J.P. Morgan Securities LLC Broker Edward Turley Faces Multi-Million Dollar Customer Complaints for Unsuitable Investment Recommendations
Posted on Tuesday, August 11th, 2020 at 10:05 pm
J.P. Morgan Securities LLC vice chairman and broker Edward Turley (CRD# 1872294) faces more than $62 million in customer complaints for unsuitable investment recommendations concentrated in master limited partnerships (MLPs), junk bonds, foreign currencies, and preferred stocks. Edward Turley was registered with J.P. Morgan Securities LLC in San Francisco, California from 2009 to 2021, when he was terminated regarding “Loss of confidence concerning adherence to firm policies and brokerage order handling requirements.”
According to public records, Edward Turley was managing more than $1.5 billion in assets, and generated close to $30 million in revenue annually from customer assets.
In May 2020, a former client filed a FINRA arbitration against Edward Turley and J.P. Morgan Securities LLC, alleging “Claimant alleges exercise of discretion and unsuitable trading. Activity dates between 2016 and 2020.” The customer is seeking $5 million in damages and the case is currently pending. The complaint was regarding common and preferred stocks, fixed income investments, master limited partnerships, foreign currencies, and alternative assets. In December 2021, J.P. Morgan Advisors was ordered to pay $4 million in damages to a former client of Edward Turley. According to public records, the customer alleged that her account was unsuitably traded in high-risk equities and funk bonds, without her authorization.
Edward Turley Customer Complaints
Edward Turley has been the subject of five additional customer complaints between 1999 and 2021, one of which was denied, according to his CRD report. The most recent complaints are regarding:
July 2021. “Claimant alleges exercise of discretion and unsuitable trading. Activity dates 2018 – 2020.” The customer is seeking $18 million in damages.
September 2020. “Claimants alleges exercise of discretion and unsuitable investments. Activity dates August 2016 – July 2020.” The customer is seeking $11.3 million in damages. The complaint is regarding a highly speculative trading investment strategy in highly leveraged margin accounts, including “junk” bonds, foreign bonds, preferred stocks, foreign currencies, exchange traded funds (ETFs), and master limited partnerships (MLPs), as well as unsuitable investments in the energy sector including unregistered Nine Energy Senior Notes. The claimants saw substantial losses when the market collapsed due to the Covid-19 global pandemic in March 2020. Regrettably for the client, it is alleged that Edward Turley and J.P. Morgan ratcheted up the margin balances to over $7.1 million by the end of August 2017. The accounts were over-leveraged and over-concentrated.
September 2020. “Claimants allege unsuitable investment recommendations, exercise of discretion, and recommending an unapproved, outside investment. Activity dates July 2013 – July 2020.” The customer is seeking $5 million in damages.
June 2020. “Claimant alleges exercise of discretion, unsuitable trading and solicitation of an unauthorized private securities transaction. Activity dates 2012-2020.” The customer is seeking $23 million in damages and the case is currently pending. The complaint was regarding common and preferred stocks, fixed income investments, master limited partnerships, foreign currencies, and alternative assets.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, J.P. Morgan Securities LLC may be liable for investment or other losses suffered by Edward Turley’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.