Expelled Broker Dennis Murphy Allegedly Made Excessive, Unsuitable Trades

Soreide Law Group is investigating whether to bring investment related complaints or lawsuits against Monmouth Capital Management securities broker Dennis James Murphy (CRD#: 4840274, Red Bank, New Jersey). Namely, FINRA issued the most severe of sanctions – a bar – to Murphy in May 2020. This all but removes Murphy as a securities broker for any major securities firm in the United States. Not only that, but three or more clients filed disputes about him. These disclosures indicate that Murphy might have sold unsuitable and misrepresented investments to clients. Here’s more.

FINRA Bars Dennis Murphy In May 2020

Notably, the securities broker agreed for FINRA to bar him in order to resolve allegations that he did not cooperate and submit to its requests while under investigation. It seems that FINRA investigated suitability of trades at Monmouth Capital Management. FINRA’s investigation also comes after clients complained about Murphy’s sales practices. Murphy was supposed to testify under oath in regard to the suitability of trades. Murphy basically told FINRA that he would not testify. For refusing to testify, Murphy was barred effective May 18, 2020.

Woodstock Client’s Complaint About Murphy Breaching Fiduciary Duty, Churning Account

FINRA BrokerCheck shows that Dennis Murphy worked for Woodstock Financial Group in Staten Island, New York from 2013 to 2018. One of the Woodstock Financial Group clients who Murphy interacted with had filed a dispute about him. Namely, the client stated that Murphy made excessive and unnecessary trades. Not only that, but Murphy might have misled the client and provided false information which impacted the client’s investment decisions.

Moreover, the client suggested that Dennis Murphy was responsible for the churning and unauthorized trading in the client’s account. It appears that Murphy’s trading was bad altogether, and that he placed his interests ahead of the client’s interests, breaching a fiduciary duty. For these reasons, the client demanded $21,982 from Woodstock Financial Group or Murphy in this ongoing matter.

Dennis Murphy Supposedly Makes Unauthorized, Excessive Trades In Client’s Account

In addition, a client of Woodstock Financial Groups brought a dispute about Dennis Murphy in January 2016. First of all, the client indicated that Murphy was churning and excessively trading in the client’s account. Secondly, Murphy supposedly made unauthorized transactions. The client seems to have experienced losses on OTC equities because of Murphy’s sales practices. However, this matter was denied.Lars Soreide AVVO 2020 Top Lawyer

Losses From Dennis Murphy’s Negligence?

Have you sustained losses by investing with securities broker Murphy? If you have, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel concerning a potential recovery of your investment losses. Soreide Law Group provides representation to clients on a contingency fee basis and advances costs. The law firm has recovered millions of dollars for clients who have experienced losses due to misconduct of securities brokers like Murphy.