Erez Law is currently investigating Revere Securities LLC financial advisor Brett Murphy (CRD# 2434384) regarding excessive and unsuitable trading of unit investment trusts (UITs). Murphy has been registered with Revere Securities LLC in Boca Raton, Florida since 2015. Previously, he was registered with Oppenheimer & Co. Inc. in Palm Beach Gardens, Florida from 2011 to 2015.
UITs are exchange-traded mutual funds with an unmanaged portfolio of securities having a definite life. They are managed without a board of directors. These UITs required the customers to pay substantial sales charges, most of which were in dealer concessions – revenue from the sale of securities product. If a financial advisor recommends the purchase and sale of UITs solely to generate commission, then he may have engaged in wrongful conduct.
Murphy has been the subject of two customer complaints in 2015 and 2016, according to his CRD report:
- August 2016. “Client alleges that his account was excessively traded in UITs, which were unsuitable and further that Mr. Murphy was not properly supervised. From 7/25/2011 to present.” The customer is seeking $2,000,000 in damages and the case is currently pending.
- March 2015. “The client alleges that unauthorized transactions took place during February of 2015.”
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, Revere Securities LLC may be liable for investment or other losses suffered by Murphy’s customers.
Erez Law represents investors in the United States for claims against Revere Securities LLC financial advisor Brett Murphy, who is alleged to participate in excessive and unsuitable trading of UITs. If you were a client of Revere Securities LLC or another firm, and 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.