Articles Tagged with Joseph Stone

shutterstock_189302963-300x194The securities attorneys at Gana Weinstein LLP are currently investigating Joseph Stone Capital L.L.C. (Joseph Stone) broker Miguel Murillo (Murillo). According to BrokerCheck Records,  Murillo has been subject to three customer disputes, one of which is still pending. In addition, Murillo has been sanctioned by the Financial Industry Regulatory Authority (FINRA) for being in violation of various securities laws.

In September 2017, a customer alleged that Murillo engaged in recommending unsuitable investments, executing unauthorized transactions, excessively trading the account, and security fraud. The customer has requested $800,000 in damages. This dispute is currently still pending.

In August 2008, a customer alleged that Murillo failed to follow customer instructions and engaged in unauthorized trading and false representation of the nature of the investments recommended. The case settled at $35,000.

Murillo has also been suspended by FINRA for violating certain securities laws. In December 2010, FINRA found that Murillo was in violation of NASD Rules 2110 and 2310 for recommending unsuitable investments to inexperienced, elderly investors. The investment recommendations were alleged to have not matched the investor’s financial needs and objectives.  The customer had stated a desire for a conservative retirement account with low risk and passive income and instead FINRA found that Murillo listed the customer’s objective as speculation and risk tolerance as aggressive. In addition, many of the trades that Murillo executed were excessive and were made on use of margin when the investor had been completely uninformed about the use of margin and its risks. Without admitting or denying the allegations, Murillo consented to the described sanctions and to the entry of the findings. Murillo incurred a restitution fee of $35,000 and was suspended for 20 business days. Continue Reading