Rosecliff Venture Management, Llc

Status: Final Sanction Detail: THE DECISION INCLUDES A FINDING THAT MURPHY WILLFULLY FAILED TO DISCLOSE A MATERIAL FACT ON A FORM U4, AND THAT UNDER SECTION 3(A)(39)(F) OF THE SECURITIES EXCHANGE ACT OF 1934 AND ARTICLE III, SECTION 4 OF THE FINRA BY-LAWS, THIS OMISSION MAKE HIM SUBJECT TO A STATUTORY DISQUALIFICATION WITH RESPECT TO ASSOCIATION WITH A MEMBER. Summary: IN APRIL 2019, MICHAEL P. MURPHY, MANAGING PARTNER OF RVML, WAS NAMED AS A RESPONDENT IN A FINRA COMPLAINT ALLEGING THAT, DESPITE PRIOR NOTICE OF DEFICIENT DISCLOSURE ON HIS FORM U4, HE WILLFULLY FAILED TO TIMELY AMEND HIS FORM U4 TO DISCLOSE INCOME TAX LIENS TOTALING MORE THAN $6 MILLION AND WILLFULLY PROVIDED INACCURATE INFORMATION REGARDING THE TIMING OF HIS AWARENESS OF SUCH LIENS IN A PRIOR AMENDMENT TO HIS FORM U4. ALTHOUGH THE TAX LIENS WERE FULLY DISCLOSED IN MAY 2018, A FINRA HEARING PANEL DECISION WAS RENDERED MAY 27, 2020 WHEREIN MR. MURPHY WAS FINED $20,000 AND SUSPENDED SIX MONTHS BECAUSE THE LIENS WERE NOT DISCLOSED IN A TIMELY MANNER. THIS DECISION BECAME FINAL ON JULY 14, 2020. ALL TAX LIENS HAVE BEEN SATISFIED BY MR. MURPHY AND HAVE BEEN RELEASED BY THE APPLICABLE TAX AUTHORITY. THIS EVENT IS NOT MATERIAL TO THE BUSINESS OR FINANCIAL CONDITION OF RVML.