Joseph Murphy: Sanctioned by FINRA

Joseph Murphy

Publicly available records published by the Financial Industry Regulatory Authority (FINRA) on March 1, 2017 indicate that Wisconsin-based BC Ziegler & Company broker/adviser Joseph Murphy III has been sanctioned by FINRA. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Murphy (CRD# 1829393).

Joseph Murphy has spent 23 years in the securities industry and has been registered with BC Ziegler & Company in Middleton, Wisconsin since February 2016. Previous registrations include RBC Capital Markets in Appleton, Wisconsin; Dain Rauscher; and Dean Witter Reynolds. He has passed four securities industry examinations: Series 7 (General Securities Representative Examination), Series 31 (Futures Managed Funds Examination), Series 63 (Uniform Securities Agent State Law Examination), and Series 65 (Uniform Investment Adviser Law Examination). He is a registered broker and investment adviser with nine US states and territories: Connecticut, Delaware, Florida, Illinois, New York, Pennsylvania, Tennessee, Utah and Wisconsin.

According to his BrokerCheck report, Joseph Murphy has received one FINRA sanction and was discharged from one former employer.

In February 2017 FINRA sanctioned Joseph Murphy following allegations he “exercised discretion in 48 customer accounts that were unrelated, non-discretionary accounts.” FINRA’s findings state: “Murphy did not obtain written authorization from any of the 48 customers to exercise discretion in their accounts and his member firm did not approve these accounts for discretionary trading. Murphy’s exercise of discretion in his customers’ accounts violated the firm’s policies and procedures. Murphy executed transactions in the accounts pursuant to verbal authority from the clients but the transactions did not occur on the same days that the clients authorized those transactions. Murphy did not have the required prior written authorization from the customers or prior written approval from his firm to exercise discretion in the accounts. Also, Murphy made 11 mutual fund transactions for one of these customers after a short telephonic discussion with that customer.” He was issued a 10-day suspension and a fine of $5,000.

In 2016 Joseph Murphy was terminated from RBC Capital Markets following allegations he was involved in the “Violation of firm policy regarding use of discretion in client accounts.”

If you or someone you know has lost money investing with Joseph Murphy III, call Fitapelli Kurta at 877-238-4175 for a free consultation. You may be eligible to recoup your losses. Fitapelli Kurta accepts all cases on a contingency basis: we only get paid if and when you collect money. Time to file your claim may be limited, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.