J.P. Morgan employed Edward Turley as its representative between 2009 and 2021. Approximately a dozen cases have been filed against Turley and J.P. Morgan for Turley’s inappropriate sales practices in the sale of securities. These allegations led J.P. Morgan and Turley to separate after the allegations.
The allegations of investors, and ultimately those of regulators, involved the sale of unsuitable securities. FINRA, the Financial Industry Regulatory Authority, have rules preventing such sales. Unsuitable securities sales include churning, unauthorized sales, sale of securities that put the brokers interests ahead of the investor, and securities inconsistent with an investor’s risk tolerance.
The allegations against Turley are primarily from the 2016-2021 time period. The investments included but were not limited to the use of foreign currency, margin investing, and the purchasing and selling of high-yield bonds and preferred stock. Claims against J.P. Morgan for the actions of Turley currently exceed $70 million.
Ultimately, Turley was barred from the securities industry for not cooperating with regulators investigating the claims against him.
The Law Offices of Jeffrey Pederson has successfully handled hundreds of suitability cases over the last 20 years. Call for a free and confidential consultation if Turley was your financial advisor.