Rochester, N.Y. – The local broker accused by the Securities and Exchange Commission of violating securities laws says he did nothing wrong.
The SEC wants a judge to issue an injunction against David Mura for allegedly paying himself client funds and issuing promissory notes for risky, unregistered start-up companies. The SEC says at least 17 clients lost $850,000.
“I’ve been a broker for 22 years, managed people’s money for 22 years and never had a complaint. I think that bespeaks to my character,” Mura said.
Mura worked at JP Turner during this time as a broker. The SEC says Mura did not tell his bosses about the startups and the company fired him in 2011. Mura said he resigned.
A separate complaint filed by a local law firm on behalf of 20 clients says Mura also invested their money in high-risk stocks. The clients say they lost a total of more than $3 million.
“That money can be recovered and returned to the clients and I am on a daily basis trying to keep the businesses alive,” said Mura, referring to the several medical device and technology startups at the center of the promissory note allegations. The SEC says Mura wrested control of one of the startups through “threats of violence and death” against the founder, a charge Mura denies.