July 2021- Red Bank, NJ
According to publicly available records, former Monmouth Capital financial advisor Dennis James Murphy, has been barred from FINRA.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
In May of 2020 in FINRA case 2019062980701 Murphy was permanently barred from the securities industry to resolve allegations that he refused to provide on-the-record testimony requested by FINRA in connection with an investigation concerning his member firm’s supervision of potentially unsuitable trading.
In September of 2019, a customer with Woodstock Financial Group, Murphy’s previous employer alleged excessive and unnecessary trading on margin with no downside, false and misleading statements, misrepresentation, breach of fiduciary duty, statutory and common law fraud, unsuitability, negligence, churning, unauthorized trading and excessive commission. This case is still pending.
In October of 2018 the Internal Revenue Service filed a tax lien in the amount of $177,009 against Murphy in case #20181026150010300 in the United States District Court of Hudson, NJ.
In January of 2018 American Express filed a lien against Murphy in the amount of $29,593 in case #150175/2018 in in the Supreme Court of NY County of Richmond State Court.
Murphy was employed by Monmouth Capital Management from July of 2018 until he was barred in May of 2020. Before that he was employed with Paradigm Funding, Roc Funding Group, Accel Capital, Woodstock Financial Group, Inc. , Chelsea Financial Services and Brookstone Securities.
If you have losses in an account handled by Dennis Murphy, call to learn how you may be able to recover damages through FINRA arbitration.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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