Articles Tagged with Brian Murphy

shutterstock_138129767-300x199According to BrokerCheck records Brian Murphy (Murphy) has been sanctioned and barred by The Financial Industry Regulatory Authority (FINRA) over allegations that the broker failed to respond to the regulator’s requests for information.  In July 2016, Murphy was terminated by his firm Signator Investors, Inc. (Signator) on allegations that Murphy admitted to conducting an unapproved outside business activity.  In the industry all such activities must be disclosed and approved by the firm before the broker can engage in them.

Murphy has been terminated by three employers in total during his career.  In November 2014 Murphy was terminated by MetLife Securities, Inc. (MetLife) for making a representation that he had a professional designation that he did not in fact possess.  In addition, Murphy has been subject to a number of customer complaints concerning the sale of variable annuities.

At this time it is unclear what outside business activity Murphy was engaged in.  However, the risk to investors is that the broker will use such businesses to engage in unauthorized securities activities.  The providing of loans or selling of notes and other investments outside of a brokerage firm constitutes impermissible private securities transactions – a practice known in the industry as “selling away”.

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