Were you the victim of barred former Raymond James & Associates, Inc. broker Michael Magruder (CRD# 4579211)? He was registered with Raymond James & Associates, Inc. in Orlando, Florida, from 2021 to 2024, when he was terminated regarding, “Individual alleged to have failed to follow firm procedures with respect to receipt of loans from customers, and failed to comply with firm policies requiring updates to registration Form U4.” He was previously registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated in Destin, Florida, from 2015 to 2021, and Wells Fargo Advisors, LLC in Southlake, Texas, from 2010 to 2015.
In October 2024, FINRA suspended him after he failed to comply with an arbitration award or settlement agreement or to satisfactorily respond to a FINRA request to provide information concerning the status of compliance.
In January 2025, FINRA suspended him indefinitely after he failed to comply with an arbitration award or settlement agreement or to satisfactorily respond to a FINRA request to provide information concerning the status of compliance.
In June 2025, FINRA barred him after he “consented to the sanction and to the entry of findings that he failed to provide information and documents requested by FINRA in connection with its investigation into whether he had obtained loans from customers without notice to, or approval from, his member firms.” FINRA found that he submitted incomplete information material to its investigation.
Michael Magruder Customer Complaints
He has been the subject of four customer complaints between 2024 and 2025, according to his CRD report:
June 2025. “Former client alleges FA convinced him to lend FA money and exercised discretion in former client’s account to sell securities to fund loan.” The customer is seeking $686,552 in damages, and the case is currently pending.
May 2025. “Claimant alleges he loaned money to FA and FA failed to repay it.” The customer sought $150,000 in damages, and the case was settled for $170,000.
October 2024. “Customer alleges FA asked for a loan and failed to follow the client’s instructions not to sell a specific stock in the customer’s account.” The case was settled for $30,000. The complaint was regarding common and preferred stocks.
July 2024. “Client alleges he made a personal loan to FA at FA’s request.” The customer sought $175,000 in damages, and the case was settled for $189,259.57.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Raymond James & Associates, Inc. may be liable for investment or other losses suffered by Michael Magruder’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.
"*" indicates required fields
