Securities Arbitration Lawyers BlogFormer Metlife Broker Brian P. Murphy Under Investigation Over Outside Business Allegations
Silver Law Group is investigating former Pennsylvania-based Metlife Securities Inc. (CRD# 14251), also known as MSI Financial Services, Inc., broker Brian P. Murphy (CRD# 2953503) over allegations that he conducted outside business activities without the permission of his firm.
According to Murphy’s FINRA BrokerCheck report, Signator Investors, Inc. (CRD# 468) terminated Murphy after Murphy allegedly admitted to conducting an unapproved, outside business activity. FINRA barred Murphy in October 2016 after Murphy failed to respond to a FINRA inquiry.
The discharge follows five other disclosures on his BrokerCheck report. In 2000, Murphy was permitted to resign from his employing firm. In November 2014, Metlife terminated Murphy after he allegedly represented that he had a professional designation that he had not earned. In December 2015, a customer dispute alleging misrepresentations of variable annuities was settled for the full amount demanded.
Currently, two customer disputes remain pending against Murphy. The first, filed in July 2016 alleges Murphy created a bogus website in efforts to defraud, and Murphy made unauthorized withdrawals in a variable annuity commencing in or around July 2010. The second customer dispute alleges Murphy misrepresented the sale and replacement of a variable annuity policy.
Signator Investors employed Murphy from July 2015 to July 2016 at its Yardley, Pennsylvania branch. Metlife Securities employed Murphy from December 2006 to December 2014 at its Moorestown, New Jersey branch.
Variable annuities (“VAs”) are highly-complex financial products. According to FINRA, a good way to think of a VA is as a cross between an insurance product and an investment product.
Like other annuities, a VA is a contract between the investor and an insurance company. The investor pays the insurer a single payment or a series of payments called premiums. In exchange for those premiums, the insurer promises to make periodic payments to you either immediately or at some point in the future.
Variable annuities are often sold to elderly individuals. Just like other financial products, insurance agents and stockbrokers are required to make sure that whatever they recommend is suitable for that individual.
Our attorneys are experienced handling cases involving variable annuities and have recovered thousands of dollars on behalf of aggrieved investors through FINRA arbitration. Our firm also is dedicated to pursuing claims on behalf of aggrieved elderly investors and has an entire site devoted to the issue.
Contact Our Firm if You’ve Lost Money
FINRA arbitration is a fast, efficient way to recover your lost investment funds. We work on a contingency fee basis, meaning you pay us nothing unless we win and recover money for you.
If you have invested with Brian P. Murphy and Signator Investors, Metlife Securities and/or MSI Financial Services and have lost money doing so, you may be able to recover some or all of your losses. Our lawyers are experienced in recovering investor losses due to broker and brokerage firm misconduct through FINRA arbitration.
Silver Law Group represents the interests of investors who have been the victims of investment fraud. If you have questions about your legal rights, please contact Scott Silver of the Silver Law Group for a free consultation at ssilver@silverlaw.com or toll free at (800) 975-4345.