by allegations that the stockbroker neglected to respond to the regulator’s request for information. FINRA Case No. 2019061942401 (Dec. 16, 2019).
According to FINRA Public Disclosure, Murray was barred according to Rule 9552(h). At first Murray was suspended on October 7, 2019 for his failure to comply with FINRA’s request. By December 15, 2019, Murray failed to request that his suspension be lifted by the regulator. Murray was automatically barred the following day.
FINRA Public Disclosure reveals that Murray has been referenced in nine customer initiated investment related disputes concerning accusations of his improprieties when he was associated with securities broker dealers including Spartan Capital Securities LLC and Benson York Group. On September 28, 2016, a customer filed an investment related complaint in reference to Murray where the customer sought unspecified damages based upon accusations that options transactions were effected without approval by the customer during the period in which Murray was associated with Spartan Capital Securities.
Murray is referenced in another customer initiated investment related arbitration claim in which the customer requested $50,000.00 in damages based upon allegations that trades were effected on an excessive basis by the stockbroker in the customer’s Spartan Capital Securities account. FINRA Arbitration No. 17-00104 (Jan. 31, 2017). According to the claim, the customer’s investment account was churned by the stockbroker. The claim also alleges that over-the-counter equities transactions effected by Murray were not suitable for the customer.
On August 24, 2018, another customer initiated investment related arbitration claim concerning Murray’s activities resulted in the customer being awarded $105,000.00 in compensatory damages founded on Murray and Spartan Capital Securities being found liable for causing the customer’s losses. FINRA Arbitration No. 16-03605. According to the claim, the customer’s account was traded on an excessive and unauthorized basis by Murray to generate commissions from the customer. The claim also alleges that the customer was defrauded and that Murray’s actions had been negligently supervised by Spartan Capital Securities.
On September 27, 2018, another customer filed an investment related arbitration claim pertaining to Murray’s conduct in which the customer requested $6,645,956.00 in damages supported by allegations that a fiduciary duty had been breached by Murray while he was registered with Spartan Capital Securities. FINRA Arbitration No. 18-03407. The claim alleges unsuitability and misrepresentations by the stockbroker concerning stock transactions effected in the customer’s account. According to the claim, the customer’s account was also churned.
Murray’s registration with Spartan Capital Securities has been terminated as of August 4, 2016. The stockbroker was associated with Joseph Stone Capital between July 8, 2016 and August 7, 2018. He was registered with SW Financial between August 21, 2018 and November 9, 2018.