Thomas Murphy Allegedly Recommended an Unsuitable Investment

Thomas Murphy (CRD #: 5654189), a previously registered broker with Merrill Lynch, Pierce, Fenner & Smith, is the subject of a suitability dispute. This is according to his BrokerCheck record, accessed on August 28, 2023. 

On June 8, 2023, an investor alleged Thomas Murphy failed to act in his best interest and made an unsuitable investment recommendation in October 2017. The investor is seeking $150,000. 

Regulatory Action 

There is also a regulatory action on his record. On February 18, 2020, Thomas Murphy entered into an Acceptance, Waiver, and consent agreement in which he consented to the findings that he executed subscription agreements as an authorized signatory for his member firm without authorization. He allegedly did this in order to assist clients with investing in third-party real estate funds.  

As part of the terms of the AWC, Thomas Murphy consented to a $5,000 fine and a four-month suspension. 

You can read a copy of the AWC here. 

Employment Separation 

On March 14, 2018, Merrill Lynch terminated Thomas Murphy. This followed the allegations that he acted as an authorized signatory without authorization. 

Background Information 

Thomas Murphy has passed the following exams: 

• Series 66 Uniform Combined State Law Examination 
• Series 63 Uniform Securities Agent State Law Examination 
• SIE – Securities Industry Essentials Examination 
• Series 7 General Securities Representative Examination 

Thomas Murphy has registered with the following firms: 

• Merrill Lynch, Pierce, Fenner & Smith (CRD #: 7691) 
• John Thomas Financial (CRD #: 40982) 

Kurta Law Can Help

If you worked with Thomas Murphy and have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want 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.