Customer Files Suit Against Laidlaw For Churning Account

David Michael Murray (CRD#: 1870050, New York, New York) is a prior registered representative of Laidlaw & Company (UK) LTD. According to Murray’s Financial Industry Regulatory Authority (“FINRA”) BrokerCheck profile, his sales practices have been contested by customers on four occasions. The disputes concern customers of Laidlaw and HD Brous & Co., Inc. Customers of Murray have accused him of being liable for, inter alia, misrepresentation, churning and fraud.

Customer Accused David Michael Murray Of Churning

May 15, 2018 Arbitration

On May 15, 2018, a Laidlaw customer filed FINRA Arbitration #18-01736 in regards to Murray’s sales practices. Particularly, the customer claimed that from 2015 to 2017, Murray made unsuitable stock trades in the customer’s investment account. In addition, the customer also alleged that Murray made unauthorized trades in the customer’s account, and churned the customer’s investment portfolio. Because of the alleged unsuitability, unauthorized trading and churning, the customer requested $157,588.00 in damages. This matter has yet to be resolved.

April 16, 2001 Complaint

H.D. Brous & Co., Inc. received a complaint from a customer on April 16, 2001. That customer contended that Murray misrepresented the equities investments purchased in the customer’s account. As a result of the alleged misrepresentation, the customer demanded $46,744.65 in damages. H.D. Brous & Co., Inc. denied the customer’s allegations on June 11, 2001.

March 20, 2011 Civil Action

A customer of H.D. Brous & Co., Inc. filed Civil Action #00-00514 VAP against Murray on March 20, 2011 in the U.S. District Court for the Central District of California. According to the customer, Murray was liable for breaching a contract arrangement and breaching a fiduciary duty owed to the customer. Also, the customer indicated that Murray stole the customer’s money and engaged in fraudulent activities. Further, the customer claimed that the firm and Murray negligently transacted in the customer’s account. After considering the fraud allegations, H.D. Brous & Co., Inc. decided on March 20, 2011 to pay the customer $79,452.00. And the record shows that Murray personally contributed to the settlement.

March 31, 1999 Complaint

On March 31, 1999, a customer of H.D. Brous & Co., Inc. filed a complaint in regards to Murray’s sales practices. The customer accused Murray of engaging in the unauthorized trading of the customer’s investments. Apparently, Murray placed stock trades without the customer’s consent. Records show that on April 8, 1999, H.D. Brous & Co., Inc. resolved those allegations by paying the customer $21,000.00.
Murray was employed by Laidlaw from January 3, 2014 to August 11, 2017. He became a registered representative of Worden Capital Management LLC (New York, New York) on August 1, 2017. Murray’s past employers include Meyers Associates, L.P. (2012 to 2014), Buckman, Buckman & Reid, Inc. (2012), Worden Capital Management LLC (2011 to 2012) and Mercer Capital Ltd. (2008 to 2009).

If you have suffered losses by investing with David Michael Murray or another broker that sold you investments that were unreasonable, call (888) 760-6552 for a free consultation with Soreide Law Group’s experienced counsel. Our firm has recovered millions of dollars for investors who have been victim to broker and brokerage firm misconduct. We represent clients on a contingency fee basis and advance all costs.