Securities Arbitration Lawyer Blog
David Murray is a stockbroker with Worden Capital Management LLC (“Worden Capital Management”) in New York, New York. Mr. Murray has a history of customer disputes and associations with disreputable brokerage firms that have been expelled by FINRA.
If you have lost money with broker David Murray or Worden Capital Management, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential review of your account.
Worden Capital Management
According to a 2017 investigation by Reuters, Worden Capital Management hired more brokers with a history of significant disclosures than all but twenty-four other firms in the country. In 2021, Iorio Altamirano LLP set out to update that analysis.
The investigation revealed that fifty-four percent (54%) of Worden Capital Management’s brokers and supervisors have significant “red flag” public disclosures. Significant red flag disclosures include:
- regulatory sanctions,
- terminations of employment after allegations of misconduct,
- customer disputes that result in an award or settlement, and
- prior association with a firm that FINRA has expelled.
You can read the full investigative report here: Investigative Report: Worden Capital Management LLC’s Owners, Executives, and Brokers Have Concerning Red Flag Disclosures
Mr. Murray is one of the brokers who had serious incidents reported on his BrokerCheck report.
Financial Advisor David Michael Murray (CRD No. 1870050)
Prior Associations
Mr. Murray has 22 years of experience in the securities industry and has been associated with 14 different broker-dealers. He averages less than two years at each stop.
Worden Capital Management hired Mr. Murray in August 2017. Before joining Worden Capital Management, Mr. Murray was associated with Laidlaw & Company (UK) Ltd. from January 2014 until August 2017.
Throughout his career, Mr. Murray has been associated with three firms that have been expelled from the securities industry by FINRA:
- Meyers Associates, L.P. (expelled by FINRA), from September 2012 to January 2014.
- Chicago Investment Group, LLC (expelled by FINRA), from March 2003 to September 2003.
- Investors Associates, Inc. (expelled by FINRA), from May 1993 to July 1997.
Customer Complaints
According to his BrokerCheck report, Mr. Murray has been the subject of several customer complaints, including two pending complaints that were filed in December 2020:
- Customer Dispute (December 2020): A customer filed a securities arbitration complaint alleging overconcentration, unsuitability, and excessive trading. The customer is seeking $157,588 in damages. The alleged conduct occurred when Mr. Murray was employed by Laidlaw & Company (UK) Ltd. The dispute is pending. Mr. Murray denies the allegations and claims that he was not the client’s broker. Mr. Murray’s full broker statement regarding the allegations can be read on his BrokerCheck report.
- Customer Dispute (December 2020): A customer filed a securities arbitration complaint alleging overconcentration, unsuitability, and excessive trading. The customer is seeking $278,274 in damages. The alleged conduct occurred when Mr. Murray was employed by Laidlaw & Company (UK) Ltd. The dispute is pending. Murray denies the allegations and claims that he was not the client’s broker. Mr. Murray’s full broker statement regarding the allegations can be read on his BrokerCheck report.
- Customer Dispute (April 2001): A customer filed a complaint directly to HD Brous & Co. Inc., the firm that employed Mr. Murray when the alleged conduct occurred. The customer alleged that Mr. Murray made misrepresentations and sought $46,744. The customer did not file a securities arbitration complaint and instead complained directly to the firm. The firm denied paying the customer any compensation.
- Customer Dispute (June 1999): A customer filed a lawsuit against HD Brous & Co., Inc., and Mr. Murray in California. The customer alleged $70,000 in damages as a result of unauthorized trades. Murray and HD Brous & Co., Inc. settled the matter for $79,452. Mr. Murray continues to deny wrongdoing. Mr. Murray’s full broker statement regarding the allegations can be read on his BrokerCheck report.
- Customer Dispute (March 1999): A customer made an oral complaint to HD Brous & Co. Inc. that Mr. Murray engaged in unauthorized trading. According to the firm’s statement, the customer subsequently retracted the complaint in writing. Murray also claims that the trade was canceled and denies wrongdoing. Mr. Murray’s full broker statement regarding the allegations can be read on his BrokerCheck report.
Excessive trading occurs when a financial advisor makes many trades in a customer’s account, not to benefit the customer but to generate commissions for the broker.
Churning is a more egregious variation of excessive trading. Churning refers to a situation where the broker executed an excessive number of trades and did so with the intent to defraud or reckless disregard for the customer’s interest.
Unauthorized trading often occurs in non-discretionary accounts, where a customer retains discretion. In non-discretionary accounts, brokers must obtain a customer’s permission every time before placing a trade.
Excessive trading, churning, and unauthorized trading are unethical and illegal practices. They are all also violations of securities rules and regulations and can cause enormous harm to customers.
Worden Capital Management LLC & Laidlaw & Company (UK) Ltd. – Supervisory Duties
Brokerage firms like Worden Capital Management LLC and Laidlaw & Company (UK) Ltd. must properly supervise financial advisors and customer accounts. Brokerage firms must also establish and maintain a reasonably designed system to oversee account activity to ensure compliance with securities laws and industry regulations. When a brokerage firm fails to sufficiently supervise its financial advisors or the investment account activity, it may be liable for investment losses sustained by customers.
How to Recover Financial Losses or Obtain a Free Consultation
If you or a loved one were a customer of David Murray, Worden Capital Management LLC, or Laidlaw & Company (UK) Ltd. and either sustained financial losses or suspect that Mr. Murray did not have your best interest in mind when recommending investments or making account transactions, contact New York securities arbitration attorney August Iorio of Iorio Altamirano LLP. August Iorio can be reached at august@ia-law.com or toll-free at (855) 430-4010 for a free and confidential evaluation of your account.
Iorio Altamirano LLP is a securities arbitration law firm based in New York, NY. Iorio Altamirano LLP pursues FINRA arbitration claims nationwide on behalf of investors to recover financial losses arising out of wrongful conduct by stockbrokers and brokerage firms.