The law firm of Oakes & Fosher is presently investigating the possible misconduct of securities broker Lawrence Murphy. According to his publicly available FINRA BrokerCheck report, Lawrence Murphy has been the subject of multiple disputes.

Lawrence Murphy is a New Jersey based securities broker. He has worked in the securities industry for thirty-four years. During his career, he has been registered with eight different securities firms.

His Registrations

  • Nathan & Lewis Securities (1984-1991)
  • Pheonix Equity Planning Corporation (1991-1993)
  • WS Griffith Securities (1993-2004)
  • Metropolitan Life Insurance Company (2004-2007)
  • MSI Financial Services (2004-2016)
  • AXA Advisors (2008)
  • Equity Services (2016)
  • International Assets Advisory (2016-Present)

The Allegations

  • In September 2016, a customer alleged that Lawrence Murphy engaged in fraud, handled their account negligently, and breach his fiduciary duty. This case was settled for $635,000.
  • In May 2018, Lawrence Murphy was sanctioned by FINRA for alleged providing nonpublic, personal information of customers at his member firm to his son, who had been terminated by Lawrence Murphy’s member firm, and had been associated with a new securities firm. Murphy allegedly provided his son with the files of almost ninety of his son’s former customers. This information included account numbers, social security numbers, and birthdays. Due to the allegations against him, he was fined $7,500 and suspended by FINRA for a period of twenty days. Lawrence Murphy had been terminated from his position at MSI Financial Services two years prior due to these alleged actions.

Breach of Fiduciary Duty

Securities brokers, like Lawrence Murphy, have an obligation to their customers to always act in their best financial interests. This obligation is also known as their fiduciary duty. This duty is why the relationship between brokers and investors even exists. Investors would not be able to leave their money with another individual, if they did not trust that individual with it. This only exists because securities brokers are bound by their duty to always take care of their customers’ interests. Securities brokers who breach this duty work toward the erosion of that trust.

Oakes & Fosher Can Help

Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who have lost money in this fashion  may actually be entitled to damages.

Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Lawrence Murphy, please contact Oakes & Fosher for a free and private consultation. Oakes & Fosher handles cases on a contingency basis, which means there are no fees charged unless we collect for you.