Investor Claims Edmund Murphy Recommended Unsuitable Investments, Leading to Losses
Edmund Murphy (CRD #: 2145807), a broker and investment advisor formerly registered with Robert W. Baird & Co. Incorporated, is facing a pending dispute alleging unsuitable investment recommendations, according to his BrokerCheck record, accessed on January 15, 2022.
On October 22, 2021, an investor alleged that Edmund Murphy recommended unsuitable investments that led to losses in the client’s account.
Unsuitable Investment Recommendations Violate FINRA Rule 2111
FINRA Rule 2111 defines suitable investments as securities that fit an investor’s profile. An investor’s profile includes information about their risk tolerance, financial goals, and age. Investors who rely on their brokers for recommendations may be able to recover their losses through FINRA arbitration.
- Investments can be unsuitable because they are high risk and likely to lose money.
- Securities may also be unsuitable because they are illiquid, meaning that they are intended to be held for an extended time, and investors may have to pay high fees to cash out.
- Securities can be quantitatively unsuitable, which means that brokers executed an excessive number of trades.
- These requirements apply to the overall investment strategy as well as the investments themselves. For instance, an investment strategy might be unsuitable if the securities are over-concentrated in a particular stock or sector.
Edmund Murphy has passed the following exams:
- Series 65 – Uniform Investment Adviser Law Examination
- Series 63 – Uniform Securities Agent State Law Examination
- SIE – Securities Industry Essentials Examination
- Series 31 – Futures Managed Funds Examination
- Series 7 – General Securities Representative Examination
He has also worked with the following firms:
- Quick & Reilly (CRD#:11217)
- Fidelity Brokerage Services (CRD#:7784)
- IDS Life Insurance Company (CRD#:6321)
- American Express Financial Advisors (CRD#:6363)
Kurta Law Can Help
If you have worked with Edmund Murphy and have concerns about your investments, don’t hesitate to contact us today at 877-600-0098 or firstname.lastname@example.org 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 and 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.