Murphy’s Misconduct

New Jersey broker Edward T. Murphy permanently barred by FINRA due to multiple allegations of misconduct.

Multiple serious client complaints have plagued Wells Fargo broker, Edward T. Murphy over the last several years and he has now been permanently barred from all securities activity by the Financial Industry Regulatory Authority (FINRA). The ban comes after Murphy failed to request that this suspension be terminated within three months of the date of the notice of the suspension. He also failed to respond to an FINRA request for information. As a result, he is automatically barred from association with any FINRA member in any capacity.

Allegations include negligence, breach of fiduciary duty, fraud and others

According to his FINRA report, Murphy has been the subject of a wide range of customer complaints, including negligence, breach of fiduciary duty, breach of contract, fraud, unauthorized trading, and failing to follow firm policies regarding trading. These alleged complaints occurred between 2008-2013. He was terminated by Wells Fargo in July 2012 and has not been registered or associated with a FINRA member in any capacity since that time. In addition to the misconduct above, he is also accused of purchasing highly risky, inversed, and leveraged ETF securities (exchange traded funds), which are widely thought not to be appropriate for average consumers.

According to FINRA records, Murphy was ordered to pay more than $300,000 in total settlements for his conduct during this period of time. It is noted that Murphy failed to comply with several of these arbitration awards or settlement agreements.

Murphy was registered with Wells Fargo Advisors Financial Network, LLC, of Basking Ridge, NJ between 04/2004-08/2012. He was previously registered with Morgan Stanley DW Inc., in Purchase, NJ from 04/1998-04/2004.

Are you concerned you are the victim of investment fraud…

If you have concerns that your investments were compromised by Edward T. Murphy or another broker who has not put your best financial interests first, you may be able to recover some of your lost funds. Silver Law Group is a national securities arbitration and investment fraud law firm that has more than 20 years of experience seeking justice for those who have been victimized by all types of investment fraud and broker misconduct. Whether you are the victim of a Ponzi scheme, elder investment fraud, or think that your broker has conducted excessive or unauthorized trading with your account, our expert legal team can help.

Contact Silver Law Group at 1-800-975-4345 if you would like to speak with one of our lawyers. We can schedule a free consultation for you and only require payment if we recover your funds. That’s our promise to you.