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FINRA Sanctions Joseph Stone’s Mike Murillo: Unsuitable Trading
The Financial Industry Regulatory Authority sanctioned Mineola, New York financial advisor Mike Murillo (CRD# 4875997) over allegations of excessive and unsuitable trading. FINRA records show that the Joseph Stone Capital broker will be suspended from associating with any FINRA member firm in any capacity for a period of eight months.
According to a Letter of Acceptance, Waiver, and Consent (No. 2020066887901) issued in August 2022, Mr. Murillo engaged in excessive and unsuitable trading in five customer accounts between January 2015 and September 2019. His trades allegedly resulted in a cumulative $100,000 in commissions and other trade costs for the customers, while also resulting in cost-to-equity ratios of 25 to 58 percent. (A cost-to-equity ratio denotes the percent by which a customer’s account would have to grow annually to break even.) Noting that Mr. Murillo was previously suspended in 2011 for allegedly excessive and unsuitable trading, FINRA issued him an eight-month suspension and a fine of $5,000.
Mr. Murillo’s BrokerCheck report discloses two investor complaints. The most recent, filed in 2017, alleged that as a representative of Salomon Whitney Financial, he committed fraud, breached his fiduciary duty, and failed in his supervisory duties. In 2019 the complaint reached a settlement of $250,000.
A second investor complaint, filed in 2008, alleged that as a representative of Aura Financial Services, he failed to follow instructions, executed unauthorized transactions, and made misrepresentations of material information. In 2011 the complaint reached a settlement of $35,000.
According to the Financial Industry Regulatory Authority, Mike Murillo holds 17 years of securities industry experience. Based in Mineola, New York, he has been a broker and an investment advisor with Joseph Stone Capital since 2014. His past registrations include Salomon Whitney Financial (Farmingdale, New York; 2010-2014), Cape Securities (McDonough, Georgia; 2009-2010), Aura Financial Services (Islandia, New York; 2007-2009), Westpark Capital (Melville, New York; 2007), National Securities Corporation (Huntington, New York; 2005-2007), and Aura Financial Services (2005). His credentials include the passage of three securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63. He holds 22 state licenses. (Information current as of September 1, 2022.)
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