The Financial Industry Regulatory Authority (FINRA) reports important information about securities broker Miguel Angel Murillo (also known as Michael Murillo) (CRD: 4875997, New York, NY). Not only has Maryland sanctioned Murillo, but investors disputed the sales practices of the securities broker. However, Murillo denies the allegations. Read on to learn more about the allegations against Murillo.
Notably, on November 18, 2022, Maryland issued Case: BD20220363 sanctioning Miguel Angel Murillo for infractions. Specifically, the regulator terminated Murillo’s securities broker registration. Maryland cited a FINRA regulatory enforcement action as the cause.
Previously, on August 31, 2022, FINRA issued Case: 2020066887901, sanctioning Miguel Murillo for infractions. Specifically, Murillo was issued an eight-month suspension and a $5,000 fine. Notably, FINRA claims that Murillo engaged in excessive trading.
Mainly, FINRA indicates that from January 2015 to September 2019, during the time that he was associated with Joseph Stone, Murillo unsuitably and excessively traded 5 client accounts. Specifically, Murillo was involved in unsuitable trading that resulted in an annualized cost-to-equity ratio of roughly 30 percent and $17,000 in trade costs and commissions for one client’s account. In another client account, Murillo caused the client to place 35 trades that resulted in an annualized cost-to-equity ratio of over 47 percent in that account. The client also was forced to pay over $15,000 in trade costs and commissions. Murillo violated FINRA Rules 2010 and 2111 as a result.
Evidently, a client of Salomon Whitney Financial contested Miguel Murillo’s sales practices by filing Civil Suit: 17-CV-1745(WGY). Allegedly, Murillo or the securities firm acted unethically, acted in breach of fiduciary duty, and failed to supervise securities brokers. Supposedly, Murillo caused the client to sustain damages by investing in stocks. Therefore, Salomon Whitney Financial opted to settle the matter on May 10, 2019, by compensating the client in the amount of $250,000.
Additionally, an Aura Financial Services Inc. client filed a complaint about Miguel Murillo. Namely, the client alleged that Murillo failed to follow instructions, engaged in unauthorized trading, and made misrepresentations. Because of this, the client allegedly sustained damages by investing in over-the-counter equities. Therefore, on June 20, 2011, Aura Financial Services Inc. settled this matter by paying the client $35,000 in damages.
Evidently, on December 21, 2010, FINRA issued Case: 2008014728701 sanctioning Miguel Murillo for infractions. Specifically, Murillo received a twenty-day suspension and a $35,000 fine. Notably, FINRA claims that Murillo made unsuitable recommendations.
According to the Order, in 2008, during the time that he was associated with Aura Financial Services, Murillo made unsuitable recommendations. Supposedly, he did not have a reasonable basis for making those recommendations in light of the client’s finances and investment goals. Allegedly, as a result of Murillo’s recommendations, the client’s account value fell from $110,000 to roughly $822 by the end of 2008. The client was also charged $59,000 in commissions. As a result, Murillo violated FINRA Rule 2010 and NASD Conduct Rule 2110.
Miguel Murillo has worked for Joseph Stone Capital LLC in New York, NY, as a securities broker since November 24, 2014.
Have you experienced damages because of Miguel Murillo? If so, contact Soreide Law Group at (888) 760-6552 and speak with a securities attorney about a possible recovery of your investment losses. Soreide Law Group, who has successfully recovered money for hundreds of investors in the United States, can review your situation and explain your legal options. Also, the firm represents clients on a contingency fee basis and advances all costs. Murillo and brokerage firms Murillo worked for deny any and all allegations of sales practice violations.
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