Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) indicate that broker/advisor Dennis James Murphy (CRD # 4840274) was recently barred from the securities industry by FINRA’s Department of Enforcement. The sanction occurred as a result of an investigation into the supervision of potentially unsuitable trading. The Law Office of Kevin J. Deloatch, Esq. is interested in speaking to investors who have complaints regarding Mr. Murphy.
Registration Background for Dennis James Murphy
Mr. Murphy first became registered in the securities industry in 2004 and was most recently registered with Red Bank, NJ based Monmouth Capital Management LLC (CRD # 290248) from July 2018 to May 2019. His prior registrations include Woodstock Financial Group, Inc. (CRD# 38095) from May 2013 to January 2018 and Chelsea Financial Services (CRD# 47770) from January 2011 to June 2013.
FINRA’s Allegations against Dennis James Murphy
FINRA’s investigation led to Mr. Murphy entering into a Letter of Acceptance, Waiver and Consent (AWC) with FINRA on May 18, 2020. According to the AWC, Mr. Murphy consented to, without either admitting to or denying, the following findings by FINRA’s Department of Enforcement:
- “On April 3, 2020, in connection with an investigation concerning [Monmouth Capital Management’s] supervision of potentially unsuitable trading, FINRA staff sent a request to [Mr. Murphy] for on-the-record testimony pursuant to FINRA Rule 8210”;
- “As stated during his telephone calls with FINRA staff on April 29, 2020 and May 12, 2020, and by this agreement, Respondent acknowledges that he received FINRA’s request and will not appear for on-the-record testimony at any time”; and
- “By refusing to appear for on-the-record testimony as requested pursuant to FINRA Rule 8210, [Mr. Murphy] has violated FINRA Rule 8210 and FINRA Rule 2010.”
FINRA Sanctions Dennis James Murphy
As a result of such violations and in addition to the above described findings and conclusions, FINRA’s May 18, 2020 AWC also indicates that Mr. Murphy consented to the following sanction:
- A bar from association with any FINRA member firm in any capacity.
Dennis James Murphy has a History of Complaints
In addition to the findings of FINRA’s Department of Enforcement, FINRA BrokerCheck for Mr. Murphy reveals he has a history of customer complaints and/or arbitrations including but not necessarily limited to the following:
- On January 13, 2016 a customer initiated a written complaint alleging Mr. Murphy engaged in churning, excessive trading and unauthorized transactions, while registered with Woodstock Financial Group. The customer alleged damages in the amount of $100,000.00. The complaint was denied on March 4, 2016.
- On August 14, 2012 a customer initiated a written complaint alleging Mr. Murphy failed to follow instructions and poor performance, while registered with Chelsea Financial Services. The customer alleged damages in the amount of $7,500.00. The complaint was denied on August 21, 2012.
- On September 20, 2019 a customer initiated an arbitration in which Mr. Murphy was named while associated with Woodstock Financial Group. The customer alleged damages in the amount of $21,982.00 for excessive and unnecessary trading on margin, false and misleading statements, misrepresentation, breach of fiduciary duty, statutory and common law fraud, unsuitability, negligence, churning, unauthorized trading and excessive commissions. The arbitration is currently pending.
If you or someone you know has or had a brokerage account with Mr. Dennis James Murphy and have concerns regarding losses in your investments or possible sales practice violations including fraud, you may be entitled to recover lost funds. The Law Office of Kevin J. Deloatch, Esq. has an extensive securities law practice and over 30 years of experience on Wall Street. Call today at (646) 792-2156 for a free consultation. The time to file your claim may be limited so you should call today to avoid delay.