Andrew Murdoch is the Subject of a Six-Figure Dispute

Andrew Murdoch (CRD #: 4348536), a broker registered with Somerset Securities, is the subject of an investor dispute. This disclosure appears on his BrokerCheck record, accessed on February 20, 2024. Keep reading for more information regarding this dispute. 

Investor Allegations 

On December 14, 2023, an investor alleged that Andrew Murdoch recommended an unsuitable iCap Equities private placement. According to the disclosure, iCap Equities filed for bankruptcy on September 12, 2023. The investor is seeking $168,000. 

What is an Unsuitable Investment?

FINRA Rule 2111 requires brokers to evaluate whether an investment strategy fits their investor’s financial goals. Brokers must examine the investor’s profile, which contains the following investor characteristics:

• Age
• Risk tolerance
• Time horizon (i.e., how long the investor plans to hold the investment)
• Investing experience
• Tax status
• Financial goals

Investors who rely on brokers for recommendations may be able to recover losses from unsuitable investment recommendations by pursuing FINRA arbitration.

Background Information 

Andrew Murdoch has passed the following exams: 

• Series 66 Uniform Combined State Law Examination 
• Series 7TO General Securities Representative Examination 
• SIE – Securities Industry Essentials Examination 
• Series 31 Futures Managed Funds Examination 
• Series 7 General Securities Representative Examination 

He is a registered broker in eight states. 

In his 19 years of experience, Andrew Murdoch has registered with seven firms: 

• Somerset Wealth Management (CRD #: 170213) 
• Somerset Securities (CRD #: 2493) 
• Raymond James Financial Services Advisors (CRD #: 149018) 
• Raymond James Financial Services (CRD #: 6694) 
• Wall Street Financial Group (CRD #: 35830) 
• Jackson National Life Distributors (CRD #: 40178) 
• Morgan Stanley DW (CRD #: 7556) 

Kurta Law Can Help 

If you have worked with Andrew Murdoch and have concerns about your investments, do not hesitate to contact us at 877-600-0098 or info@kurtalawfirm.com for a free consultation. 

For nearly 20 years, Kurta Law has advocated for investors to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm that exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf. Do not let securities fraud go unchecked. Start your recovery process today.