Woodstock’s Dennis Murphy Allegedly Churned An Investor’s Account

Investor Alert! The Financial industry Regulatory Authority (“FINRA”) reports that three investors have brought formal disputes seeking compensatory relief because of the allegedly bad sales practices of securities broker Dennis Murphy (CRD#: 4840274, Staten Island, New York). The securities broker worked for firms including Chelsea Financial Services (January 3, 2011 to June 6, 2013), Woodstock Financial Group, Inc. (May 14, 2013 to January 29, 2018) and Monmouth Capital Management LLC (July 25, 2018 to May 16, 2019). Investors’ disputes suggest that Murphy made unauthorized and unsuitable trades and even churned investment accounts. Read on to learn more about the serious allegations which suggest that Murphy is responsible for investors’ losses.

Woodstock Financial Group Client Indicates That Dennis Murphy Made Unsuitable, Misrepresented Trades

A client of Woodstock Financial Group brought FINRA Arbitration #: 19-07234 on September 20, 2019. First of all, the client alleged that Dennis Murphy made excessive OTC equities trades. Supposedly, Murphy did not take into consideration the client’s interests and traded mainly to make commissions. Not only that, but the client claimed that Murphy misrepresented information in connection with the OTC equities trades, misleading the client. Next, the client suggested that Murphy’s trading failed to align with the client’s goals, risk tolerance or overall circumstances. Moreover, Murphy supposedly traded without first possessing authorization or consent from the client. For these reasons, the client demanded $21,982 in this pending matter.

Murphy Allegedly Makes Excessive Trades And Churns Client’s Account

On January 13, 2016, a Woodstock Financial Group client filed a formal complaint about Dennis Murphy. Mainly, the client alleged that Murphy excessively traded OTC equities and churned the client’s account. It is possible that Murphy traded based on the commissions he would receive, failing to consider the client’s interests. In addition, the client alleged that Murphy made trades that the client did not approve of. Because of this, the client demanded $100,000 in compensation. However, this matter closed without resolution on March 4, 2016.

Chelsea Financial Services Client Indicates Dennis Murphy Failed To Follow Instructions

Dennis Murphy discloses on FINRA BrokerCheck that in 2012, a client of his at Chelsea Financial Services contested his actions. Notably, the client suggested that Murphy did not follow the client’s instructions in connection with OTC equities transactions. Apparently, the client’s investments poorly performed. For this reason, the client asked for compensation. However, the claim closed without resolution.

Lars Soreide Highest Ethical Standard Award 2018

Lars Soreide Highest Ethical Standard Award 2018

Have you experienced losses by purchasing bad investments because of Dennis Murphy? If so, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel about a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The law firm has recovered millions of dollars for clients who have suffered losses due to misconduct of brokers and brokerage firms.