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FINRA Suspends Shawn Murff, Ballwin Financial Advisor
The Financial Industry Regulatory Authority (FINRA) recently sanctioned Cutter & Company financial advisor Shawn Murff (CRD# 6714280). FINRA records show that the Ballwin, Missouri broker and investment advisor allegedly compensated a customer for a loss without his member firm’s authorization and has been suspended for one month.
According to a Letter of Acceptance, Waiver, and Consent (No. 2022074195101) issued on September 15, 2022, Mr. Murff was affiliated with Edward Jones when, in May 2021, an elderly investor and customer of his firm followed his recommendation to buy a brokered certificate of deposit (CD) for $50,000. In December 2021, the customer told him to sell the CD, and this sale “incurred a loss of approximately $1,267,” according to the AWC. FINRA states further that later that month, Mr. Murff gave the customer $1,267 to compensate them for the loss. He allegedly “did not seek or obtain authorization from Edward Jones” to compensate the customer for the losses. As a result of these findings, FINRA issued Mr. Murff a fine of $5,000 and suspended him from associating with any FINRA member in any capacity for one month.
Mr. Murff’s BrokerCheck report discloses his January 2022 termination from Edward Jones. According to the disclosure, he was fired in connection with allegations he violated the company’s policy “by attempting to settle a customer complaint away from the firm.”
According to the Financial Industry Regulatory Authority, Mr. Murff holds five years of securities industry experience. Based in Ballwin, Missouri, he has been a broker and an investment advisor with Cutter & Company since May 2022. He was previously registered with Edward Jones in St. Peters, Missouri from 2016 until 2022. 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; and the Uniform Combined State Law Examination, or Series 66. He is licensed in Illinois, Mississippi, and Missouri, with his suspension set to begin on October 17, 2022 and end on November 16, 2022. (Information current as of September 30, 2022.)
Carlson Law represents investors throughout the United States in claims against financial advisors and investment firms. If you or a loved one have suffered investment losses, please call us at 888-976-6111 or complete our contact form for a free and confidential consultation.