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Michael Magruder of Merrill Lynch and Raymond James is Barred by FINRA

If Michael Magruder was your financial advisor and you lost money, you may be able to recover investment losses. Our securities arbitration law firm is looking into allegations made by FINRA against Michael Edwin Magruder, who formerly was a representative with Merrill Lynch and Raymond James. He worked in a Golden Oak, Florida office.
In August 2022, Merrill Lynch filed a Form U5 with FINRA, which disclosed that Merrill Lynch was looking into whether Magruder accepted a loan from a customer without seeking firm approval. In July 2024, Raymond James terminated him surrounding allegations that he accepted loans from customers.
These incidents led to a FINRA investigation. FINRA alleged that Magruder failed to adequately respond to its investigation, which led to his expulsion from the securities industry pursuant to FINRA Rule 8210.
About Advisor Michael Magruder
Michael Magruder was a representative of Merrill Lynch from August 2015 to July 2021 and worked in a Destin, Florida office. He then worked with Raymond James from July 2021 to July 2024 in an Orlando office. Since July 2024, he has been affiliated with Chiron Capital Management in Tallahassee.
Magruder has been the subject of three customer complaints since 2024, two of which settled for a combined $220,000. The third complaint is still pending. Raymond James and Merrill Lynch have also both sued this advisor.
Liability of Merrill Lynch and Raymond James
Under FINRA Rule 3110, brokerage firms like Merrill Lynch and Raymond James have to sufficiently monitor the activities of their representatives. If the firms failed to adequately supervise Magruder, they could be liable for any investor harm.
Our firm represents investors throughout the country as well as Florida, who have been victims of broker misconduct, unsuitable investment recommendations, and fraud. Attorney David Neuman is licensed to practice law in Florida. If you were a client of Michael Magruder and believe he acted improperly, you may be entitled to recover losses through FINRA arbitration.