Securities Arbitration Lawyer Blog
**Update: July 6, 2022** On June 24, 2022, former UBS broker Patrick R. Murray was suspended by the Financial Industry Regulatory Authority (FINRA). Mr. Murray, who is not currently associated with a brokerage firm, consented to the suspension after FINRA alleged that from March 2018 to January 2019, Murray violated FINRA Rules 3270 and 2010 by engaging in an outside business activity without providing prior written notice to his firm. As part of the agreement, Mr. Murray also agreed to pay a fine of $5,000.
Specifically, FINRA alleged that in March 2018, Mr. Murray and two other individuals established a company called Integrity Salt, LLC to buy and sell rock salt. Mr. Murray made capital contributions to Integrity Salt, LLC and made at least one vendor payment on behalf o the company by wiring more than a million dollars from his personal account directly to the vendor. Mr. Murray also earned approximately $78,704 in compensation from his activities related to Integrity Salt, LLC.
Iorio Altamirano LLP is investigating other potential claims related to Mr. Murray’s conduct and encourages anyone with information about Mr. Murray’s conduct or practices to contact our law firm. All conversations are confidential and privileged.
Original Post:
Iorio Altamirano LLP Investigates Investment Recommendations Made by Former UBS Broker Patrick Murray – Sandusky, Ohio
According to public disclosure reports, stockbroker Patrick R. Murray was terminated by UBS Financial Services, Inc. on September 16, 2021, for outside business activity, including making investment recommendations and receiving commissions. The disclosure alleges that Mr. Murray acted outside the scope of the firm’s approval letter for this outside business activity by making certain investment recommendations and receiving commissions on the account, despite being disciplined in the past for an outside business activity-related issue. Additionally, UBS alleged that Mr. Murray violated firm procedures by having certain arrangements in place for the convenience of family members.
Mr. Murray, a Senior Vice President at UBS, led a team of advisors known as the North Coast Wealth Management Group. According to media reports, the group had roughly $800 million in assets under management several years ago.
Iorio Altamirano LLP is investigating potential legal claims on behalf of customers of UBS related to investment recommendations made by Mr. Murray or his team, the North Coast Wealth Management Group.
Customers who have suffered investment losses or suspect other misconduct by Mr. Murray or UBS in their investment, brokerage, or retirement accounts, should contact securities arbitration law firm Iorio Altamirano LLP for a free and confidential consultation and to review their legal rights.
Patrick Reid Murray (CRD No. 2007449)
Patrick Reid Murray is a previously registered broker with 31 years of experience in the securities industry. Mr. Murray was registered with UBS Financial Services, Inc. in Sandusky, Ohio, from April 2009 to October 2021. Before joining UBS, Mr. Murray was registered at the following brokerage firms:
- Citigroup Global Markets Inc. in Sandusky, Ohio, from July 2000 – April 2009.
- McDonald Investments, Inc. in Cleveland, Ohio, from September 191 to May 2001.
- Tucker Anthony Incorporated in Boston, Massachusetts, from January 1990 to September 1991.
According to his public disclosure report with FINRA, Mr. Murray has been the subject of at least five customer complaints, two of which ended with a monetary settlement to the customer. Most recently, a customer filed a securities arbitration complaint alleging that Mr. Murray made an unsuitable investment recommendation related to a closed-end fund. The customer alleged $107,000 in damages. Citigroup Global Markets Inc. settled the matter for $52,000. Earlier in his career, in 2001, a customer alleged that Mr. Murray engaged in excessive trading, churning, and made unsuitable investment recommendations. The customer alleged nearly $75,000 in damages. The dispute was settled by McDonald Investments, Inc. for $15,000.
At UBS, Mr. Murray, a Senior Vice President, led a four-member team, the North Coast Wealth Management Group. According to UBS’s website, the team consists of Duane Ohly, Brett Kinzel, and Rebecca Canterbury.
How to Recover Losses or Obtain a Free Consultation
When an investor suffers investment losses due to misconduct by a financial advisor or broker-dealer, the investor can file a securities arbitration claim against their financial advisor and/or broker-dealer in an effort to be compensated.
Iorio Altamirano LLP is a securities arbitration law firm located in New York, NY. We represent investors nationwide and vigorously pursue FINRA arbitration claims on behalf of investors to recover investment losses.
If you have lost money with Patrick R. Murray, North Coast Wealth Management Group, or UBS, contact FINRA arbitration lawyers August Iorio and Jorge Altamirano of Iorio Altamirano LLP at august@ia-law.com, jorge@ia-law.com or toll-free at (855) 430-4010 for a free and confidential evaluation of your account.
Iorio Altamirano LLP is a bilingual law firm, fluent in both English and Spanish.