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Michael Hurtgen Sanctioned for Soliciting Raymond James Customers to Invest Away from Firm

FINRA fined and suspended former Raymond James Financial Services broker and registered supervisor Michael Murphy Hurtgen for soliciting firm customers to invest in private placements away from the firm and without the firm's approval. FINRA also found that Hurtgen distributed sales materials for these private placements that included misleading statements and failed to provide a sound basis for evaluation.

AWC #2016049202201

According to the findings, Hurtgen (CRD #1742647) received Raymond James' permission to participate in an outside business activity called Plan Your Affairs, LLC (aka Plan My Affairs), but only after submitting a disclosure form to the firm in which Hurtgen stated that he did not anticipate raising capital for that business.

Investigators found that Hurtgen subsequently did raise capital for the outside business through a private placement offering, while failing to submit a modified disclosure form or gain permission from Raymond James to do so. Hurtgen purportedly solicited at least 10 of his customers at Raymond James to invest in the private placement away from the firm.

FINRA found that in the course of selling away, Hurtgen provided these investors with sales materials that failed to provide a balanced presentation, did not contain adequate risk disclosures, and contained misleading statements that implied investor success, contradicting the inherent risks associated with the investment.

Raymond James discharged Hurtgen in 2016 for soliciting interests in a private placement without firm approval.

After his termination, Hurtgen joined Girard Securities Inc. (2016-2017) and his current firm, Cetera Advisor Networks, both of Greenwood Village, Colorado.

If you have invested with ex-Raymond James representative Michael Murphy Hurtgen or with any broker or financial adviser who has solicited private placement interests or sold securities away from their registered firm by using misleading or deficient sales materials, and these unauthorized and violative transactions have proven harmful to your investments or interests, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.

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