FINRA barred securities broker Michael Edwin Magruder [CRD: 4579211, Orlando, Florida] and investors complained about him, based on public information reported on FINRA BrokerCheck. Magruder worked for Raymond James Associates Inc. from July 1, 2021 to August 2, 2024, and previously for Merrill Lynch from August 21, 2015 to July 2, 2021. See the following information to find out more about the disclosures related to Magruder’s conduct and regulatory infractions.
Specifically, on June 27, 2025, Financial Industry Regulatory Authority (FINRA) issued Case: 2022075862201 sanctioning Michael Magruder. Notably, FINRA alleged that Magruder failed to provide documents and information requested during a regulatory investigation.
This issue originated from an amended Form U5 submitted by Merrill Lynch on August 5, 2022, which disclosed an internal review regarding Magruder’s acceptance of a loan from a client. Supposedly, the loan occurred without the firm’s knowledge or approval. Subsequently, Raymond James Associates Inc. filed a Form U5 on August 2, 2024, stating that Magruder was discharged for violating firm policy because of the loan and for failing to update regulatory forms.
Supposedly, FINRA sent Magruder a Rule 8210 request on February 28, 2025. The request sought information and documents concerning whether Magruder obtained loans from investors without notifying or receiving approval from his firms. On May 13, 2025, Magruder submitted a response that was deemed incomplete and noncompliant. He acknowledged receipt of the request but confirmed he would not be submitting the required materials.
By failing to cooperate with the investigation and refusing to provide the requested documents, Magruder violated FINRA Rules 8210 and 2010. As a result, FINRA imposed a bar, which prevents him from associating with any FINRA member firm in any capacity.
Particularly, on June 12, 2025, a Raymond James Associates Inc. client filed a complaint about Michael Magruder. Allegedly, Magruder borrowed client funds and engaged in discretionary trading. As a result, the client allegedly sustained damages. Therefore, the client requested $686,552.00 in compensation from Raymond James Associates Inc. or Magruder.
Additionally, a client of Raymond James Associates Inc. contested Michael Magruder’s sales practices in FINRA Arbitration No. 25-01084 on May 29, 2025. Supposedly, Magruder borrowed client funds and failed to repay them. So, the client seeks compensation from Raymond James Associates Inc. or Magruder in this ongoing matter.
Are you concerned regarding investments you made with Michael Magruder? You should reach out to Soreide Law Group online or at (888) 760-6552 and consult with a securities attorney concerning a potential recovery. Soreide Law Group is experienced at recovering losses for investors located within the US. Also, the firm handles cases on a contingency fee arrangement and advances all costs. Magruder and brokerage firms Magruder worked for deny allegations of sales practice violations.
Steven Graham (CRD 1977736) denies the allegations in a pending customer claim filed on August 11, 2026. The disclosure names Western International Securities as the firm, and the claim involves corporate bonds. No arbitrator has ruled on it. His BrokerCheck report also lists a settled bond dispute and a federal court matter from earlier years.
A claim filed on September 11, 2024 names Thomas Hamlin (CRD 2208505) over a 10% Senior Unsecured Note in iCap Fund III. Every disclosure on his BrokerCheck report involves an iCap private placement and names Somerset Securities as the firm. Each one settled, and a settlement is not an admission of wrongdoing.
Peter Po's most recent settlement came on June 28, 2026, when a corporate bond claim settled for $40,000. Po (CRD 3106974) appears in several settled customer disputes over corporate and high-yield bonds. The disclosures name NI Advisors or California Securities as the firm, and each matter ended in a settlement, not a finding.
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