Retired Navy officer accused of stealing from fellow sailors in investment-fraud scheme, SEC says in lawsuit

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The man scammed fellow military members out of more than $300,000 and used it on gambling trips to casinos in Cleveland and elsewhere, according to the U.S. Securities and Exchange Commission.

A lawsuit filed the by U.S. Securities and Exchange Commission accused a former U.S. Navy Chief Petty Officer of stealing from investors, who were current and former members of the Navy.AKRON, Ohio — A retired U.S. Navy officer scammed fellow military members out of more than $300,000 in an investment-fraud scheme, according to the U.S. Securities and Exchange Commission.

The lawsuit seeks a permanent injunction to stop Murray from ever forming an investment group. It also wants him to pay back any profits he received from the scheme. The SEC also wants a judge to issue a civil penalty. In 2020, Murray used a Facebook group called Goats that contained more than 3,500 current and former Navy officers to post about his success in trading options contracts during the height of the COVID-19 pandemic, according to the filing.

Investigators also linked large cash withdraws to casino records. On Feb. 2, 2021, he withdrew $10,000 from the investment fund’s account. Nine minutes later, he bought $10,400 in chips at a casino in Cleveland, the filing said.

 

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