FINRA Arbitration Lawyer, Russell L. Forkey, Esq.

Miguel Angel Murillo (CRD #4875997, Registered Representative, Bayshore, New York) was named as a respondent in a FINRA complaint alleging that he recommended excessive transactions in a customer’s account that were unsuitable in light of the customer’s financial situations, needs and investment objectives. The complaint alleges that Murillo controlled and directed the trading in the customer’s account, in that he recommended and executed all the transactions in the account, and the vast majority of the transactions in the customer’s account were affected through the use of margin and resulted in the customer incurring additional costs in the form of margin interest. The complaint also alleges that the customer was unable to evaluate Murillo’s recommendations, did not understand what margin meant, and was unable to exercise independent judgment concerning the transactions in the account due to his lack of investment knowledge and limited English skills. The complaint further alleges that although the customer signed a pre-completed margin agreement, along with other pre-completed new account forms Murillo sent to him, the customer did not understand margin and did not realize that Murillo was effecting trades on his account on margin. In addition, the complaint alleges that, owing to the customer’s lack of investment knowledge and inability to decipher his monthly account statements, the customer was unaware that he had a margin balance and did not understand the risk of the margin exposure in his account. (FINRA Case #2008014728701).

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