Andrew Murdoch: Somerset Advisor Faces $168K iCap Complaint

Portland, Oregon financial advisor Andrew Murdoch (CRD# 4348536) recently received an investor complaint in connection with an iCap Equities private placement. Financial Industry Regulatory Authority records show that he is currently registered as a broker with Somerset Securities and was previously an investment advisor with Somerset Wealth Management.

Mr. Murdoch’s BrokerCheck report discloses one investor complaint. Filed in December 2023, it alleges that as a representative of Somerset Securities, he recommended an unsuitable investment in an iCap Equities private placement. The pending complaint alleges damages of $168,000.

Investors in iCap Equity should be aware that private placement filed for bankruptcy in September 2023. Its former CEO resigned earlier in the year, and Paladin Management Group took control of its business operations. Paladin notified investors of its objectives for the bankruptcy process in a letter, stating that they are: “First, to safeguard the Company’s assets while enabling a comprehensive and independent assessment of the Company’s assets and liabilities. Second, to maximize value for all stakeholders, including iCap’s investors, and expedite any potential recoveries to creditors.” Brokers who recommended the risky private placement to investors for whom it was unsuitable may be liable for damages.

Somerset Wealth Strategies’ website features a profile of Mr. Murdoch that describes him as the firm’s President. “He is well-versed in a variety of annuity and retirement strategies as well as potential pitfalls other financial professionals may overlook,” it states. “Andrew believes in following an appropriate asset allocation model based on client risk tolerance and financial objectives… Andrew also knows this is a complex, confusing marketplace, and in order to gain his clients’ trust and confidence, the focus must be on information.”

According to the Financial Industry Regulatory Authority, Andrew Murdoch holds 19 years of securities industry experience. Based in Portland, Oregon, he has been a broker with Somerset Securities since 2019. His past registrations include Somerset Wealth Management (2014-2017, 2019-2022), Somerset Securities (2014-2017), Raymond James Financial Services (2007-2012, 2004-2006), Wall Street Financial Group (2006-2007), Jackson National Life Distributors (2002-2004), and Morgan Stanley DW (2001-2002). His credentials include the passage of five securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Futures Managed Funds Examination, or Series 31; the Securities Industry Essentials Examination, or SIE; the General Securities Representative Examination, or Series 7TO; and the Uniform Combined State Law Examination, or Series 66. He is licensed in California, Florida, Georgia, Nevada, New Jersey, North Carolina, Oregon, and Texas. (Information current as of December 26, 2023.)

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