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Michael Murray: SEC Investigates NYC Laidlaw Advisor
New York City financial advisor Michael Murray (CRD# 5034449) is under investigation by the Securities and Exchange Commission in connection with alleged rule violations. Financial Industry Regulatory Authority records show that he is a broker with Laidlaw & Company.
Mr. Murray’s BrokerCheck report discloses the SEC investigation against him. Initiated in December 2022, the investigation constitutes a “proposed action alleging violations of Rule 15l-1(a)(1) of the Securities and Exchange Act of 1934.” The action remains pending.
For reference, Rule 15l-1(a)(1) of the Securities and Exchange Act of 1934 is the SEC’s Regulation Best Interest, which requires brokers to recommend only investments and strategies that are in their clients’ best interests. Broker-dealer firms and their registered representatives must “act in the best interest of the retail customer at the time the recommendation is made, without placing the financial or other interest of the broker, dealer, or natural person who is an associated person of a broker or dealer making the recommendation ahead of the interest of the retail customer,” according to the regulation. Brokers who fail to recommend investments or strategies in their clients’ best interests may be found to have violated this rule.
According to the Financial Industry Regulatory Authority, Michael Murray holds 17 years of securities industry experience. Based in New York, New York, he has been a broker with Laidlaw & Company since 2010. His registration history includes Aegis Capital Corporation (New York, New York; 2008-2010) and Casimir Capital (New York, New York; 2005-2008). His credentials include the passage of four securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the Investment Banking Registered Representative Examination, or Series 79TO; and the Uniform Securities Agent State Law Examination, or Series 63. He holds 50 state licenses. (Information current as of February 13, 2023.)
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