Magruder is the subject of four disclosures, two of which are customer disputes. In the first dispute, dated 7/3/2024, the client alleged that Magruder requested a loan, which they agreed to and made. The client requested damages of $175,000, and the claim was settled for $189,259.57.
The second dispute, dated 7/6/2024, included both a loan from the client to Magruder as well as failing to follow the client’s request to sell a particular stock in their account. The claim’s settlement was for $300,000. No other details are available.
Raymond James terminated Magruder’s employment on 7/3/2024 for “Individual alleged to have failed to follow firm procedures with respect to receipt of loans from customers and failed to comply with firm policies requiring updates to registration Form U4.”
Merrill Lynch Pierce Fenner & Smith Inc. filed a FINRA arbitration order against Magruder for $200,000 in promissory notes, signed on August 21, 2015, and April 21, 2016. The firm signed the Submission Agreement on May 14, 2024. The firm brought FINRA arbitration for a “settlement payment missed by Respondent,” including attorneys fees and other costs, totaling $201,300. Magruder did not appear for the arbitration. FIRNA signed the order on August 28, 2024.
On 10/24/2024, FINRA suspended Magruder for failing to comply with the arbitration award. The suspension is indefinite until Magruder pays the settlement amount in conjunction with the arbitration. He remains on suspension.
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