Creve Coeur Securities Broker Barred From The Industry In Missouri

The majority owner, president, and chief supervisory officer of Creve Coeur-based will no longer be able to register as an agent or investment adviser representative in Missouri, under terms of a consent decree announced Thursday by the office of Missouri Secretary of State Robin Carnahan.

Investigators audited records of the Hugh Vincent Murray III's business in 2010 according to a press release. While Murray did not admit or deny the allegations made by the Securities division, he did stipulate in Findings of Fact, that:

• He employed agents accused of "dishonest or unethical practices."
• there was a lack of a timely disclosure about employee tax liens and felony charges.
• That he admitted to employing a supervisor unqualified for the position.

Murray no longer owns Forsyth and resigned from his role with the firm. He is banned from "registering as a securities agent or investment adviser representative in Missouri," according to Thursday's statement.

Forsyth's registration was formally censured under the agreement. It must revise policies and undergo a new compliance exam within six months.

Thursday's statement said the State Securities Division investigation into former Forsyth agents continues.