The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Robert Murray. According to his publicly available FINRA BrokerCheck report, Robert Murray has been the subject of multiple customer disputes.

Robert Murray was a New York based securities broker. He worked in the securities industry for nineteen years. During his career, he was registered with nine different securities firms. He is no longer working as a registered securities broker in any fashion.

His Registrations

  • HD Brous & Co. (1998-1999)
  • Vanguard Capital (1999-2002, 2008-2009)
  • Benson York Group (2002-2006)
  • New Castle Financial Services (2006-2007)
  • Summit Brokerage Services (2009-2010)
  • Rockwell Global Capital (2010-2012)
  • Spartan Capital Securities (2012-2016)
  • Joseph Stone Capital (2016-2018)
  • SW Financial (2018)

The Allegations

  • In November 2004, a customer alleged that Robert Murray excessively traded their account and executed unauthorized trades. This case was settled for $23,715 in damages.
  • In December 2016, a customer alleged that Robert Murray charged them excessive commissions, excessively traded their account, recommended unsuitable investments, and converted their funds. This case went to arbitration where the customer was awarded $120,425 in damages.
  • In September 2018, a customer alleged that Robert Murray churned their account, recommended unsuitable investments, made material misrepresentations, and breached his fiduciary duty. This case is currently pending. The customer is seeking $6,645,956 in damages.

What Does This Mean?

One of the most notable allegations listed above was that Robert Murray churned his customers’ accounts. The most popular method that securities brokers are compensated for their services is by charging their customers a percentage of their principal investment every time they execute a transaction on their behalf. This percentage acts as the broker’s commission for brokering the trade. This method of compensation is what leads to churning. It causes many less than scrupulous securities brokers to believe that they can use fraudulent means to increase their own commissions–specifically that of excessive trading. Churning takes place when a securities broker excessively trades their customer’s account with the express intent of increasing their own commissions. This practice is incredibly harmful to the investor due to how much in fees it causes them to incur that gradually cause their principal investment to deteriorate beyond what they may see in investment returns.

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 Robert Murray, please contact Oakes & Fosher for a free and private consultation. We work on a contingency basis, which means there are no fees charged unless we collect for you.