Patrick Murray Discloses Allegations Of Outside Business Activities

Soreide Law Group is investigating possible investor claims against securities broker Patrick Murray AKA Patrick Reid Murray [CRD#: 2007449, Sandusky, OH]. Evidently, FINRA sanctioned the securities broker, who worked for UBS Financial Services. Allegedly, Murray engaged in an undisclosed outside business activity. Here is a brief summary FINRA’s allegations against Murray.

FINRA Sanctions UBS Financial Services Securities Broker For Outside Business Activities

Evidently, on June 24, 2022, FINRA issued Case #: 2020065748801 sanctioning Patrick Murray for infractions. Specifically, FINRA imposed a one-month suspension and a $5,000 fine. Notably, FINRA alleged that Murray engaged in an undisclosed outside business activity.

Supposedly, from March 2018 to January 2019, while he was associated with UBS Financial Services Inc., Murray was involved in an outside business activity without giving prior written notice to the firm. Murray generated approximately $78,704.00 in compensation from the undisclosed business activity. Specifically, in March 2018, Murray, along with others, established a company to purchase and sell rock salt. Murray made capital contributions and, on at least one occasion, made vendor payments on behalf of the company. Murray failed to provide prior written notice of his involvement in the outside activities and falsely certified that he had complied with the firm's procedure concerning outside business activities. As a result, Murray violated FINRA Rules 2010 and 3270.

Patrick Murray Discloses Unsuitable Trading Allegations By Citigroup Global Markets Client

Also, a client of Citigroup Global Markets contested Patrick Murray’s sales practices by filing FINRA Arbitration #: 14-00330. Allegedly, Murray made unsuitable transactions. Supposedly, the closed-end funds which Murray sold or recommended had caused the client to sustain damages. Therefore, Citigroup Global Markets opted to settle the matter on April 27, 2015 by compensating the client in the amount of $52,000.

Citigroup Global Markets Investor Accuses Murray Of Sales Practice Violations

Also, a client of Citigroup Global Markets contested Patrick Murray’s sales practices, according to a complaint dated April 25, 2008. Allegedly, Murray committed sales practice violations. Supposedly, the stocks which Murray sold or recommended had caused the client to sustain damages. Therefore, the client asked for compensatory relief from Citigroup Global Markets or Murray in the amount of $100,000. However, this complaint was denied.

Salomon Smith Barney Investor Accuses Patrick Murray Of Unauthorized Transactions

Evidently, on October 23, 2001, a Salomon Smith Barney client filed a complaint about Patrick Murray. Namely, the client alleged that Murray made unauthorized transactions. Because of this, the client sustained damages on options. Therefore, the client requested compensation from Salomon Smith Barney or Murray. Evidently, this complaint was withdrawn.

Murray Discloses Unauthorized Transactions Allegations By McDonald Investments Client

Also, a client of McDonald Investments contested Patrick Murray’s sales practices, according to a complaint dated June 18, 2001. Allegedly, Murray made unauthorized transactions. Supposedly, the mutual funds which Murray sold or recommended had caused the client to sustain damages. Therefore, the client asked for compensatory relief from McDonald Investments or Murray in the amount of $20,000. However, this complaint was closed without further action.

Recent Employer Information

Patrick Murray worked for UBS Financial Services in Sandusky, OH, as a securities broker from April 3, 2009 to October 15, 2021.

Did UBS Financial Services Securities Broker Patrick Murray Cause You To Experience Damages?

Have you sustained damages because of securities broker Patrick Murray? If so, get in touch with Soreide Law Group at (888) 760-6552 and speak with a securities lawyer about a possible recovery of your investment losses. Soreide Law Group, who has effectively recovered money for investors in all 50 states, represents clients on a contingency fee basis and advances all costs. Murray and brokerage firms Murray was employed by deny any and all allegations of sales practice violations.