Switch to ADA Accessible Theme
Close Menu
Free Consultation: 888-976-6111

FINRA Bars Monmouth Broker Dennis Murphy: Suitability Allegations

Former Red Bank, New Jersey broker Dennis Murphy (CRD# 4840274) was recently the subject of a disciplinary action by the Financial Industry Regulatory Authority concerning allegations of potentially unsuitable trading. Previously a representative of Monmouth Capital Management, he was barred from associating with FINRA member firms.

According to a Letter of Acceptance, Waiver, and Consent (No. 2019064639701) dated May 2020, Dennis Murphy was associated with Monmouth Capital Management as a General Securities Representative and a General Securities Principal from July 2018 until his voluntary resignation in 2019. He was also registered with that firm as a Compliance Officer from October 2018 until his resignation. In April 2020, during its investigation into Monmouth Capital Management’s “supervision of potentially unsuitable trading,” FINRA sent him a request to provide on-the-record testimony, as it is empowered to do by FINRA Rule 8210, which also states that no person shall fail to provide testimony pursuant to that rule. FINRA’s findings go on to state that he acknowledged in telephone calls in April 29, 2020 and May 12, 2020 that he had received FINRA’s request to provide testimony, but that he would not be providing the requested testimony “at any time.” FINRA found that this refusal violated FINRA Rules 8210 and 2010. As a result of the foregoing alleged conduct, he was barred from associating with any FINRA member firm.

His BrokerCheck report also lists one pending customer complaint against him. Filed in September 2019, the complaint alleges that as a representative of Woodstock Financial Group, he engaged in “excessive and unnecessary trading on margin with no downside,” made false and misleading statements, misrepresented material facts, breached his fiduciary duty, committed statutory and common law fraud, recommended unsuitable investments, acted negligently, churned investments in the account, executed unauthorized trades, and generated excessive commissions. The complaint alleges damages of $21,982.

Dennis Murphy is currently not registered as a broker. His previous registrations include Monmouth Capital Management, Woodstock Financial Group, Chelsea Financial Services, Brookstone Securities, First Midwest Securities, Brecek & Young Advisors, VFinance Investments, JP Turner & Company, Janney Montgomery Scott, and Commerce One Financial. He has passed four securities industry qualifying examinations and his BrokerCheck report lists zero state securities licenses. (Information current as of May 28, 2020.)

Facebook Twitter LinkedIn
Contact Us For A Free Case Evaluation
Latest Blog Posts
  • FINRA Bars Ex-LPL Broker Patrick Coogan: “Reckless Misrepresentation”

    Former Baton Rouge, Louisiana-based LPL Financial broker Patrick Coogan (CRD# 4576580) has been barred by the Financial Industry Regulatory Authority...

    Read More
  • Lazaros Coss: FINRA Bars Los Angeles Broker

    Lazaros Coss (CRD# 6476885), previously a broker registered with Northwestern Mutual Investment Services, was recently the subject of a disciplinary...

    Read More
  • Tim Hetrick: Boise Broker Sanctioned Over Alleged Forgeries

    Former US Brokerage broker Tim Hetrick (CRD# 2048466) has been sanctioned by the Financial Industry Regulatory Authority (FINRA) in connection...

    Read More
  • Steve Lu: Ex-JP Morgan Broker Investigated and Barred by FINRA

    Steve Lu (CRD# 6856088), previously a representative of JP Morgan in Altadena, California, has been sanctioned by the Financial Industry...

    Read More
  • Previous
  • Next