The Investor’s Watchdog

The Investor's Watchdog

New Jersey Registered Representative Consents to Bar for Refusing to Appear for Testimony Regarding Associated Firm Supervision of Potentially Unsuitable Trading

Wednesday, June 3, 2020

The Financial Industry Regulatory Authority (FINRA) Department of Enforcement recently barred former registered representative Dennis Murphy for violating FINRA Rules 8210 and 2010 by refusing to provide on-the-record testimony.

Murphy has been associated with numerous FINRA member firms since obtaining his broker license in 2004. Within the last ten years, Murphy was associated with First Midwest Securities, Inc. in New York City  (November 2008 to June 2010) and Brookstone Securities, Inc. (June 2010 to January 2011), Chelsea Financial Services, Inc. (January 2011 to June 2013) and Woodstock Financial Group, Inc. (May 2013 to January 2018), all located in Staten Island, New York. Most recently, from July 2018 to May 2019, Murphy was associated with Monmouth Capital Management LLC (MCM) in Red Bank, New Jersey.

According to the Letter of Acceptance Waiver and Consent approved by FINRA on May 18, 2020, FINRA requested that Murphy appear for on-the-record testimony in relation to an investigation concerning MCM’s supervision of potentially unsuitable trading. Through phone calls with FINRA staff, Murphy acknowledged that he received FINRA’s request and will not appear for testimony at any time. Thus, Murphy violated FINRA Rules 8210 and 2010.

By signing the AWC, Murphy consents to a bar from association with any FINRA member firm in all capacities.

If you lost money due to bad advice from your broker, call us (1-877-410-8172) for a free consultation. We may be able to help.

 

Author: Jason T. Albin

Jason Albin is an Attorney and Partner at ChapmanAlbin, the investor rights law firm. He has represented hundreds of investors who have lost money due to broker misconduct, unsuitable investment advice and fraud.​ Jason also represents individuals in “whistleblower” suits filed against unscrupulous companies that try to defraud the US federal and state governments.

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