Switch to ADA Accessible Theme
Miami Investment Fraud Attorney
2655 South Le Jeune Road
Suite 1108
Coral Gables, FL 33134

Former Raymond James Broker Suspended For Failure to Respond to FINRA Request for Information

Stephen Allen Murray (CRD#: 343722) was previously registered with the Financial Industry Regulatory Authority (FINRA) as a securities broker and investment advisor. From February of 2013 to February of 2018, this broker was employed at Raymond James & Associates, Inc. (CRD#: 705) at branch location in Palm Beach Gardens, Florida.

Failure to Cooperate With FINRA

Earlier this year, FINRA suspended Stephen Allen Murray for his failure to comply with a request for information. Under FINRA Rule 8210, all registered representatives have a professional obligation to provide FINRA investigators with information when it is requested. More specifically, FINRA regulations require that registered representatives must produce documents and records when requested by the agency. The regulations also require that registered representatives must submit to on-the-record testimony when requested by the agency.

These rules are critically important to ensure that FINRA investigations can proceed in the most effective manner. If brokers and brokerage firms fail to cooperate, the rights and interests of investors could be put at risk. The failure to comply with regulatory investigations can result in suspension. Mr. Murray was suspended on May 4th, 2018. At that date, FINRA noted that Mr. Murray has three months to comply with the agency’s initial request. If this broker does not take action by August 7th, 2018, he will be automatically barred from the industry.

Customer Dispute: Settlement Reached Over Excessive Trading Allegations 

Former Raymond James broker Stephen Allen Murray has ten disclosures listed on his FINRA BrokerCheck record. Most notably, in the spring of 2017, while he was employed at a Raymond James Branch office in Palm Beach Gardens, FL, an investor filed a complaint alleging several causes of action against this broker. Specifically, this investor alleged that Mr. Murray:

  • Made excessive trades on his brokerage account (churning);
  • Made unauthorized transactions on his account;
  • Acted in a negligent manner;
  • Breached the terms of an investment contract; and
  • Breached his fiduciary duty.

This investor also alleged that Mr. Murray violated multiple FINRA rules, including the suitability rules, which requires that brokers ensure that transactions are reasonably suitable for their specific client, and FINRA Rule 2330, which require registered representatives to abide by certain standards when selling or recommending variable annuities.

The investor in this dispute requested $100,000 in financial compensation. According to FINRA records, this complaint was eventually settled for $60,000.

Get Help From Our Miami Securities Fraud Lawyers

At Carlson & Associates, P.A., we are proud to be advocates for investors in Miami and throughout South Florida. If you or your family member lost money due to broker fraud or broker negligence, our law firm can help. To set up a fully private investor losses consultation, please do not hesitate to reach out to our Miami law office today.




  • Super Lawyers
  • AV Preeminent
  • Million Dollar Advocates Forum
  • Judicial Edition 2021
  • Curtis Carlson 25th Anniversary
  • Curtis Carlson Judicial Edition 2022
  • Curtis Carlson Judicial Edition 2023
  • 2023 Judicial Edition Curtis Carlson
  • 2023 Martindale Hubbell Award Curtis Carlson
  • 2023 Lawyers.com Curtis Carlson
  • 2024 Martindale Hubbell Award Curtis Carlson
  • 2024 Martindale Hubbell Award Curtis Carlson
  • 2024 Martindale Hubbell Award Curtis Carlson


2655 South Le Jeune Road
Suite 1108

Coral Gables, Florida 33134

Telephone: 305-372-9700
Fax: 305-372-8265

With Us

  • Facebook
  • Twitter
  • LinkedIn

The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute, an attorney-client relationship.

No content on this site may be reused in any fashion without written permission from www.Carlson-Law.net

MileMark Media - Practice Growth Solutions

© 2015 - 2024 Carlson & Associates, P.A. All rights reserved. This law firm website is managed by MileMark Media.