Michael Magruder

Michael Edwin Magruder, a former financial advisor with Merrill Lynch and Raymond James, has been permanently barred from the securities industry by FINRA after allegedly accepting loans from customers and failing to cooperate with a regulatory investigation.

In August 2022, Merrill Lynch filed a Form U5 reporting that the firm was investigating whether Magruder had accepted a customer loan without obtaining prior approval. He was later terminated by Raymond James in July 2024 over similar allegations. These reports triggered a FINRA investigation, but Magruder failed to respond to requests for documents and testimony. As a result, FINRA expelled him under Rule 8210.

Magruder worked for Merrill Lynch from 2015 to 2021 in Destin, Florida, and then for Raymond James until 2024 in Orlando. As of mid-2024, he has been affiliated with Chiron Capital Management in Tallahassee.

Since 2024, Magruder has been the subject of three customer complaints. Two have settled for a total of $220,000, while one remains pending. In addition, both Merrill Lynch and Raymond James have filed lawsuits against him.

Brokerage firms are required under FINRA Rule 3110 to supervise their registered representatives. If Merrill Lynch and Raymond James failed to detect or address Magruder’s misconduct, they may also bear liability for investor losses.

If you invested with Michael Magruder and experienced financial harm, contact ChapmanAlbin to discuss whether you may be eligible for compensation through FINRA arbitration.

Call 1-877-410-8172 or visit chapmanalbin.com to schedule a free consultation.