Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) on June 22, 2016 indicate that Texas-based Wunderlich Securities broker/adviser Murray Roark is the subject of a pending customer complaint. The securities and investment fraud law firm Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Roark (CRD# 1041803).
Murray Roark has spent 33 years in the securities industry and has been registered with Wunderlich Securities in Dallas, Texas since 2011. Previous registrations include Morgan Keegan & Company in Fort Worth, Texas; Robert W. Baird & Company in Milwaukee, Wisconsin; Northwestern Mutual Investment Services in Milwaukee, Wisconsin; Dain Rauscher in New York, New York; Rauscher Pierce Refsnes in Dallas, Texas; Dean Witter Reynolds in Purchase, New York; EF Hutton & Company; and Shearson/American Express. He is a registered broker and investment adviser with 27 US states and territories.
According to his BrokerCheck report, Murray Roark has received one pending customer complaint.
In February 2016, a customer alleged Murray Roark, while employed at Wunderlich Securities, failed to diversify the account, over-concentrated the account, and misrepresented material facts related to investments. The customer is seeking $303,950 in damages in the pending complaint.
Concentration (or “over-concentration”) refers to a broker’s failure to diversify a customer’s portfolio among a variety of assets. Sometimes a broker believes one asset will outperform others, and focuses the investment in that asset or class. In other cases, a broker might invest primarily in a series of related investments; for instance, municipal bonds in the same region. Since similar classes often perform similarly, if one performs poorly, the others might as well. Brokers who fail to diversify their customers’ investments may be subject to disciplinary action by FINRA or the Securities and Exchange Commission.
Federal securities law forbids brokers like Murray Roark from making untrue or false statements that can mislead their clients, an act which is referred to as “misrepresentation.” They are also forbidden from omitting material facts regarding an investment, or the effect that an investment could have on the client’s finances. A “material fact” is a piece of information that would be a significant consideration for a reasonable investor in making a decision about an investment. Some examples include the risk level of a stock, the potential return on an investment, or the fees involved with the transaction. Brokers and investment advisers who misrepresent material facts may be subject to disciplinary action from FINRA, the Securities and Exchange Commission, or state authorities.
If you have lost money investing with Murray Roark, you may be able to recover your losses. Call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. All cases are taken on a contingency basis: Fitapelli Kurta only gets paid if and when you collect funds. 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.